Passenger Security Equipment Market Size, Share, Growth, Opportunities, and Forecast : 2018
Passenger Security Equipment Market Overview:
The Global Passenger Security Equipment Market is expected to reach $79,042 million from $43,398 million in 2023 from 2016. It is estimated to grow at a CAGR of 8.9% during the period, 2017‐2023. The passenger security equipment are used to safeguard passengers from accidentals harms, crimes, and other threats. Honeywell International, Orbocomm, L-3 Communications are some of the leading key players of the market.
The governments across the world have started investing high on the safety and security products and solutions owing to the growth in safety and security concerns. For instance, the federal government allocated $7.6 billion budget for the transportation security administration (TSA) department in 2017. Out of this budget, $200 million will be spend on the transportation screening technology.
Segment Overview
The passenger security equipment market is segmented based on transport infrastructure, type, and region. By transport infrastructure, it is classified into airports, train stations, bus stations, and seaports. The airports segment dominated in terms of revenue across the globe in 2016. It is expected that the sector would maintain this trend throughout the forecast period, owing to development of airport infrastructure and growth in security threats.
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Based on type, the global passenger security equipment market is categorized into baggage inspection system, explosive detection system, video surveillance, intrusion detection & prevention system, fire safety & detection system, people screening systems, and others. The people screening systems segment dominated the market, in terms of revenue, and is expected to maintain this trend for the forecast period. Geographically, it analyzes the market across North America, Europe, Asia-Pacific, and LAMEA.
Market Segmentation
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By region, North America held the largest market share of the global passenger security equipment market, owing to expenditure on the passenger security equipment by governments in 2016. The governments invest heavily in the passenger security equipment market owing to the growth in terrorism and illegal and unethical activities at the airports, bus stands, train stations, and seaports.
Geographical Scenario
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Competition Analysis
Competitive analysis and profiles of leading manufacturers in the passenger security equipment market includes Honeywell International, Orbocomm, L-3 Communications, Kapsch, Siemens AG, Rapiscan Systems, Rockwell Collins, Safran Group, Raytheon Group, and Smiths Group. The key strategies adopted by key players were product launches, acquisitions, and collaboration during the period, 2015-2017.
Key Benefits of Passenger Security Equipment Market Report:
- The report provides an extensive analysis of the current and emerging market trends and dynamics in the global passenger security equipment market.
- The research offers an evaluation of market estimations for the key market segments during the period, 2016-2023.
- The study helps in assessment of key product positioning and monitoring the top competitors within the market framework.
- The report helps to analyze all regions to determine the prevailing opportunities in these geographies.
- Key market players within the passenger security equipment market are profiled in this report along with their strategies which helps in understanding competitive outlook of the global passenger equipment market.
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