The global passenger security equipment market is expected to reach $79,042 million in 2023, from $43,398 million in 2016, growing at a CAGR of 8.9% from 2017 to 2023. Passenger security refers to a technique, which helps them protect from accidentals harms, crimes, and other threats. Such procedures help the government to avoid any crimes and allow passengers to travel from one place to another without any harm. Honeywell International, Orbocomm, and L-3 Communications are some of the leading key players of the passenger security equipment market.
The Passenger Security Equipment Market report’s main goal is to impart industry knowledge and assist our clients in achieving organic growth in their specialized industries. For businesses and people interested in a certain industry or field, this research should be seen as a valuable source of information and guidance as it provides critical statistics on the global market status of the keyword manufacturers. The primary accomplishment of this research is to provide strategic insight to businesses in this sector.
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Increase in terror attacks on public transport infrastructures drives the passenger security equipment market growth. Further, rise in demand of biometrics technologies for identity verification by the government also fuels the market growth. However, high installation cost is anticipated to hinder the passenger security equipment market during the forecast period.
Based on type, the global passenger security equipment market is categorized into baggage inspection system, explosive detection system, video surveillance, intrusion detection and prevention system, fire safety & detection system, people screening systems, and others. The people screening systems segment dominated the global passenger security equipment market, in terms of revenue, and is expected to maintain this trend.
The passage highlights the trend of governmental organizations increasing their maintenance budgets for system infrastructure while also investing in initiatives for project development, modernization, and enhancement. This has led to the success of investments and an increase in the annual funding set aside by ICT vendors for the growth of the online market. The passage also mentions the anticipated increase in global ICT exports, which are expected to rise by an average of 3.9% yearly from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. The global supply of ICT has increased by 9.5% yearly since 2009.
In terms of global ICT exports in 2021, Ireland ranked first with US$ 169.32 billion, followed by the United States at number 2, India at number 3, and China at number 4. The passage also notes the significant increase in Brunei’s global ICT exports by 228.2% year over year since 2009, while Sierra Leone’s global ICT exports have decreased by 61.7% year over year in the same period. Overall, the passage highlights the growth and potential of the global ICT market, driven by increased investments and funding for infrastructure and project development.
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It seems that the ICT industry in Europe is predicted to experience moderate growth in the coming years, with an annual increase of 1.5% expected from 2021 to 2026. Germany currently holds the top position in terms of ICT revenue in Europe, followed by the United Kingdom, France, and Ireland. It’s interesting to note that while some countries like Malta have experienced significant growth in the ICT industry since 2016, others like Italy have seen a slight decline. This information can be useful for businesses and investors looking to enter or expand in the European ICT market.
KEY PLAYERS
Honeywell International
Orbocomm
L-3 Communications
Kapsch
Siemens AG
Rapiscan Systems
Rockwell Collins
Safran Group
Raytheon Group
Smiths Group
The other players in the value chain include (profiles not included in the report):
Anixter
Avigilon
Harris
HID Global
Lockheed Martin
Northrop Grumman
KEY MARKET SEGMENTS
BY TRANSPORT INFRASTRUCTURE
Airports
Train Stations
Bus Stations
Seaports
BY TYPE
Baggage Inspection System
Explosive Detection System
Video Surveillance
Intrusion Detection and Prevention System
Fire Safety & Detection System
People Screening Systems
Others
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BY REGION
North America
U.S.
Mexico
Canada
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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