The global airport security market is poised to reach a valuation of US$ 13 Bn in 2022. Sales are projected to increase at a 5% CAGR, with the market size reaching US$ 21 Bn by 2032.
The rapidly growing travel and tourism sector is altering how the world economy looks. The travel sector has made a substantial economic impact in recent years.
The tourist sector has not only generated enormous amounts of market income, but it has also stoked global labour markets. Market watchers predict that in the years to come, the travel and tourism sector will generate enormous sums of money.
The expansion of other auxiliary businesses like aviation and hotel contributes to the overall boom in tourism. In recent years, the aviation sector has served as both a vulnerable target for terrorists and a breeding ground for several unlawful operations.
Airport security is becoming more and more significant as a result of the fact that airports are a major transit hub for millions of travellers worldwide.
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Airport security market expansion is anticipated to be aided by the expanding commercial aviation industry and increasing demand for air travel throughout the world during the projected period. Passenger volume from nations like China and India is predicted to increase throughout the projection period, which would boost the sector even more.
To increase the efficiency of the boarding procedure at the airport, airport authorities throughout the world are replacing their manual security systems with automatic ones. Thus, this will also increase the market’s potential for growth.
The demand for Asia is a consequence of rising terrorist activity and increasing spending on aviation infrastructure, which is supported by a rise in air passenger traffic, the Asia Pacific area is expected to experience substantial growth. The airline infrastructure is expected to expand in smaller cities in countries like India and China as a result of government measures to boost air travel.
As new airports are constructed in the region with more entry gates, larger airfields, and improved traffic management systems, the market need for such infrastructure and applications is anticipated to increase.
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Key Take away from the industry
- An increase in air travel is anticipated to boost market expansion.
- Geographically speaking, the APAC region held the largest share of the airport security market in 2022.
- To safeguard the safety of millions of passengers flying throughout the world, special legislation has been established and additional security procedures are now possible.
- A strong security wall against any illicit activity is being built using specialised full-body scanners and other security tools supported by knowledgeable security staff.
“In the coming years, the airport environment will undergo significant change. This altered ecology will cause a shift in a number of processes because of increased passenger expectations, a developing global danger, and the requirement for greater security effectiveness.” Says an FMI Analyst.
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Impact of Covid-19 on the industry
The COVID-19 pandemic had a detrimental effect on market participants’ sales in 2020. In 2020, the market for airport security experienced a decline of almost XX%.
Government officials enacted tight lockdown measures and travel restrictions as a result of the outbreak. Additionally, some organisations’ production, transportation, and supply chain capacities were hampered by border closures. The epidemic also caused a labour shortage in a number of market areas.
Temporary travel restrictions decreased the overall number of passengers choosing airlines, which had an influence on total revenue. However, with the market experiencing recovery in the previous year, the loosening of lockdown regulations increased the daily traffic of airports throughout various locations in 2021.
Who is winning?
Key Players are concentrating on expanding their market presence and acquiring new projects in various locations.
Leading players operating in the Global Airport Security market are – IBM Corporation, Axis Communications AB, C.E.I.A. S.p.A., FLIR Systems, Hitachi Ltd., Leidos, Inc., Westminster Group PLC, Honeywell International, Inc., Collins Aerospace (Raytheon Technologies), Biosensor Applications AB, OSI Systems, Thales Group, Siemens AG, Bosch Sicherheits System GmbH, Auto Clear LLC, and Smiths Detection Group Ltd., etc. are among others.
The Global Airport Security Market by Category
By Technology, Global Airport Security is segmented as:
- Access Control
- Cyber Security
- Screening
- Others (Perimeter Security, Surveillance)
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The post Increased Frequency of Air Travel, Accompanied with Rising Security Threats Across the Globe Calls for Enhanced Airport Security Solutions Market | Insights by FMI appeared first on Future Market Insights.
