Railway Platform Security Market Worth $2.3 Billion by 2024 - Exclusive Report by MarketsandMarkets™
Dec 05, 2019, 10:30 ET
CHICAGO, Dec. 5, 2019 /PRNewswire/ -- According to a new market research report "Railway Platform Security Market by Sensors (Radar, Microwave, & Infrared), Video Surveillance Systems (Camera, Video Management & Video Analytics), Alarm Systems & PSDs, Services, Applications (Subway & Trains) and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Railway Platform Security Market size to grow from USD 1.7 billion in 2019 to USD 2.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period.
Major factors expected to drive the growth of the Railway Platform Security Market include the increasing suicide instances, growing need to minimize the risk of unauthorized access to platforms, and increasing demand for additional support and advanced solutions for security management.
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126 – Tables
38 – Figures
149 – Pages
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Among components, the services segment to record a higher growth rate during the forecast period
The demand for platform security services is driven by the growing need to improve decision-making and organizational efficiency. The success of platform security systems depends on how well a solution is implemented as well as the use of collaboration tools in the daily work of employees across organizations. Platform security service providers have to ensure the collaboration strategy is tailored as per the specific business objectives of platform infrastructure to utilize the benefits of platform security solutions.
Under solutions, the platform edge doors/platform screen doors segment to grow at the highest growth rate during the forecast period
The term Platform Screen Doors (PSDs) is used to describe the provision of full height door systems, such as additional panels, to provide a complete seal between the platform and the track area of a station. These systems are normally required where climate control is the primary purpose, but they also provide a safety improvement as an additional benefit. Another type of system is named PEDs, as it does not form a complete division between platform and track. Rather, the PED design forms a full or half height barrier along the platform edge but does not provide the air seal required for full climate control.
In applications, the trains segment to grow at a higher growth rate from 2019 to 2024
A train is a form of rail transport, and as rail networks are becoming an attractive alternative to other modes of transportation, stricter requirements are being imposed on railroads to ensure safety. Public security being the prime concern of railway services, the developments and adoptions of new technologies, such as video surveillance, PSDs, alert systems, are growing to cater to high passenger and freight demand.
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Asia Pacific to account for the largest market size during the forecast period
The regional analysis of the Railway Platform Security Market covers North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). APAC is expected to have the highest market share and growth potential in the market during the forecast period. This growth can be attributed to the rapid deployment of surveillance solutions and PSDs in China and high-speed rail, smart transportation, and railway modernization projects in most of the APAC countries.
Key Market Players
Key and emerging market players include Honeywell (US), Indra Sistemas (Spain), Huawei (China), Bosch (Germany), Atos (France), FLIR Systems (US), Axis Communications (Sweden), telent (UK), Zhejiang Dahua (US), Hikvision (China), STANLEY (US), Wabtec (US), L&T Technology Services (India), Mitsubishi Electric (Japan), Genetec (Canada), Knorr-Bremse (Germany), Nabtesco (Japan), Senstar (Canada), Avnet (US), and Anixter (US). These players have adopted various strategies to grow in the Railway Platform Security Market.
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