What is the global market size of Passenger Security Market?

Global Passenger Security Market size was valued at USD 5.91 billion in 2022 and is poised to grow from USD 6.34 billion in 2023 to USD 11.06 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

Who are the key vendors in the Passenger Security Market?

The key elements driving the company's supremacy include a broad range of passenger security system products, greater investment in R&D for new product development, and strategic acquisitions. They are implementing both long- and short-term growth strategies, including mergers and acquisitions, the introduction of new products, long-term agreements with airport security organizations, and long-term connections with governing bodies. 'Smiths Detection Group Ltd. ', 'Rapiscan Systems ', 'Honeywell International Inc.', 'L-3 Communications Holdings Inc.', 'Bosch Security Systems', 'Siemens AG', 'Alstom SA', 'United Technologies Corporation', 'Thales Group', 'Safran SA', 'Raytheon Company', 'Lockheed Martin Corporation', 'American Science and Engineering, Inc.', 'OSI Systems, Inc.', 'Nuctech Company Limited', 'CEIA SpA', 'Analogic Corporation', 'Magal Security Systems Ltd.', 'Leidos Holdings, Inc.', 'Westminster Group Plc'

What is the key driver of Passenger Security Market?

Due to strict government regulations and safety standards, OEM businesses accurately produce security systems all over the world. Airports, railroads, and other infrastructure are long-term locations for security equipment. These are used to continuously check a large number of travelers. To lower the chance of operational failure, OEM businesses are required to produce security products with high-quality hardware and components. Security system components and manufacturing costs are incredibly high, which drives up product costs overall.

Passenger Security Market Size

SkyQuest Technology's Passenger security market size, share and forecast Report is based on the analysis of market data and Industry trends impacting the global Passenger Security Market and the revenue of top companies operating in it. Market Size Data and Statistics are based on the comprehensive research by our Team of Analysts and Industry experts.

Passenger Security Market Insights

Global Passenger Security Market size was valued at USD 6.6 billion in 2023 and is poised to grow from USD 7.06 billion in 2024 to USD 12.13 billion by 2032, growing at a CAGR of 7.0% during the forecast period (2025-2032).

The expansion of the passenger security market is predicted to be fueled in the upcoming years by an increase in passenger traffic as well as significant technological advancements in screening technology and inspection systems. By analyzing the actions and motives of numerous tourists and visitors to the country, the airport authorities are enhancing security measures to monitor potential threats. The aviation industry is more crucial in terms of providing a safe and secure flight period due to high altitude traveling from one destination to another. Therefore, it is crucial to thoroughly inspect all passengers before embarking on a flight. The Transportation Security Administration (TSA) of the United States noted a 3% annual growth in the amount of checked baggage vs unscreened baggage. The passenger security market is expected to increase as a result of these factors.

Many nations, including the US, Canada, and Germany, are putting a lot of effort into technologically upgrading the current systems to reduce the risk of threats to the transportation infrastructure. For instance, the U.S. Transport Security Administration (TSA) has implemented measures to improve safety standards, such as the installation of 141 screening lanes throughout the 14 airports. Additionally, the TSA has installed cutting-edge imaging equipment, including x-ray systems and explosive trace detectors. In order to increase operational effectiveness, TSA is likely to upgrade the current security counters by installing luggage screening technology. During the forecast period, these crucial aspects are anticipated to drive the passenger security market.

US Passenger Security Market is poised to grow at a sustainable CAGR for the next forecast year.

Passenger Security Market Report Snapshots

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FAQs

The key elements driving the company's supremacy include a broad range of passenger security system products, greater investment in R&D for new product development, and strategic acquisitions. They are implementing both long- and short-term growth strategies, including mergers and acquisitions, the introduction of new products, long-term agreements with airport security organizations, and long-term connections with governing bodies. 'Honeywell International Inc. (USA) ', 'Siemens AG (Germany) ', 'Bosch Sicherheitssysteme GmbH (Germany) ', 'Smiths Group plc (UK) ', 'Thales Group (France) ', 'Safran (France) ', 'Leidos Holdings, Inc. (USA) ', 'L3Harris Technologies, Inc. (USA) ', 'Rapiscan Systems (USA) ', 'Collins Aerospace (USA) ', 'Elbit Systems Ltd. (Israel) ', 'SITA (Switzerland) ', 'Gunnebo AB (Sweden) ', 'dormakaba Holding AG (Switzerland) ', 'IDEMIA (France) ', 'Axis Communications AB (Sweden) ', 'Johnson Controls International plc (Ireland) ', 'FLIR Systems, Inc. (USA) ', 'Teledyne Technologies Incorporated (USA) ', 'Kapsch TrafficCom AG (Austria)'

During the projected period, rise in the growth rate of passenger traffic, particularly in developing nations like China and India, is expected to fuel this passenger security market's expansion. The recent rapid expansion of the commercial aviation sector around the world has raised the need for various security measures at ports, railroads, and airports. The number of people being screened by specialized pieces of equipment, such as explosive detector systems, handheld scanners, full-body scanners, and metal detectors, has increased. The Transportation Security Administration (TSA) in the US manages about 440 airports nationwide. With 813.8 billion passengers screened, the TSA has the most passengers screened in the nation.

During the projected period, the aviation sector is likely to be supported by rising airport development investment in a number of nations. In the upcoming years, the Asia Pacific is expected to see more than 400 new airport projects total. Around US$ 93 billion is expected to be invested in the development of new airports worldwide. Due to their growing air travel and foreign traveler populations, emerging nations like India, China, and Indonesia are expected to construct new international airports in the coming years. During the anticipated time, these elements are anticipated to drive the passenger screening system market's expansion.

The largest passenger security market share was held by North America. Additionally, there are well-known producers of passenger security systems in the US. It might be attributed to the forecasted period's robust market expansion. Due to the abundance of producers of passenger security systems in the Asia Pacific region, the region holds second position.