Airport Security Market Regional Segments, Emerging Growth Rate, Navigating Top Trends And Forecast To 2033

The Business Research Company presents an extensive market research report on the "Airport Security Global Market Report 2024" furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the airport security industry. This report on airport security market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
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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Key Market Players:
American Science and Engineering Corp., Bosch Corporation, CEIA S.p.A., Hitachi Electronic Devices (USA) Inc., L-3 Communications Holdings Inc., Lockheed Martin Corporation are prominent players in the airport security industry.

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.

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Market segments for airport security include:
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

The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?

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