CHICAGO, June 11, 2019 /PRNewswire/ -- According to the new market research report "Passenger Security Market by Security Solution (Baggage Inspection Systems, Explosive Trace Detector, Hand Held Scanner, Full Body Scanner, Access Control), End User (Airport, Seaport, Railway), Investment Type, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Passenger Security Market is projected to grow from USD 4.8 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 7.2% from 2019 to 2024. Increasing passenger traffic, replacement of existing systems with advanced ones, and the development of new airports, railway stations & seaports are some of the factors contributing to the growing demand for passenger security solutions.
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The access control/biometric systems segment of the passenger security market projected to grow at the highest CAGR during the forecast period
Based on security solutions, the access control/biometric systems segment is expected to grow at the highest CAGR, followed by full-body scanners, and baggage inspection systems during the forecast period. Increasing usage of automated self-check-in kiosks for processing the various passenger boarding protocols is expected to drive the market for access control/biometric systems during the forecast period. For example, in 2016, Abu Dhabi International Airport launched an innovative Smart Travel System which automated processes such as check-in, registration, immigration, and boarding. The Smart Travel System is estimated to decrease passenger processing time at the airport by 70%.
The seaport segment is projected to lead the passenger security market during the forecast period
Based on end-user, the seaports segment is expected to grow at the highest CAGR, followed by commercial airports, and railway stations. Expansion of existing & development of new seaports, increasing cruise passengers globally, and the use of advanced security systems are expected to drive the market in this segment during the forecast period. For example, the Canaveral Port Authority Board of Commissioners awarded Ivey's Construction Inc. a USD 79 million contract for the development of its Cruise Terminal 3 to cater to the increasing cruise passenger traffic. According to an article published by ConstructConnect in December 2018, investments in the upcoming US railway projects for Texas, Baltimore, New Jersey, and New York are estimated to be USD 43 billion.
Europe passenger security market projected to grow at the highest CAGR during the forecast period
Europe is projected to lead the passenger security market during the forecast period. Growth is majorly driven by the increasing passenger traffic and the upgrade of passenger security systems with the implementation of new technologies in this region. For instance, Manchester Airport is undertaking a USD 1.26 billion expansion project to develop its facilities and enhance its operations. The Gatwick Airport is undergoing a USD 1.26 billion expansion to extend its North Terminal with six new departure gates. The Marseille Provence Airport authorities plan to carry out the expansion of the airport by adding a new terminal to it. They also have plans to undertake several redevelopment projects in the airport to accommodate approximately 12 million to 16 million passengers by 2027.
Browse in-depth TOC on "Passenger Security Market"
136 – Tables
44 – Figures
224 – Pages
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The passenger security market has been gaining traction over the past few years due to the presence of a large number of established companies as well as startups. Some of the major players in the passenger security market in North America include Autoclear, LLC. (US), L3 Security & Detection Systems (US), FLIR Systems, Inc. (US), Rapiscan Systems (US), and Honeywell International Inc. (US), among others. Key players in Europe include Smiths Detection Group Ltd. (UK), SITA (Belgium), Siemens (Germany), Axis Communications AB (Sweden), and Bosch Sicherheitssysteme GmbH (Germany) among others.
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