Airport Security Market Worth 13.4 Billion by 2024 - Research Report by Hexa Research
The worldwide airport security market was valued over USD 8.4 billion in 2015. It is projected at about USD 13.4 billion by 2024 (forecast period - 2016 to 2024). The segment of ‘safety surveillance’ held over 9% of the total shares in 2015.
The worldwide airport security market was valued over USD 8.4 billion in 2015. It is expected to be around USD 13.4 billion by 2024 (2016 to 2024 - forecast period). Increase in air travel should drive the need for well-organized security systems. These systems comprise software for better monitoring, detection, & risk prevention. Terrorism and crimes have encouraged worldwide governments to make airport security stricter and keep the same a higher priority.
Diverse & innovative solutions and technological advances have driven the airport security market. Augmented demand for more effective screening to decrease ‘passenger’ hassles & enhance safety is also anticipated to propel market growth in the near future. New infrastructural developments & airport constructions provide growth prospects to the market.
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Governmental mandates have driven innovative safety systems, thus propelling market revenues. Conversely, ‘economic turmoil’ leading to deficiency in funds for new developments & constructions can hinder the market. Also, the up gradation of old airports is likely to hamper market flow. High costs of new technologies may prevent market growth.
Suppliers and distributors execute a pivotal role in procuring small products; like access controls, CCTV cameras, and hand-held devices. Large-size equipments, such as road-blockers or bollards, x-ray scanners, and detectors are obtained directly from vendors on lease or purchase orders. The airport security market is divided into technologies and geographies.
Technologies include access controls, screening, cyber security, surveillance, perimeter security, and others. Access controls comprise keypads, card readers, vehicle controls, and biometric authentication.
Screening occupied more than 45% shares in 2015. It encompasses full body scanners or metal detectors, human pat-down searches, hand-held detectors, and walk-throughs.
Large passenger volumes have boosted advanced screening systems; like backscatters, X-ray technology, and millimeter wave. Cyber security technology protects critical data and IT infrastructure. These details are crucial for computer reservation & global distribution systems. They are also important for air traffic control information systems.
The said segment would experience the fastest growth till2024. Its growth can be attributed to innovative technologies and novel trends; such as IoT (Internet of Things), cloud storage, and Big Data.
Geographies consist of North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA). North America dominated the market in the recent past. Middle East and Asia Pacific are predicted to contribute global market sales. Regional expansion owes to rising infrastructural developments and passenger volumes.
Threats to the aviation industry from criminals and extremist groups have emphasized the need for improved, well-maintained, and advanced security systems. In late 2013, the ‘International Air Transport Association’ (IATA) and ‘American Concrete Institute’ (ACI) jointly signed a memorandum to develop ‘Smart Security’ or ‘Smart S.’
‘Smart S’ was an initiative focused on enhancing the efficiency, safety, and experience of airport passengers. The global airport security market is consolidated, fragmented, diversified, and competitive. Some of its key players are American Science & Engineering, L-3 Security & Detection, Safran Morpho, and Smiths Detection.
American Science & Engineering generated about 50% of the total incomes in 2014. Collaborations and agreements are the frequent strategies through which competitors try to gain an edge over others.
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