Global Market For Airport Security Technology Could Exceed $15 Billion By 2027
Financialnewsmedia.com News Commentary
Oct 29, 2020, 09:20 ET
PALM BEACH, Fla., Oct. 29, 2020 /PRNewswire/ -- The airport security market has been steadily growing over the past decade… if not longer, beginning after the infamous 9/11 attack. A report from Homeland Security Research said in 2015 that, in the U.S. revenues through 2015-2020, the aviation security market would reach $22.5 billion cumulatively. Later, a report from IndustryARC projected a continuation of the trend saying that the global airport security market size would reach $8.15 billion in 2018… primarily driven by the rise in the number of airport development and upgrade projects, the airport security market is estimated to register a CAGR of 9.30% during that forecast period 2019-2025. Then came the more recent study by ReportLinker which further to show that the trend is continuing saying that the global market for Airport Security Equipment is estimated at $11.5 Billion in the year 2020, is projected to reach a revised size of $15.6 Billion by 2027, growing at a CAGR of 4.4% over the analysis period 2020-2027. Active tech companies in the markets this week include OSI Systems, Inc. (NASDAQ: OSIS), Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF), Cemtrex Inc. (NASDAQ: CETX), Viavi Solutions Inc. (NASDAQ: VIAV), NICE (NASDAQ: NICE).
The same report added: "Explosives Detection, one of the segments analyzed in the report, is projected to record a 5.1% CAGR and reach US$5.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the X-Ray & Infrared Equipment segment is readjusted to a revised 4.2% CAGR for the next 7-year period. The Airport Security Equipment market in the U.S. is estimated at US$3.4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.8 Billion by the year 2027 trailing a CAGR of 4.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 3.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR."
Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF) BREAKING NEWS: PLYMOUTH ROCK TECHNOLOGIES' SHOE-SCANNER RECEIVES US PATENT "NOTICE OF ALLOWANCE" - Plymouth Rock Technologies ("Plymouth Rock", "PRT", or the "Company"), a leader in the development of cutting-edge threat detection technologies, is pleased to announce that the Company has received a "Notice of Allowance" by the US Patent and Trademark Office of patent application No. 16/560,480. This Patent covers the "Method and System for Determining Dielectric Properties of an Object". The invention uses millimeter wave ("MMW") shoe-scanning technologies for fast, contactless screening of passengers' footwear in highly secure environments such as airports, prisons, border points of entry and government buildings.
Harmless MMW technology is used in almost all airports in a portal form to safely screen people, providing a greater degree of search intelligence. This patent is one of the first of its kind to be issued where MMW technologies are utilized to penetrate various footwear materials and identify threat objects and any other contraband inside a shoe or boot.
Launched in 2019, the US Department of Homeland Security (DHS) Science & Technology Apex Screening at Speed program is about systematically developing technologies for passenger screening by leveraging existing state-of-the-art technologies from industry, academia, national laboratories, and other government organizations. PRT's technology will work within the current systems such as advanced imaging portals. It will also support other security projects and efforts complimentary to the task.
"We are confident that the building of the PRT patent portfolio, combined with our in-house know-how, will provide our brand with immediate and long-term market relevance," said Dana Wheeler, President and CEO of PRT. "This patent is an important component of our intended intellectual property roadmap. ThIs Notice of Allowance of the patent is a significant achievement and is already being expanded by our team, who will deliver further intellectual property that will cover the entire global security market," concluded Wheeler.
"Today's marketplace is extremely competitive with the introduction of new technologies almost daily, however, it is rare to see a patent issued for a global technology leveraging both passenger convenience and removing operational headaches for the TSA," stated Douglas Smith, Chairman of the Board and former Assistant Secretary of the US Department of Homeland Security. "Combining patented cutting-edge technology with the operational needs of the Department, is the "Holy Grail" for the frontline operational personal of the Department." added Smith. Read this and more news for PRT at: https://www.plyrotech.com/news/
Other recent developments in the defense and tech industries include:
Cemtrex Inc. (NASDAQ: CETX), a technology company driving innovation in Internet of Things (IoT), security, machine vision & artificial intelligence, and augmented & virtual reality, recently announced it has signed a definitive agreement to acquire Virtual Driver Interactive ("VDI"), a California based provider of innovative driver training simulation solutions.
For over 10 years, VDI has been known for its effective and engaging driver training systems, designed for users of all ages and skill levels. The Company offers comprehensive training for new teen and novice drivers, along with advanced training for corporate fleets and truck drivers. VDI's wide range of training courses and system options provide customers with highly portable, affordable and effective solutions, all while focusing on the dangers of distracted driving.
Viavi Solutions Inc. (NASDAQ: VIAV) recently announced the company successfully participated in a global O-RAN plugfest hosted by several Tier-1 communications service providers (CSPs) and the O-RAN ALLIANCE. The plugfest involved a series of on-site demonstrations in multiple countries, conducted in September and October 2020. VIAVI provided industry-leading 4G and 5G test and validation platforms to support the worldwide event, which demonstrated key Open Radio Access Network (O-RAN) use cases involving a number of network equipment manufacturers (NEMs) and system integrators, accelerating the commercialization of O-RAN and diversification of the RAN supply chain.
NICE (NASDAQ: NICE) recently announced that the United Kingdom's Cleveland Police has selected the NICE Investigate Digital Investigation and Digital Evidence Management Software. Cleveland Police will use NICE Investigate to digitally transform and automate processes around collecting, analyzing and sharing evidence in the cloud to better serve the community and criminal justice partners, and to bolster efficiency for its workforce of more than 1,500 police officers.
Chris Barker, Chief Inspector, Cleveland Police said, "Cleveland Police went through a detailed procurement exercise and identified NICE Investigate as the digital evidence management system most capable of meeting both our national mandates around digital evidence management and our local policing needs. Deploying NICE Investigate Xpress in advance of our full NICE Investigate rollout has enabled us to come up the learning curve quickly, and keep officers and the public safe. The feedback we've received from our officers has been positive and our engagement with the Crown Prosecution Service (CPS) through NICE Investigate's wholly digital process is working well."
OSI Systems, Inc. (NASDAQ: OSIS) recently announced that its Security division was awarded multiple contracts for approximately $93 million from an international government customer to provide various Rapiscan® X-ray cargo and vehicle inspection systems, baggage and parcel inspection systems, trace detection systems, and follow on maintenance and support.
OSI Systems' Chairman and CEO, Deepak Chopra, commented, "We are looking forward to providing our security inspection systems to support this customer's expansion of its critical infrastructure to help secure its borders."
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty five hundred dollars for news coverage of the current press releases issued by Plymouth Rock Technologies Inc. by a non affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Media Contact email:
Share this article