USD 6.56 billion
Report ID: SQSG25AB2001 | Region: Global | Published Date: August, 2022 | Pages: 165
Global passenger security market was valued at USD 6.56 billion in 2021, and it is expected to attain a value of USD 9.55 billion by 2028 with a CAGR of 5.5% over the prediction period (2022 – 2028).
The expansion of the passenger security market is predicted to be fueled in the upcoming years by an increase in passenger traffic as well as significant technological advancements in screening technology and inspection systems. By analyzing the actions and motives of numerous tourists and visitors to the country, the airport authorities are enhancing security measures to monitor potential threats. The aviation industry is more crucial in terms of providing a safe and secure flight period due to high altitude traveling from one destination to another. Therefore, it is crucial to thoroughly inspect all passengers before embarking on a flight. The Transportation Security Administration (TSA) of the United States noted a 3% annual growth in the amount of checked baggage vs unscreened baggage. The passenger security market is expected to increase as a result of these factors.
Many nations, including the US, Canada, and Germany, are putting a lot of effort into technologically upgrading the current systems to reduce the risk of threats to the transportation infrastructure. For instance, the U.S. Transport Security Administration (TSA) has implemented measures to improve safety standards, such as the installation of 141 screening lanes throughout the 14 airports. Additionally, the TSA has installed cutting-edge imaging equipment, including x-ray systems and explosive trace detectors. In order to increase operational effectiveness, TSA is likely to upgrade the current security counters by installing luggage screening technology. During the forecast period, these crucial aspects are anticipated to drive the passenger security market.
Global Market Size
USD 6.56 billion
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The global passenger security market is segmented based on equipment, end-user, and region. Based on equipment, the passenger security market is segmented into baggage inspection systems, explosive trace detectors, hand-held scanners, walk-through metal detectors, full-body scanners, perimeter intrusion detection systems, video management systems, access control/biometric systems, bar-coded boarding systems, cyber security solution segments. On the basis of end-user, the market can be bifurcated into airport, sea port, railway station and other segments. The regional insights of the market are into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Analysis by Equipment
A significant portion of passenger security market was dominated by the baggage inspection system segment. Throughout the predicted period, it is expected that this sector would maintain its dominant position. Every airport's infrastructure includes a system for screening passengers' luggage to find or seize any questionable goods like guns, weapons, drugs, or prohibited objects.
These screening systems use x-ray machines to produce high-resolution image processing features and detect substances like explosives, illegal drugs, and flammable liquids inside of objects. Due to its numerous advantages, including distinct semiconductor detection and high-resolution image detection systems, most nations, including the US, are moving toward the adoption of advanced image detection systems.
Analysis by End-User
The airport category has the largest market share, and it is estimated that it would maintain its hegemony over the coming several years. The market size of the aviation industry has grown significantly over the past several years as a result of consumers' strong preference for air transportation infrastructure. According to our study, reports that the revenue passenger kilometer increased by 4.2% from the prior year. Global capacity has expanded by 3%, and the international passenger market is expanding quickly at a rate of 4.1%.
A major factor influencing passenger growth is a rise in air travelers across a number of nations as a result of rising disposable income and reasonably priced airline tickets. During the projected period, these factors are estimated to fuel the market.
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The largest passenger security market share was held by North America. Additionally, there are well-known producers of passenger security systems in the US. It might be attributed to the forecasted period's robust market expansion. Due to the abundance of producers of passenger security systems in the Asia Pacific region, the region holds second position.
Due to the high volume of air travelers in these areas, the Middle Eastern market is also expected to grow at a moderate CAGR. Additionally, it is anticipated that the market in the Middle East will be driven by the quick expansion of investment for luring tourists to succeed in the tourism sector in this region. The passenger security market in the rest of the world is also predicted to grow moderately as a result of the rise in international aviation passenger traffic.
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During the projected period, rise in the growth rate of passenger traffic, particularly in developing nations like China and India, is expected to fuel this passenger security market's expansion. The recent rapid expansion of the commercial aviation sector around the world has raised the need for various security measures at ports, railroads, and airports. The number of people being screened by specialized pieces of equipment, such as explosive detector systems, handheld scanners, full-body scanners, and metal detectors, has increased. The Transportation Security Administration (TSA) in the US manages about 440 airports nationwide. With 813.8 billion passengers screened, the TSA has the most passengers screened in the nation.
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The key elements driving the company's supremacy include a broad range of passenger security system products, greater investment in R&D for new product development, and strategic acquisitions. They are implementing both long- and short-term growth strategies, including mergers and acquisitions, the introduction of new products, long-term agreements with airport security organizations, and long-term connections with governing bodies.
Top Players in the Global Passenger Security Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global passenger security market is segmented based on equipment, end-user and regions. A significant portion of this market was dominated by the baggage inspection system segment. Throughout the predicted period, it is expected that this sector would maintain its dominant position. The airport category has the largest market share, and it is estimated that it would maintain its hegemony over the coming several years. The largest passenger security market share was held by North America. Additionally, there are well-known producers of passenger security systems in the US.
|Market size value in 2021||USD 6.56 billion|
|Market size value in 2028||USD 9.55 billion|
|Forecast period||2022 – 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Passenger Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Passenger Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Passenger Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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