According to a new report published by Allied Market Research, titled, Passenger Security Equipment Market by Transport Infrastructure, and Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the passenger security equipment market accounted for $43,398 million in 2016, and is expected to reach $79,042 million by 2023, growing at a CAGR of 8.9% from 2017 to 2023. In 2016, North America dominated the global market, in terms of revenue, accounting for more than 53% share of the global market, followed by Europe.
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The airport passenger security equipment market is currently dominating the market followed by railways, due to the rapid increase in the global air passengers. According to the IATA, in 2015, about 3.5 billion air passengers travelled, whereas, in 2016, about 3.7 billion air passengers travelled. Hence, with the exponential increase in the global air travelers, the airport authorities are investing on the smart security solutions for the air passengers and to improve the operational efficiencies.
The passenger screening systems are anticipated to witness steady growth during the forecast period. The purpose of the people screening systems at the transport infrastructure is to prevent the prohibited items such as sharp objects, weapons and explosives from carried into the aircraft, train, bus, or cruise ship. However, it is expected the upcoming security technologies such as use of robots for passenger screening, and video analytics will fuel the market growth in the coming years.
North America is expected to maintain its dominance throughout the forecast period, owing to the presence of key companies and high spendings on the security equipments by the regional governments. Moreover, LAMEA is anticipated to grow at the highest CAGR during the forecast period, owing to the high security threats in the region.
Key Findings of the Passenger Security Equipment Market:
- In 2016, the airport passenger security equipment segment dominated the global passenger security equipment market, in terms of revenue, and is projected to grow at a CAGR of 7.2% during the forecast period
- The people screening systems are projected to grow at a CAGR of 8.70% during the forecast period
- The LAMEA region is expected to exhibit the highest CAGR during the forecast period. Countries such as UAE, Qatar, Mexico, and South Africa are expected to drive the passenger security equipment market in the coming years.
The major players, such as Honeywell International, Orbocomm, L-3 Communications, Kapsch, Siemens AG, Rapiscan Systems, Rockwell Collins, Safran Group, Raytheon Group, and Smiths Group, have adopted new technology launch as their key strategy to expand their market foothold.