The global airport security systems market size is projected to reach USD 11.45 billion by the end of 2027. The increasing number of air travels will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Airport Security System Market Size, Share and Industry Analysis by Security Type (Access Control, Cyber security, Perimeter Security, Screening, Surveillance, and Others), By System (Metal Detectors, Fiber Optic Perimeter Intrusion, Backscatter X-Ray Systems, Cabin Baggage Screening Systems, and Others), By Airport Model (Airport 2.0, Airport 3.0, and Airport 4.0), By Airport Class (Class A, Class B, and Class C), and Regional Forecast,2020- 2027,” the market was worth USD 10.78 billion in 2019 and will exhibit a CAGR of 7.62% during the forecast period, 2019-2027.
Airport security systems are used to ensure security and safety at airports as well as subsequent flight travels. The increasing awareness regarding security has created several opportunities for the companies operating in the market. The emphasis on airport security has risen dramatically over the past few years. Technological advancements in the equipment associated with security checks will have a huge impact on the growth of the overall market in the coming years. The ability of security checks at airports to prevent huge security threats and potential terrorist attacks will bode well for the companies operating in the market. The high investment in the development of efficient security systems will emerge in favor of the growth of the market in the foreseeable future.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Natural Fragrance Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Natural Fragrance Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
Company Mergers Are Proving Beneficial for Major Businesses
The report encompasses several factors that have contributed to the growth of the overall market in recent years. With a bid to capitalizing the massive potential held by this market, several large scale companies are looking to adopt newer strategies. It is observed that company mergers and collaborations are a growing trend among major businesses across the world. In April 2019, Thales Group announced that it has completed the acquisition of Gemalto. The Germany-based company is provider of digital security services, with product applications ranging across diverse industry verticals. Through this acquisition, the company plans to strengthen its portfolio of digital security solutions. Thales’ acquisition of Gemalto will help the company establish a formidable position in the global market. Furthermore, this acquisition will have a positive impact on the growth of the overall market in the coming years.
Market in Asia Pacific Held the Highest Share; Rising Air Traffic Will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific currently holds the largest market share. The rising air traffic in countries such as India, China, and Japan will bode well for the growth of the regional market. Moreover, massive investment in the development of efficient equipment will aid the growth of the market in this region. Besides this, massive population and increasing number of air passengers and flight travels will create several opportunities for market growth. The market in North America will witness considerable growth due to the adoption of technologically advanced systems in the United States. The increasing air travels and flights inwards and outwards of the United States will also aid the growth of the market in this region. As of 2019, the market in North America was worth USD 3.82 billion and this value is projected to increase further in the coming years.
List of companies profiled in the report:
- American Science and Engineering Inc. (The U.S.)
- Axis Communication AB (Sweden)
- FLIR Systems (The U.S.)
- Hitachi Limited (Japan)
- Honeywell International Inc. (The U.S.)
- L3Harris Technologies Inc. (The U.S.)
- Raytheon Company (The U.S.)
- Robert Bosch GmbH (Germany)
- Siemens AG (Germany)
- Smiths Detection Inc. (The U.K)
- Thales Group (France)
- Westminister Group Plc. (The U.K)
June 2019 – OSI Systems, Inc. announced that it has received a contract from the US Navy. Under this contract company will provide a comprehensive service and maintenance support for Rapiscan baggage and parcel checkpoint inspection systems installed at correctional facilities and detection centers.
April 2019–Thales Group announced that it has completed the acquisition of Gemalto. Through this acquisition, the company plans to strengthen its portfolio of digital security services.
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