Passenger Security Equipment Market Future Trends, Segments, Growth Rate, Major Players And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Passenger Security Equipment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $96.11 Bn In 2028 At A CAGR Of 7.6% :

The passenger security equipment market size has grown strongly in recent years. It will grow from $65.76 billion in 2023 to $71.66 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to the growth in terror attacks on public transport infrastructure, a growing population utilizing public transportation and aviation, increasing security threats and terrorist activities worldwide, a rise in global passenger traffic, and increasing global travel and tourism activities.

The passenger security equipment market size is expected to see strong growth in the next few years. It will grow to $96.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing adoption of biometric solutions in airports, implementing enhanced identity verification and integrating digital transformation, stringent government regulations and international security standards, the development of new ports and stations, and growing concerns regarding terrorist threats and attacks. Major trends in the forecast period include biometric data security concerns, technological advancements in surveillance and screening systems, technological advancements in sophisticated security equipment, integration of blockchain technology.

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Passenger Security Equipment Market Major Segments
The passenger security equipment market covered in this report is segmented -
1) By Type: Baggage Inspection System, Video Surveillance, Intrusion Detection And Prevention, People Screening System, Biometric Solutions, Other Types
2) By Investment: New Demand, Up-Gradation
3) By End User: Airport, Railway Station, Seaports, Bus Station, Other End Users

Key Driver - Impact Of Smuggling And Illegal Immigration On The Passenger Security Equipment Market

The rising incidences of smuggling and illegal immigration are expected to propel the growth of the passenger security equipment market going forward. Smuggling and illegal immigration refer to the unlawful transportation of goods or individuals across borders, typically in violation of immigration or customs laws. Economic disparities between countries or regions may drive individuals to seek better opportunities through illegal means, such as migrating to more prosperous countries for employment or better living conditions. Passenger security equipment is a critical component of border security and immigration enforcement efforts, helping authorities detect and deter smuggling and illegal immigration activities while safeguarding national borders and ensuring public safety. For instance, in August 2022, according to data released by the Information Fusion Centre, an India-based facility focused on gathering, analyzing, and disseminating maritime-related information, the total number of contraband smuggling incidents was 353 in 2022, representing an increase of 48% from the previous year (238 in 2021). Additionally, illegal human migration incidents surged to 137 in 2022, marking a significant 179% increase from 49 incidents in 2021. Therefore, rising incidences of illegal immigration are driving the growth of the passenger security equipment market.

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Prominent Trend - Innovative Technologies Transforming The Passenger Security Equipment Market

Major companies operating in the passenger security equipment market are developing innovative technological solutions, such as automated screening lanes, to enhance the efficiency and effectiveness of security. The automated screening lane is a checkpoint technology that improves security efficiency while reducing travelers' time during the security screening process. For instance, in March 2021, Vanderlande Industries BV, a Netherlands-based material handling and logistics automation company, launched PAX Compact, a new automated screening lane (ASL) designed for airport security checkpoints with limited space. This innovative solution aims to enhance the screening process at airports by offering flexibility in configuration and a smaller footprint, starting at just 10 meters. The PAX Compact suits airports with shorter checkpoints, lower throughput requirements, or staff screening areas.

Passenger Security Equipment Market Players
Major companies operating in the passenger security equipment market are Siemens AG, Raytheon Technologies Corporation, Lockheed Martin Corporation, Intel Corporation, Honeywell International Inc., WESCO International, Safran Group, Collins Aerospace, Texas Instruments Incorporated, L3Harris Technologies, Leidos Holdings Inc., Motorola Solutions, Adani Group, Microchip Technology Inc., Xilinx Inc., Smiths Detection Group Ltd., FLIR Systems Inc., SITA (Société Internationale de Télécommunications Aéronautiques), OSI Systems Inc., Axis Communications AB, Kapsch TrafficCom AG, Rapiscan Systems Inc., Bosch Building Technologies, The Infinova Group, Mantra Softech (India) Pvt. Ltd., Genetec Inc., Autoclear LLC, ORBCOMM Inc., Advanced Perimeter Systems Ltd., Cypress Semiconductor Corporation, Nuctech Company Limited

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Largest And Fastest Growing Region In The Market
North America was the largest region in the passenger security equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the passenger security equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Passenger Security Equipment Market Report Structure
3. Passenger Security Equipment Market Trends And Strategies
4. Passenger Security Equipment Market - Macro Economic Scenario
5. Passenger Security Equipment Market Size And Growth
…..
27. Passenger Security Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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