Global The Airport Security Equipment Market is expected to grow at a CAGR of 8.85% during the forecasted period of 2020-2025. The security equipment is used to safeguard passengers from accidentals harms, crimes, and other threats. The administrations across the world have begun financing high on the safety and security products and solutions owing to the growth in safety and security concerns. For example, the federal government assigned a $7.6 billion budget for the transportation security administration (TSA) department in 2017. Out of this budget, $200 million will be spent on transportation screening technology.
The market growth is mainly driven by the rising number of security threats across the globe. The governments invest heavily in the passenger security equipment market owing to the growth in terrorism and illegal and unethical activities at the airports, bus stands, train stations, and seaports. Additionally, building new airports both in developed and developing nations is pushing the market as well.
Global Airport Security Equipment Market Share and Size by 2025 (USD Million)
Global Airport Security Equipment Market is expected to reach USD 18.42 Billion by 2025 from USD 10.07 Billion in 2018, at a CAGR of 8.85% from 2020 to 2025. The market is analyzed across four geographical regions, namely, North America (U.S., Canada, and Mexico), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), and RoW (Latin America, Middle East, and Africa). North America region holds the highest market about 39% of the total market share in 2019. Further, the Asia Pacific market is considered one of the fastest-growing regions with a CAGR of 11.72%. Increase passengers, implementation of better regulatory guidelines are the key factors fueling the growth of the Airport Security Equipments market during the forecasted period across the globe.
It is expected that at the country level, the U.S accounts for the largest share of revenue by 2025. The leading growth driver of the global airport security market is the growing number of airports worldwide. Major economies such as the U.S., China, and India are constantly advancing their existing structure as well as investing in upgrading the same.
The Airport Security Equipment Market is segmented on the basis of Type, Application, and by Region. The Explosives Detection Devices holds 27% of the market share. And is expected to be growing at a CAGR of 9.20% in the forecasted period.
The Airport Security Equipment Market by Application is segmented into Military, Civil, and Payment Methods. Civil based application is estimated to grow at a CAGR of 8.84% in the forecasted period and it holds the highest market share.
Key companies profiled in the report are Autoclear, LLC (USA), American Science and Engineering, Inc. (USA), Analogic Corporation (USA), Ayonix Corporation (Japan), C.E.I.A. S.p.A. (Italy), DSG Systems AS (Norway), L3 Security & Detection Systems (USA), Honeywell International Inc. (USA), Siemens AG (Germany), Johnson Controls International PLC (USA) Nuctech Company Limited (China), Optosecurity Inc. (Canada), Rapiscan Systems (USA), RESA AIRPORT DATA SYSTEMS (France), Robert Bosch LLC (USA), Rockwell Collins (USA), Safran Identity & Security (France), IKUSI - Angel Iglesias S.A (Spain), SITA (Switzerland) and Smiths Detection Watford Ltd. (UK). The continuous research & development activities to address the changing demand of the industry companies spend heavy on the advanced technological expenses. The intense new product launches continue to be a key driver for the major manufacturers of the Equipment providers in the market. Key players have adopted strategies such as expansion, mergers, acquisition to increase its operational presence in recent years.
Airport Security Equipment Market Segmentation:
Airport Security Equipment Market, by Product Type
Airport Security Equipment Market, by Application
Airport Security Equipment Market, by Regions