[FURL=https://www.industryarc.com/Research/Passenger-Security-Equipment-Market-Research-5022591?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Passenger Security Equipment Market[/FURL] size is estimated to reach US$ 7.8 billion by 2026 at a CAGR 7.2% during the forecast period 2021-2026. The growth of passenger security equipment market is attributed to the rising demand for providing safety and securities to passengers for protecting against crimes, accidents, terror attacks or threats. Increasing growth in airline passenger traffic and developments in intelligent public transportation system have contributed to the growth of the market.Key Takeaways
Airport sector is estimated to hold the largest passenger security equipment market share during the forecast period 2021-2026 owing to increasing adoption passenger safety measures to mitigate terror attacks at airport.
North America is estimated to dominate the market during 2021-2026 owing to high investments towards advanced security platforms.
Increasing threats and terror attacks on public transport infrastructure and rising penetration of biometric security solutions are estimated to drive the market from 2021 to 2026.
Biometric data security issues is one of the challenges impeding the growth of the market.
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Passenger Security Equipment Market Segment Analysis – By geography
By Geography, Passenger Security Equipment Market is segmented into North America, Europe, APAC, douth America and RoW. North America dominated the market acquiring a share of 33% in 2020 and is estimated to hold the major Passenger Security Equipment market share during 2021-2026 owing to high government expenditure towards advanced security techniques in public infrastructure and rising illegal activities in airports, seaports or train stations. In February 2021, the government of Canada announced to invest US$15 Billion towards public transit projects over the next 8 years. APAC is estimated to be the fastest-growing market during the forecast period 2021-2026 owing to rising developments in airport infrastructure and continuous growth in air passenger traffic due to changing demographics and increasing disposable incomes.
Passenger Security Equipment Market Drivers
Growth in terror attacks on public transport infrastructure
Increasing adoption of Biometric solutions in airport
Passenger Security Equipment Market Landscape
Passenger Security Equipment top 10 companies include Smiths Detection Group Ltd, SITA, Lockheed Martin Corporation, Honeywell International Inc., L3 Security and Detection Systems, Autoclear, LLC, Advanced Perimeter Systems Ltd., Axis Communications, AB, Adani Systems Inc., FLIR Systems, Inc. among others.
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