Passenger Security Equipment Market

The rise in demand for biometrics technologies for identity verification by governments fuels the passenger security equipment industry growth.

PORTLAND, PORTLAND, OR, UNITED STATE, April 19, 2023 /einpresswire.com / -- Allied Market Research published a new report, titled, " The passenger security equipment market to Reach USD 132.2 Billion by 2030 | Top Players Such as- Rapiscan, SITA & Simens AG." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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

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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. Advancements in the field of IoT and cloud technology is expected to offer remunerative opportunities for expansion of the passenger security equipment market during the forecast period.

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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On the basis of 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.

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.

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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 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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Covid-19 Scenario:

● The global outbreak of COVID-19 resulted in most countries to implement a temporary lockdown which further led to economic slowdowns in many business sectors, this especially affected the travel and tourism sector as COVID-19 restrictions made travel difficult for common people.

● Stringent travel polices and regulations enforced by many governments during the period facilitated an increase in demand for passenger security solutions from essential sectors such as law enforcement and public infrastructure authorities that were responsible to enforce new standards of safety and security such as temperature and mask checks.

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