Global Passenger Security Equipment Market Poised for Growth, Expected to Reach $96.11 Billion by 2028
Passenger Security Equipment Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Passenger Security Equipment Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LANDON, GREATER LANDON, UK, June 21, 2024 /EINPresswire.com/ -- The global passenger security equipment market is projected to grow from $65.76 billion in 2023 to $71.66 billion in 2024, at a CAGR of 9.0%. Despite challenges from increasing security threats and terrorist activities, the market is anticipated to reach $96.11 billion by 2028, driven by the rising adoption of biometric solutions in airports and stringent government regulations.
Rising Incidences of Smuggling and Illegal Immigration Propel Market Growth
The rising incidences of smuggling and illegal immigration are significant factors contributing to the growth of the passenger security equipment market. These activities pose substantial challenges to national security, requiring robust solutions to detect and deter such threats. For instance, according to the Information Fusion Centre, there were 353 contraband smuggling incidents in 2022, a 48% increase from the previous year, and illegal human migration incidents surged by 179% during the same period.
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Major Players and Market Trends
Major companies in the passenger security equipment market include Siemens AG, Raytheon Technologies Corporation, Lockheed Martin Corporation, Intel Corporation, and Honeywell International Inc. These companies are focusing on innovative technological solutions, such as automated screening lanes, to enhance security efficiency. For instance, Vanderlande Industries BV launched the PAX Compact in March 2021, an automated screening lane designed for airports with limited space.
Segments:
Type: Baggage Inspection System, Video Surveillance, Intrusion Detection And Prevention, People Screening System, Biometric Solutions, Other Types
Investment: New Demand, Up-Gradation
End User: Airport, Railway Station, Seaports, Bus Station, Other End Users
Geographical Insights: North America Leading the Market
North America was the largest region in the passenger security equipment market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Passenger Security Equipment Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Passenger Security Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on passenger security equipment market size, passenger security equipment market drivers and trends, passenger security equipment market major players, competitors' revenues, market positioning, and market growth across geographies. The passenger security equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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