- Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025
Progressive Markets published a report, Passenger Security Equipment Market - Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025, which says that the market was valued at USD $ 37111.0 million in 2014 and is likely to garner USD $ 90191.2 million in 2025, growing at a CAGR of 8.87% during the forecast period.
Passenger security equipment is a system that is used to safeguard passengers from accidents, crimes, injuries, and other threats. They include intrusion detection & prevention system, explosive detection system, video surveillance, baggage inspection system, fire safety and detection system, and more. The global market is expected to grow swiftly during the forecast period due to numerous factors such as increased incidences of terror activities, the rise in governments investment in security products and various other reasons.
Market Drivers and Restraints:
The report also focuses on the drivers and restraints influencing the passenger security equipment market growth. The increase in the terror attacks on public transport infrastructures, growing concerns about safety and security among consumers and governments high investment on safety and security products and solutions are driving the growth of the industry. Moreover, a rise in demand for biometrics technologies for identity verification by governments propels the growth of the industry. On the other hand, the high installation cost of such equipment is likely to hinder the market growth.
The passenger security equipment market report studies the market segmentation elaborately. The market is segmented based on transport infrastructure, type, and geography. By transport infrastructure, the industry is bifurcated into airports, train stations, bus stations, and seaports. By type, the market is classified into baggage inspection system, explosive detection system, video surveillance, intrusion detection & prevention system, fire safety and detection system, people screening systems, and others. Geographically, the passenger security equipment market is divided into North America, Europe, Asia-Pacific, and LAMEA. In North America, the market is analyzed across the U.S., Mexico, and Canada. In Europe, the passenger security equipment market analysis covers UK, Germany, France, and the rest of Europe. In Asia-Pacific, the industry is analyzed across China, Japan, India, and the rest of Asia-Pacific. In LAMEA, the study covers the regions such as Latin America, Middle East, and Africa.
Key Market Players:
The market research report identifies players such as Honeywell International, Kapsch, Rapiscan Systems, Safran Group, Orbocomm, L-3 Communications, Siemens AG, Raytheon Group, Smiths Group, and Rockwell Collins to be the key vendors in the global passenger security equipment market. The study includes a brief overview of the players as well as details such as their financial and business segments and their developments that took place recently.
Key Benefits from the Report:
The passenger security equipment market report is replete with a detailed analysis from a thorough research, particularly on questions that border on passenger security equipment market trends, market size, market share analysis, market forecast, market statistics, market outlook, market dynamics, key market segments, futuristic developments, operation pathways, and company profiles. The report is a useful tool for manufacturers, new entrants, and investors. It helps them have a better understanding of the current market conditions and the direction in which it is headed, thereby identify opportunities for growth, plan and achieve their goals efficiently. The data in the report is further supported and validated by passenger security equipment industry statistics, charts, and graphs. The passenger security equipment market size talks about the overall potential of the industry. The report provides sizes of the key regional markets using yardsticks of segments. The passenger security equipment market share analysis helps determine the performance of the industry players as compared to their competitors. The passenger security equipment market forecast is analyzed based on the current and past market trends. The report also throws light on the emerging players who play a vital role in the growth of the passenger security equipment industry. They adopt strategies such as mergers & acquisitions, launches, partnerships, and more in order to survive and grow in the market.
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