The passenger security equipment global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Passenger Security Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
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 growth in the historic period can be attributed to the growth in terror attacks on public transport infrastructure, a growing population utilizing public transportation and aviation, increasing security threats and terrorist activities worldwide, a rise in global passenger traffic, and increasing global travel and tourism activities.
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%. The growth in the forecast period can be attributed to increasing adoption of biometric solutions in airports, implementing enhanced identity verification and integrating digital transformation, stringent government regulations and international security standards, the development of new ports and stations, and growing concerns regarding terrorist threats and attacks. Major trends in the forecast period include biometric data security concerns, technological advancements in surveillance and screening systems, technological advancements in sophisticated security equipment, integration of blockchain technology.
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Scope Of Passenger Security Equipment Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Passenger Security Equipment Market Overview
Market Drivers -
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.
Market Trends -
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
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