Market Size –
The airport security market size has grown rapidly in recent years. It will grow from $15.52 billion in 2023 to $17.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to terrorism threats, regulatory compliance, rise in passenger volume, globalization, infrastructure development.
The airport security market size is expected to see rapid growth in the next few years. It will grow to $27.31 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to rising cyber security attacks, digitization of airports, increasing investments in aviation sector, rising tourism, rise in trade. Major trends in the forecast period include strategic collaborations, biometrics adoption, drone detection and mitigation, cybersecurity integration, multi-modal security.
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Scope Of Airport Security Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Airport Security Market Overview
Market Drivers –
The increase in new airport building operations and facilities improvements is contributing to the growth of the airport security market. Airport building operations and facilities improvements refer to the improvements in the infrastructure of the airport as well as the facilities such as arrival, departure, check-in, airport staff, and so on. With the growth in population, air traffic, and increasing demand for the modernization of the infrastructure there has been an increase in new airport building operations and facilities improvements. For instance, in May 2021, Raytheon Technologies was awarded a USD 318 million contract by the U.S. Transportation Security Administration (TSA) to deploy checked baggage screening machines at all federally managed airports. This five-year contract covers the expansion of equipment at about 430 federal airports across the country. It will also strengthen the terminals’ security and reduce any potential hazard to the numerous stakeholders on-site. Therefore, the increase in new airport building operations and facilities improvements will drive the growth of the airport security market.
The airport security market covered in this report is segmented –
1) By Technology: Access Control, Cybersecurity, Perimeter Security, Screening and Scanning, Surveillance, Real-Time Locating System (RTLS), Other Technologies
2) By System: Metal Detectors, Fiber Optic Perimeter Intrusion, Backscatter X-Ray Systems, Cabin Baggage Screening Systems, Other Systems
3) By Application: Civilian and Commercial Airport, Military Airport
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Regional Insights –
North America was the largest region in the airport security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the airport security market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the airport security market include American Science and Engineering Corp., Bosch Corporation, CEIA S.p.A., Hitachi Electronic Devices (USA) Inc., L-3 Communications Holdings Inc., Lockheed Martin Corporation, OSI Systems Inc., Safran Morpho Inc., Siemens AG, Smiths Detection Inc., Auto Clear LLC, Analogic Corporation, Bruker Corporation, Nuctech Company Ltd., MilliVision Technologies LLC, G4S Secure Solutions (USA) Inc., Securitas AB, Covenant Aviation Security LLC, ICTS Europe Holdings BV, Allied Universal Corporation, SM Group (America) Inc., Vantage Airport Group Ltd., Rapiscan Systems Inc., L3Harris Technologies Inc., IDEMIA Identity & Security USA LLC, Argus Global LLC, Clear Channel Airports Inc., Leidos Inc., Vision-Box Inc., Rohde & Schwarz USA Inc.
Table of Contents
1. Executive Summary
2. Airport Security Market Report Structure
3. Airport Security Market Trends And Strategies
4. Airport Security Market – Macro Economic Scenario
5. Airport Security Market Size And Growth
…..
27. Airport Security Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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