PUBLISHER: The Business Research Company | PRODUCT CODE: 1245955
PUBLISHER: The Business Research Company | PRODUCT CODE: 1245955
“Airport Security Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on airport security market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for airport security? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The airport security market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the airport security market are: American Science and Engineering, Bosch, C.E.I.A SpA, Hitachi, L-3 Communications, Lockheed Martin, OSI Systems, Safran Morpho, Siemens AG, Smiths Detection, Auto Clear LLC, Analogic Corp, Bruker Corp, Nuctech Company Ltd., MilliVision Technologies, Nuctech Company Ltd.
The global airport security market grew from $13.64 billion in 2022 to $15.61 billion in 2023 at a compound annual growth rate (CAGR) of 14.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The airport security market is expected to grow to $23.86 billion in 2027 at a CAGR of 11.2%.
The airport security market consists of sales of airport security baggage screening including x-ray systems, computed tomography systems, explosive detection systems, metal detectors and physical search. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The airport security refers to the procedures and methods used to protect passengers, personnel, aircraft, and airport property from harm caused by accident or malice, crime, and other dangers. Airport security is a set of measures and people and material resources aimed at protecting civil aviation from acts of unlawful interference such as terrorism, sabotage, threats to life and property, false threat communication, bombing, and so on. It tries to keep these risks at bay by using various methods of scanning.
North America was the largest region in the airport security market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the airport security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of technologies in the airport security market are access control, cybersecurity, perimeter security, screening and scanning, surveillance, real-time locating systems (RTLS), and others. Access control refers to a data security process that enables organizations to manage authorized people to access corporate data and resources. Secure access control uses policies that verify users and ensure control access levels that are granted to users. Also, helps in easy access to data. It is further divided by system into metal detectors, fiber optic perimeter intrusion, backscatter x-ray systems, cabin baggage screening systems, and others. The various application includes a civilian and commercial airport and military airport. These are used to protect civil aviation from acts of unlawful interference such as terrorism, and sabotage.
The increase in new airport building operations and facilities improvements is contributing to the growth of the airport security market. Airport building operations and facilities improvements refer to the improvements in the infrastructure of the airport as well as the facilities such as arrival, departure, check-in, airport staff, and so on. With the growth in population, air traffic, and increasing demand for the modernization of the infrastructure there has been an increase in new airport building operations and facilities improvements. For instance, in May 2021, Raytheon Technologies was awarded a USD 318 million contract by the U.S. Transportation Security Administration (TSA) to deploy checked baggage screening machines at all federally managed airports. This five-year contract covers the expansion of equipment at about 430 federal airports across the country. It will also strengthen the terminals' security and reduce any potential hazard to the numerous stakeholders on-site. Therefore, the increase in new airport building operations and facilities improvements will drive the growth of the airport security market.
Technological advancements including RFID baggage reconciliation systems, remote check-ins, e-gates, and sensor equipment advancement is a key trend gaining popularity in the airport security market. According to a report by PR Newswire, 2020 OSI Systems, Inc., a US-based developer of security and inspection systems, announced that its security division was awarded multiple contracts for approximately $93 million from an international government customer to provide various Rapiscan X-ray cargo and vehicle inspection systems, luggage and parcel inspection systems, trace detection systems, and maintenance and support services. Their Itemiser 5X has met the requirements to be listed on the TSA's Air Cargo Screening Technology List as Approved technology (ACSTL). The Detector's cargo capabilities can be used for cargo screening operations outside of the United States. This launch represents another step forward in OSI's portfolio.
In April 2021, Allied Universal, a US-based security and facility services company acquired G4S plc for $4 billion (£3.8 billion). With this acquisition, Allied Universal aims to deliver the highest value proposition to customers in the security industry. G4S is a UK-based security company, specializing in the provision of security services and solutions to customers.
The countries covered in the airport security market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The airport security market research report is one of a series of new reports from The Business Research Company that provides airport security market statistics, including airport security industry global market size, regional shares, competitors with an airport security market share, detailed airport security market segments, market trends and opportunities, and any further data you may need to thrive in the airport security industry. This airport security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.