Passenger Security Equipment Market Updates : to Grow at a CAGR of 8.6% By 2030 ; Key Players - Autoclear, SITA, Simens AG,

According to a new report published by Allied Market Research, titled, "Passenger Security Equipment Market," The passenger security equipment market was valued at $58.4 billion in 2020, and is estimated to reach $132.2 billion by 2030, growing at a CAGR of 8.6% from 2021 to 2030.

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Passenger security serves as a system aimed at safeguarding individuals and assets from accidental harm, criminal activities, and various risks. These protocols aid governments in effectively managing the safe transit of passengers between locations. Additionally, passenger security systems are crafted to detect any potentially dangerous materials. The utilization of such passenger security apparatus is anticipated to bolster the growth of the passenger security equipment sector in the foreseeable future.

The main objective of passenger security equipment at public transportation infrastructures is to keep forbidden and potentially dangerous things including sharp objects, firearms, and explosives from being transported into airplane, train, bus, or cruise ship. Apart from physical passenger screening using metal detectors, x-ray screening equipment and millimeter wave security screening technologies are employed. Following the recent terror incidents in Europe and the Gulf, the need for innovative security solutions has increased.

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Furthermore, key factors that drive growth of the passenger security equipment market include growing number of passengers in public transport networks. In addition, demand for more efficient crowd control and screening technologies are positively impacting growth of the passenger security equipment market. However, high implementation cost of passenger security equipment solutions hampers the market growth. On the contrary, increase in adoption of IoT in the field of public and passenger safety are expected to offer remunerative opportunities for expansion of the passenger security equipment market during the forecast period.

Based on type, the fire safety and detection system segment dominated the overall passenger security equipment market in 2020, and is expected to continue this trend during the forecast period. This is attributed to growth in need for improved passenger safety standards in public places and the rising fear of terrorist threats. However, the people screening system segment is expected to witness highest growth, owing to growing terrorist activity at various airports and other stations and growing government initiatives for improving the security system across various transport stations.

Driven by the state of transport infrastructure, the airport sector held the largest market share for passenger security equipment in 2020. This trend is anticipated to persist in the forecast period, given the continued prominence of air travel as the primary mode of transportation for international travelers, requiring effective safety measures for passengers. Nevertheless, the segment for bus stations is forecasted to experience the most significant growth in the coming years, attributed to the increasing demand for passenger safety within domestic and short-distance travel options like inter-city bus terminals and stations.

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Region wise, the passenger security equipment market was dominated by Asia-Pacific in 2020, and is expected to retain its position during the forecast period, owing to growing government spending on advanced passenger security equipment by developing regions in the region such as the China, India and other countries and to provide greater security for its citizens is predicted to fuel market expansion within the region.

The key players profiled in the passenger security equipment market analysis are Autoclear, Axis Communications AB, Bosch Sicherheitssysteme GmbH, Honeywell International Inc., Kapsch TrafficCom AG, L3Harris Technologies, Inc., Rapiscan Systems, SITA, Simens AG, and Smiths Group plc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

The global emergence of COVID-19 prompted numerous countries to impose temporary lockdown measures, consequently leading to economic deceleration across various industries. Notably, the travel and tourism sector bore a significant brunt as COVID-19 restrictions posed challenges for general travel. Nevertheless, the stringent travel protocols enforced by several governments during this time spurred a rise in demand for passenger security solutions. Essential sectors like law enforcement and public infrastructure authorities, tasked with implementing new safety standards such as temperature and mask screenings, particularly drove this trend. These shifts created substantial opportunities for the advancement of the passenger security equipment market amid the COVID-19 pandemic.

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