Passenger Security Equipment Market Projected to Reach USD 132.2 Billion by 2030

According to the report published by Allied Market Research "Passenger Security Equipment Market Projected to Reach USD 132.2 Billion by 2030 ." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

The global passenger security equipment market was valued at $58.4 billion in 2020, and is projected to reach $132.2 billion by 2030, growing at a CAGR of 8.6% from 2021 to 2030.

Rise in demand to minimize the risk of accidents propels global passenger security equipment market growth. Furthermore, improving passenger satisfaction and safety is also expected to aid in growth of the passenger security equipment industry. However, complex installation and infrastructural requirements hamper market growth. Conversely, advancements in the field of IoT and cloud technology are expected to offer remunerative opportunities for expansion of the passenger security equipment market during the forecast period.

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The passenger security equipment market size is segmented on the basis of offering, transport infrastructure, type, and region. Based on offering, the market is bifurcated into equipment and services. On the basis of transport infrastructure, the market is divided into airports, train stations, bus stations, and seaports. Depending on type, the market is classified into baggage inspection system, explosive detection system, video surveillance system, intrusion detection & prevention system, fire safety & detection system, people screening system, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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 high concentration of passenger security solution vendors in the region, which is expected to drive the market for passenger security equipment technology during the forecast period.

The global passenger security equipment market size is dominated by key players such as Autoclear, Axis Communications AB, Bosch Sicherheits systeme 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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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.

Depending on transport infrastructure, the airport segment dominated the passenger security equipment market share in 2020 and is expected to continue this trend during the forecast period as air travel is projected to remain the most predominant means of transportation for international travelers, necessitating appropriate passenger safety and measures. However, the bus stations segment is expected to witness the highest growth in the upcoming years, owing to the surge in need for passenger safety at domestic and short-distance transportation alternatives such as inter-city bus terminals and stations.

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KEY FINDINGS OF THE STUDY

● By transport infrastructure, the airports segment accounted for the largest passenger security equipment market share in 2020.
● By region, Asia-Pacific generated highest revenue in 2020.
● By type, the fire safety and detection system segment generated the highest revenue in 2020.

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