The global passenger security equipment market was valued at $ 37111.0 million in 2014 and is likely to garner $ 90191.2 million in 2025, growing at a CAGR of 8.87% during the forecast period according to Progressive Markets report, Passenger Security Equipment Market Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025.
The report provides an in-depth analysis of the passenger security equipment market for the historic period, 2014-2017 and the forecast period, 2018-2025. It incorporates the market size and share, market drivers and restraints, market outlook, key market segments, market trends, Porters Five Forces Analysis (PFFA), and key market player profiles. The report is a useful resource for market players, investors, and new entrants as it assists them to gain a strong foothold in the market and devise strategies to survive. The data in the report is a result of an extensive primary and secondary market research. Research methodology is offered in the study to show the methods employed to gather and validate data.
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The report provides an executive summary of the global passenger security equipment industry to help market players, new entrants, and investors comprehend the overall market conditions and determine strategies for growth and sustenance. Key findings are outlined in the study to assist market players to determine investment feasibility. Market attractiveness helps measure the potential value of the market while trends analysis helps predict the future changes in the price of a stock. The competitive landscape is offered to help industry players determine the competitive aura within the industry and take steps to gain a competitive edge.
The market landscape of the global passenger security equipment market is provided in terms of the growth drivers, restraints and challenges, Porters analysis, and market share analysis. The drivers and restraints determine the rise and fall of the market. The drivers of the passenger security equipment market include the increase in the terror attacks on public transport infrastructures, growing concerns about safety and security among consumers and governments high investment on safety and security products and solutions are driving the growth of the industry. Moreover, a rise in demand for biometrics technologies for identity verification by governments propels the growth of the industry. On the other hand, the high installation cost of such equipment is likely to hinder the market growth.
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The report offers a detailed segmentation of the global passenger security equipment market based on transport infrastructure, type, and geography. By transport infrastructure, the industry is bifurcated into airports, train stations, bus stations, and seaports. The airports segment is expected to garner $27213.5 million in 2025. In this category, the seaports segment is expected to grow at the highest CAGR of 11.37% during the forecast period. By type, the market is classified into baggage inspection system, explosive detection system, video surveillance, intrusion detection & prevention system, fire safety and detection system, people screening systems, and others. The baggage inspection system is likely to grow at a CAGR of 10.08% during the forecast period. The explosive detection system segment is likely to garner $14011.2 million while the fire safety and detection system segment is likely to garner $20090.6 million in 2025. Geographically, the passenger security equipment market is divided into North America, Europe, Asia-Pacific, and LAMEA. In North America, the market is analyzed across the U.S., Mexico, and Canada. In Europe, the passenger security equipment market analysis covers UK, Germany, France, and the rest of Europe. In Asia-Pacific, the industry is analyzed across China, Japan, India, and the rest of Asia-Pacific. In LAMEA, the study covers the regions such as Latin America, Middle East, and Africa.
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The report provides an extensive analysis of the key players operating in the global passenger security equipment market. A business overview for each player is provided in the report to help market players and investors gain a comprehensive understanding of the existing competition and determine investment suitability. Moreover, financial and business segments of each player are offered in the study. Recent developments by them are also discussed. Key market players noted in the study include Honeywell International, Kapsch, Rapiscan Systems, Safran Group, Orbocomm, L-3 Communications, Siemens AG, Raytheon Group, Smiths Group, and Rockwell Collins
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