Overview and Scope
Passenger security equipment refers to the range of tools and systems designed to ensure the safety and security of passengers in various transportation settings. These devices are essential for promoting public confidence in transportation systems by protecting passengers from potential threats such as terrorism, crime, and accidents.
Sizing and Forecast
The passenger security equipment market size has grown strongly in recent years. It will grow from $65.76 billion in 2023 to $71.66 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to the growth in terror attacks on public transport infrastructure, a growing population utilizing public transportation and aviation, increasing security threats and terrorist activities worldwide, a rise in global passenger traffic, and increasing global travel and tourism activities.
The passenger security equipment market size is expected to see strong growth in the next few years. It will grow to $96.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing adoption of biometric solutions in airports, implementing enhanced identity verification and integrating digital transformation, stringent government regulations and international security standards, the development of new ports and stations, and growing concerns regarding terrorist threats and attacks. Major trends in the forecast period include biometric data security concerns, technological advancements in surveillance and screening systems, technological advancements in sophisticated security equipment, integration of blockchain technology.
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/passenger-security-equipment-global-market-report
Segmentation & Regional Insights
The passenger security equipment market covered in this report is segmented –
1) By Type: Baggage Inspection System, Video Surveillance, Intrusion Detection And Prevention, People Screening System, Biometric Solutions, Other Types
2) By Investment: New Demand, Up-Gradation
3) By End User: Airport, Railway Station, Seaports, Bus Station, Other End Users
North America was the largest region in the passenger security equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the passenger security equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/report/passenger-security-equipment-global-market-report
Major Driver Impacting Market Growth
The rising incidences of smuggling and illegal immigration are expected to propel the growth of the passenger security equipment market going forward. Smuggling and illegal immigration refer to the unlawful transportation of goods or individuals across borders, typically in violation of immigration or customs laws. Economic disparities between countries or regions may drive individuals to seek better opportunities through illegal means, such as migrating to more prosperous countries for employment or better living conditions. Passenger security equipment is a critical component of border security and immigration enforcement efforts, helping authorities detect and deter smuggling and illegal immigration activities while safeguarding national borders and ensuring public safety. For instance, in August 2022, according to data released by the Information Fusion Centre, an India-based facility focused on gathering, analyzing, and disseminating maritime-related information, the total number of contraband smuggling incidents was 353 in 2022, representing an increase of 48% from the previous year (238 in 2021). Additionally, illegal human migration incidents surged to 137 in 2022, marking a significant 179% increase from 49 incidents in 2021. Therefore, rising incidences of illegal immigration are driving the growth of the passenger security equipment market.
Key Industry Players
Major companies operating in the passenger security equipment market are Siemens AG, Raytheon Technologies Corporation, Lockheed Martin Corporation, Intel Corporation, Honeywell International Inc., WESCO International, Safran Group, Collins Aerospace, Texas Instruments Incorporated, L3Harris Technologies, Leidos Holdings Inc., Motorola Solutions, Adani Group, Microchip Technology Inc., Xilinx Inc., Smiths Detection Group Ltd., FLIR Systems Inc., SITA (Société Internationale de Télécommunications Aéronautiques), OSI Systems Inc., Axis Communications AB, Kapsch TrafficCom AG, Rapiscan Systems Inc., Bosch Building Technologies, The Infinova Group, Mantra Softech (India) Pvt. Ltd., Genetec Inc., Autoclear LLC, ORBCOMM Inc., Advanced Perimeter Systems Ltd., Cypress Semiconductor Corporation, Nuctech Company Limited
The passenger security equipment market report table of contents includes:
1. Executive Summary
2. Passenger Security Equipment Market Characteristics
3. Passenger Security Equipment Market Trends And Strategies
4. Passenger Security Equipment Market – Macro Economic Scenario
5. Global Passenger Security Equipment Market Size and Growth
.
.
.
32. Global Passenger Security Equipment Market Competitive Benchmarking
33. Global Passenger Security Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Passenger Security Equipment Market
35. Passenger Security Equipment Market Future Outlook and Potential Analysis
36. Appendix
Explore the trending research reports from TBRC:
https://www.thebusinessresearchcompany.com/search
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
