The global passenger security market is poised to experience significant growth due to the increasing investment in the construction of new airports in various countries. The Asia Pacific region, in particular, is expected to witness the development of over 400 airports in the near future. Moreover, the growing number of world travelers and air passengers in emerging economies like Indonesia, India, and China will drive the construction of new international airports. This surge in airport infrastructure development will consequently create a heightened demand for passenger security measures.
This information is given by Fortune Business Insights™ in a new report, titled, “Passenger Security Market Forecast, 2020- 2027.” The report further mentions that the passenger security market size was USD 5.85 Billion in 2019 and is projected to reach USD 8.45 Billion by 2027, exhibiting a CAGR of 5.49% during the forecast period.
The report provides insights into the following aspects:
- Industry Outlook: It presents an overview of the overall industry and examines its impact on the market.
- Market Drivers and Trends: The report analyzes the main factors and trends driving the growth of the market.
- Growth Restraints: It identifies the factors that are hindering the growth of the market.
- Regional Prospects: The report assesses the prospects for the market in different regions.
- Key Market Players and Strategies: It highlights the key players in the market and their preferred strategies.
COVID-19 Impact on Passenger Security Industry
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Fortune Business Insights™ lists out all the companies operating in the global Passenger Security Market. They are as follows:
- Smiths Detection Group Ltd. (The UK)
- Honeywell International Inc. (The US)
- Orbcomm (The US)
- L3 Security & Detection System (The US)
- Siemens AG (Germany)
- Rapiscan Systems (The US)
- Axis Communication AB (Sweden)
- Bosch Sicherheitssysteme GmbH (Germany)
- Autoclear LLC (The US)
- Nutech (China)
Rising Threats of Bomb Attack, Man Pads, & Hijacks to Spur Growth
In the aviation industry, rising number of suspicious activities and terror threats are creating high demand for robust frontline passenger security systems across the globe. It is anticipated to propel the passenger screening system market growth in the coming years. Numerous countries are already facing vital concerns regarding passengers who often try to carry illegal weapons, liquid explosives, and prohibited drugs. Hence, the provisions for the aviation authorities are enhanced by the international regulatory frameworks to detect and prevent such cases. The major types of threats are hijacks, man pads, and bomb attack. These malicious activities require maximum layers of security. By installing state-of-the-art technology systems, such potential hazards can be restricted.
Covid-19 Pandemic to Slow Down Growth of Aviation Industry
The outbreak of Covid-19 worldwide is considered to be a significant factor of global crisis. It is impacting the aviation industry negatively. The industry is showcasing a fall in finances owing to the lockdown measure in every country. It has, in turn, declined the number of inbound passenger flights in the Middle East, Asia Pacific, Europe, and North America. The International Air Transport Association (IATA) declared that by the end of 2020, the year-on-year passenger revenue is anticipated to lower by USD 252 billion. This pandemic may hamper the market growth by lowering the demand for these security systems.
Airport Segment to Dominate Backed by Rising Passenger Preference for Air Transport
In terms of end user, the market is segregated into port, railways, airport, and others. The airport segment held the maximum passenger screening equipment market share in 2019 and is likely to lead during the forthcoming period. This growth is attributable to the rapid inclination of travellers towards air transport. It is occurring because of the availability of affordable air tickets, as well as rising disposable income of the masses. In 2019, there was a positive development of 4.5% in domestic air travel. It would boost the requirement of passenger security systems.
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Infrastructure Development Initiatives to Boost Growth in Asia Pacific
Geographically, the market is divided into the Middle East, Asia Pacific, Europe, North America, and the rest of the world. Amongst these, North America procured USD 1.96 Billion revenue in 2019. This growth mainly occurred because of the presence of numerous reputed passenger security system manufacturers in the U.S. Asia Pacific, on the other hand, stood in the second position in 2019. The region is experiencing considerable upgradation of commercial airports. Therefore, such initiatives to develop infrastructure would upsurge growth of the market.
Key Companies Engage in Investments to Develop Unique Security Products
The market houses renowned companies, such as Honeywell International Inc., SITA, and Smiths Detection Group Ltd. They are mainly focusing on investing hefty amount of money in the development of technologically advanced products.
Below are a couple of the latest key industry developments:
- April 2019: Axis Communications announced its plans to debut the latest solutions and products at ISC West 2019. The products would consist of new developments in access control technology, multidirectional and infrared (IR) camera capabilities, and network audio. It would help the company in strengthening its position in the security industry.
- November 2018: The Israel Airport Authority (IAA) selected Smiths Detection and Eastronics to deliver their 32 advanced checkpoint lanes. These are meant for the new Ramon International Airport and the Ben Gurion Airport. The highly advanced lanes are specially created to enhance passenger experience and operational efficiency.
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