PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1117093
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1117093
According to Stratistics MRC, the Global Airport Security Market is accounted for $14.20 billion in 2022 and is expected to reach $24.63 billion by 2028 growing at a CAGR of 9.6% during the forecast period. Airport security systems are used to ensure security and safety at airports as well as subsequent flight travels. The increasing awareness regarding security has created several opportunities for the companies operating in the market. The emphasis on airport security has risen dramatically over the past few years.
The TSA has announced that it is spending USD 7.6 Billion on aviation safety. In addition, the European airports would need to invest over USD 17 billion by 2022 to fulfill EU baggage screening rules, according to Airports Council International (ACI). According to the National Development and Reform Commission, the total investment for the phase-3 development of Lanzhou Zhongchuan International Airport was 33.55 billion yuan (about 4.8 billion USD). By 2030, the extension is expected to boost the airport's annual passenger capacity to 38 million passengers, with a total cargo turnover of 300,000 tonnes. As a result, the Chinese market is anticipated to expand even more over the forecast period, owing to aggressive airfield development building plans and ongoing activities in this region..
Increasing cyber-security attacks at airports
Cyber-Security is one of the increasing distresses for the aviation industry. Over the years, airports across the globe have become highly reliant on on serious information and communications systems to run operations, deliver passenger services, and maintain communications with respective services. Though, this heavy reliance on technology has also increased the airport's exposure to numerous forms of threats such as cyber-attacks. The rising number and level of sophistication of cyber-attacks against airports securities globally have prompted airports to invest more in cyber-security to safeguard operations and protect the passengers. Thus, this factor will propel the growth of the airport security market.
Advanced and automated security systems shorten the process of boarding at airports. But, huge costs are involved in the design, development, and implementation of these systems into the airports of any country. They need a blend of numerous subsystems and electronic components to deliver real-time data to the airport authority. The development, launch, and maintenance of these systems are costly. Owing to the high cost of these systems and required services, the airport authorities prefer to outsource the security services to third-party service providers. Hence, both, the cost and time required for the development and deployment of these systems prove to be a hindrance to the growth of the market across the globe.
Rising air passenger travel
The rising commercial aviation sector and the increasing inclination of people to air travel across the globe are predictable to boost the market growth. Airport authorities are upgrading their conventional security systems to automatic systems to improve the overall efficiency of the boarding process at the airport. Thus, this will propel the growth opportunity of the market.
Maintaining security standards
With so many areas to proactively manage and control, security teams manage it all. The sheer volume of what goes on in an airport needs nothing short of a robust set of supervisory tools and powerful oversight designed to see it all at a glance with relevant alerts built in at appropriate places. It must also track and report to ensure compliance at every step of a shift. Maintaining security standards is one of the factors threatening the market growth.
Impact of Coivd-19
Due to the pandemic, government authorities imposed strict lockdown measures & travel restrictions. Furthermore, the closure of borders hindered the manufacturing, logistics & supply chain capabilities of several companies. The pandemic also resulted in labor shortages across various sectors in the market. Temporary restrictions on travel reduced the overall count of passengers opting for airways, thus impacting the total revenue. However, relaxation on lockdown regulations increased the daily traffic of airports across different regions in 2021, with market witnessing recovery in the last year.
The Cyber security segment is expected to be the largest during the forecast period
The Cyber security segment is expected to be the largest during the forecast period. Cyber security refers to the protection of computer systems from digital attacks to protect information and critical infrastructure. It is a growing concern for enterprises, government agencies, organizations, and individual users alike owing to increased reliance on technology combined with greater connectivity through social media cybersecurity segment is expected to be the most significant revenue contributor in the global market. Cybersafety encompasses a broad array of operational and information technology safety tools, methods, and techniques. To safeguard networks and data from being attacked and compromised, this technique employs protective and responsive measures. Additionally, cybersecurity employs traditional malware protection, web filtering, and advanced threat protection to protect consumers from Internet-borne dangers while also assisting businesses in enforcing internet policy compliance.
The Surveillance Systems segment is expected to have the highest CAGR during the forecast period
The Surveillance Systems segment is expected to have the highest CAGR during the forecast period, As the surveillance systems will work in complex and cluttered environments which require systems engineering solutions for such applications such as airport ground surface management. For coordinated airport security, automated ground surveillance enhances efficient and safe maneuvers' for aircraft, unmanned air vehicles (UAVs) and unmanned ground vehicles (UGVs) operating within airport environments.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the presence of established players, continuing infrastructural developments, and rising air passengers in the province are expected to drive the market demand for. Moreover, market development is influenced by the adoption of international standards increased safety, and the use of modern machinery for safety. The Department of Homeland Security (DHS) and the Transportation Security Administration (TSA), among other regulatory agencies in the United States, concentrate on guaranteeing safety standards adapted to the particular operational environment of each airport. North America has the highest revenue share as it has been a pioneer in implement strict security measures at ports from early days.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period. Asia Pacific provides potential growth opportunities as countries like China, India tend to invest heavily on airport and marine port security technology to enhance security structure in order to confront terrorist attacks. Moreover, countries are also progressively outsourcing its network infrastructure security in a position to handle complex and multiple threats. Asia-Pacific would have the highest market potential as several new ports are being developed in the emerging nations, which would have security requirements.
Key players in the market
Some of the key players profiled in the Airport Security Market include Thales Group, American Science and Engineering Inc, Westminster Group PLC, Axis Communications, Scanna MSC Ltd, Bosch Security Systems, RedXDefense LLC, Fisher Research Laboratory, Hitachi Ltd, OSI Systems, MilliVision Technologies, Nuctech Company Ltd, Xovis AG, CEIA SpA, SAAB AB, Raytheon, L-3 Communications Holdings Inc., Tyco International Ltd and Flir Systems, Inc.
In April 2020: FLIR Systems Inc. launched the FLIR A400/A700 Thermal Smart Senso and the Thermal Image Streaming fixed camera solutions for monitoring equipment, production lines, critical infrastructure, and screening for elevated skin temperatures.
In December 2021: Xovis AG announced that it received a contract from the Airports of Thailand (AoT) for the supply & installation of passenger tracking systems at three airports including Phuket International, Suvarnabhumi (Bangkok) Airport, and Don Mueang International. The agreement includes the deployment of solutions for monitoring, analyzing, and presenting real-time data of travelers..
Security Technologies Covered:
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Note: Tables for North America, Europe, Asia Pacific, South America, and Middle East & Africa are presented in the same manner above.