Passenger Security Equipment Market Observe Significant Growth to Reach $132.2 billion by 2030

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.

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.

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.

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Initial outbreak of COVID-19 resulted in some severe slowdowns for the passenger security equipment industry as social distancing and self-isolation policies implemented during the period of COVID-19 outbreak caused the travel and tourism industry to take a dip. According to an article published by the Organization for Economic Co-operation and Development (OECD) in June 2020, stated that the global travel and tourism sector shrank more than 50-80% during the initial stages of the pandemic.

However, as the COVID-19 restrictions are being relaxed, passengers are expected to return, which in turn, is expected to aid development of the passenger security equipment industry post the period of the pandemic. For instance, as of January 2022, number of travelers crossing the Transportation Security Administration (TSA) checkpoints in the U.S. are already higher than both 2019 and 2021. Such positive trends are showcasing tourism getting back on track post the pandemic, which promises great opportunities for growth of the passenger security equipment market in the coming years.

KEY FINDINGS OF THE STUDY

1. By transport infrastructure, the airports segment accounted for the largest passenger security equipment market share in 2020.

2. By region, Asia-Pacific generated highest revenue in 2020.

3. By type, the fire safety and detection system segment generated the highest revenue in 2020.

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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.

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