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Passenger Security Global Market Report 2023
New York, July 27, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Passenger Security Global Market Report 2023” – https://www.reportlinker.com/p06480057/?utm_source=GNW
, Advanced Perimeter Systems Limited, SITA, Navtech Radar, NEC Corporation, OSI Systems Inc., Thales Group, Swissport International AG, and Wabtec Corporation.
The global passenger security market is expected to grow from $5.79 billion in 2022 to $6.18 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The passenger security market is expected to reach $7.82 billion in 2027 at a CAGR of 6.0%.
The passenger security market consists of revenues earned by entities by providing passenger screening, aircraft security services, and cargo and baggage screening.The market value includes the value of related goods sold by the service provider or included within the service offering.
The passenger security market also includes sales of X-ray scanners, metal detectors, and security screening equipment, which are used in providing passenger security services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Passenger security refers to the measures and procedures implemented to ensure the safety and protection of individuals traveling by various modes of transportation, such as air, rail, sea, or road. These security measures attempt to prevent terrorist acts, criminal activities, and other risks that may harm passengers or imperil the transportation system’s integrity, ensuring their safety and protection from hazards.
North America was the largest region in the passenger security market in 2022. The regions covered in passenger security report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of passenger security solutions are baggage inspection systems, video management systems, access control or biometric systems, cybersecurity solutions, hand-held scanners, full-body scanners, explosive trace detectors, walk-through metal detectors, perimeter intrusion detection systems, and bar-coded boarding systems.The baggage inspection system refers to imaging systems for the detection of dangerous or prohibited objects or chemicals within baggage, and these are equipped with high-resolution optical cameras and scanners that are sensitive to metallic objects and other dangerous substances, such as weapons.
The investments are involved, includes new demand and replacement demand. These are used by several end users, including commercial airports, seaports, and railway stations.
Rising passenger traffic is expected to propel the growth of the passenger security market going forward.Passenger traffic refers to the total number of passengers traveling in a vehicle, such as a bus, boat, or airplane, from one place to another via any transport medium.
The rise in passenger traffic requires the expansion of security measures for passengers.Airport security helps provide passenger security in airports during travel.
For instance, in May 2022, according to the International Civil Aviation Organization, a US-based agency that coordinates international air navigation, from January to April 2022, there were 65% more passengers carried by air globally than there were during the same time in 2021, while there were 30% more aircraft departures.Over the same period, the number of airline seats climbed by 32%.
Further, in April 2023, according to Eurostat statistics, the statistical office of the European Union, rail passenger travel in the EU recovered partially in 2021, increasing by 16.5% over 2020. Therefore, an increase in passenger traffic is driving the growth of the passenger security market.
Technological advancement is the key trend gaining popularity in the passenger security market.Major companies operating in the passenger security market are focusing on developing new technologies to sustain their position in the market.
For instance, in June 2022, Thales Group, a France-based producer of security management solutions for airport infrastructure and passengers, launched HELIXVIEW, a new and revolutionary airport scanner.It is a brand-new, cutting-edge Explosive Detection System for Cabin Baggage (EDS CB), allowing passengers to leave things alone.
The C3-compliant HELIXVIEW scanner (the next EDS CB standard) combines electronic scanning based on X-ray nanotechnology with 3D image reconstruction. It also uses Thales’ expertise in artificial intelligence (AI) and cybersecurity to develop an innovative and affordable solution for airports.
In May 2020, Leidos, a US-based company specializing in defense, intelligence, and homeland security, acquired the security detection and automation businesses of L3 Harris Technologies for approximately $1 billion.With this acquisition, Leidos has officially entered the market with a worldwide footprint of more than 24,000 systems installed in more than 120 nations for security detection and automation.
L3 Harris Technologies is a US-based technology company that provides airport security and detection solutions.
The countries covered in the passenger security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The passenger security market research report is one of a series of new reports that provides passenger security market statistics, including passenger security industry global market size, regional shares, competitors with a passenger security market share, detailed passenger security market segments, market trends and opportunities, and any further data you may need to thrive in the passenger security industry. This passenger security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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