Market Research Future Insights:
According to MRFR analysis, the global Passenger Security Market is expected to register a CAGR of ~ 6.91% from 2022 to 2030 and hold a value of over USD 7,770 Million by 2030. Passenger security is one of the vital procedures to reduce the risk of threats and any other criminal actions across the globe. The passenger screening routine has become very significant in the national and international transport infrastructure to prevent luggage from carrying any illegal items such as sharp objects, guns, and ammunition in fights, trains, and ships. The screening systems improve service quality and provide safety from exposure to hazards.
Market Segmentation:
The Global Passenger Security Market Size has been segmented into equipment type and end-user
Based on equipment type, The Global Passenger Security Market has been segmented into baggage inspection systems, explosive trace detectors, hand-held scanners, walk-through metal detectors, full-body scanners, perimeter intrusion detection systems, video management systems, and cyber-security solutions. The baggage inspection system segment accounted for a foremost share of this market.
This segment is expected to continue to hold a leading position during the forecast period. Every airport infrastructure contains a luggage screening system to detect or capture any suspicious items such as guns, weapons, and illegal items in the baggage of travelers.
By the end-user, The Global Passenger Security Market has been segmented into the airport, railways, ports, and others. The airport segment held the maximum share of the market and it is expected to continue its dominance in the forecast years.
Regional Analysis:
North America was projected to hold the maximum market share. Moreover, the U.S. has the existence of prominent manufacturers of passenger security market overview. It is attributable to healthy market growth during the estimated period.
The Asia Pacific held the second largest market share due to the existence of multiple passenger security system manufacturers in this region. Asia Pacific is anticipated to exhibit strong growth in the market during the estimated period due to the significant up-gradation of commercial airports in developing countries such as India, Indonesia, and China.
Key Players:
Some of the key market players are Bosch Sicherheitssysteme GmbH (Germany), E.I.A. SPA (Italy), FLIR Systems, Inc. (US), Honeywell International Inc. (US), Leidos (US) and SITA (Switzerland), Adani Systems Inc. (US), Advanced Perimeter Systems Ltd. (UK), Autoclear, LLC. (US), and Axis Communications AB. (Sweden)
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The COVID-19 outburst has become a prominent factor in the global crisis, especially in the aviation industry. The aviation industry is exhibiting a financial fall owing to the global lockdown for inbound passenger flights in North America, Europe, Asia Pacific, and the Middle East. According to IATA’s latest updates, the major global fleet has been grounded and year-on-year passenger incomes are likely to decline by USD 253 billion by 2020. The operational cost for airline companies is anticipated to upsurge at a substantial value due to the global crisis. These factors are expected to impact the new airport construction contracts and other airport infrastructure-related industries, which can hinder growth in the imminent years.
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