What is the global market size of Passenger Security Market?

Global Passenger Security Market size was valued at USD 3983.25 million in 2021 and is poised to grow from USD 4258.49 million in 2022 to USD 7770 million by 2030, growing at a CAGR of 6.91% in the forecast period (2023-2030).

What is the key driver of Global Passenger Security Market?

Due to strict government regulations and safety standards, OEM businesses accurately produce security systems all over the world. Airports, railroads, and other infrastructure are long-term locations for security equipment. These are used to continuously check a large number of travelers. To lower the chance of operational failure, OEM businesses are required to produce security products with high-quality hardware and components. Security system components and manufacturing costs are incredibly high, which drives up product costs overall.

Passenger Security Market Size, Share, Growth Analysis, By Equipment(Baggage Inspection Systems, Explosive Trace Detectors, Hand-Held Scanners, Walk-Through Metal Detectors), By End-User(Airport, Sea Port, Railway Station, Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25AB2002 | Region: Global | Published Date: October, 2024
Pages: 270 | Tables: 71 | Figures: 75

Passenger Security Market News

In November 2021, a Memorandum of Understanding between Honeywell and Riyadh Airports Company was inked as a part of the support activities for the aviation sector. As part of the arrangement, Honeywell technology would enable the automation and combination of King Khalid International Airport, enhancing its airport transaction's safety, flexibility, and certainty while minimizing ecological conflict.
In September 2021, a contract was negotiated by Rapiscan and Metrohm, a prominent manufacturer of precision instruments on a global scale. Through this partnership, Rapiscan's Instruments Business Unit would offer Metrohm handheld Raman spectrometer equipment throughout the world.

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Global Passenger Security Market size was valued at USD 5.91 billion in 2022 and is poised to grow from USD 6.34 billion in 2023 to USD 11.06 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

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. 'Smiths Detection Group Ltd. ', 'Rapiscan Systems ', 'Honeywell International Inc.', 'L-3 Communications Holdings Inc.', 'Bosch Security Systems', 'Siemens AG', 'Alstom SA', 'United Technologies Corporation', 'Thales Group', 'Safran SA', 'Raytheon Company', 'Lockheed Martin Corporation', 'American Science and Engineering, Inc.', 'OSI Systems, Inc.', 'Nuctech Company Limited', 'CEIA SpA', 'Analogic Corporation', 'Magal Security Systems Ltd.', 'Leidos Holdings, Inc.', 'Westminster Group Plc'

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.

During the projected period, the aviation sector is likely to be supported by rising airport development investment in a number of nations. In the upcoming years, the Asia Pacific is expected to see more than 400 new airport projects total. Around US$ 93 billion is expected to be invested in the development of new airports worldwide. Due to their growing air travel and foreign traveler populations, emerging nations like India, China, and Indonesia are expected to construct new international airports in the coming years. During the anticipated time, these elements are anticipated to drive the passenger screening system market's expansion.

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.

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Passenger Security Market Size, Share, Growth Analysis, By Equipment(Baggage Inspection Systems, Explosive Trace Detectors, Hand-Held Scanners, Walk-Through Metal Detectors), By End-User(Airport, Sea Port, Railway Station, Others), By Region - Industry Forecast 2024-2031

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