Passenger Security Equipment Market Size, Report by 2033

The new report published by The Business Research Company, titled ""Passenger Security Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

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.

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

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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

Contents of the report:
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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