07 June 2020
Visiongain has launched a new market report Passenger Security Market Report 2020-2030: Forecasts by Security Solutions (Baggage Inspection Systems, Explosive Trace Detectors, Hand-Held Scanners, Full-Body Scanners), by End User (Commercial Airports, Seaport, Railway Stations), by Investment Type (New Demand, Replacement) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global Passenger Security market is expected to grow at a lucrative rate during the forecast period. Some of the key factors driving the market include increase in the focus towards the passenger’s security, increase in the new airport development and expansion of existing airports. However, concerns associated with huge investment to install the latest and updated passenger security equipment may pose as market restraints. The Passenger security market can be segmented on the basis of Security solutions, End Users, Investment type, and region. Other factors that contributed to the growth of the market are rise in the demand for cyber security solutions, upgraded technology, an increase in passenger traffic, replacement of existing systems with advanced ones, and the development of new airports, railway stations & seaports.
The new demand segment is expected to grow at the highest CAGR during the forecast period. Reason for the growth of this segment may be improvement in the technology for scanning passengers and baggage, expansion of existing airports and seaports.
Asia Pacific region expected to lead the passenger market by 2030. The increasing number of passengers majorly contributed to the growth of the market in that region. Also, change in the demographics and increase in disposable income in the region is increasing the demand for air travel, which has led to the increase in new airport developments and expansion of existing airports, resulting in the need for new passenger security systems in the region.
Passenger Security market is gaining a lot of attention over the last couple of years also because of the presence of large number of established and start-up companies.
Key players such as Honeywell International, Orbocomm, L-3 Communications, Kapsch, Siemens AG are currently dominating the market. These major companies are increasingly focusing on research and development activities so as to gain competitive advantage. Few of other companies operating in the market include Rapiscan Systems, Rockwell Collins, Safran Group, Raytheon Group, Smiths Group. These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market.
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