Airport Security Market size Anticipated to Reach at a USD 11.45 billion by 2030, at CAGR of 9% By 2024-2030
Airport Security Market is expected to grow at a Significant CAGR During Forecast Period. Airport security encompasses an umbrella of devices, systems, and technologies that keep passengers safe both when they’re in the airport and when they’re flying.
Some of the many devices, systems, and technologies that comprise airport security include x-rays, scanners, metal detectors, 3D scanners, biometrics scanners, etc. these are designed to safeguard passengers from possible threats from bombers, terrorists, and other dangerous elements of society.
Covid-19 Analysis of Airport Security Market
COVID-19 is a dangerous virus that is currently a global pandemic. That that it could make some people very sick and even cause a few casualties prompted governments around the world to take immediate action. Governments responded by imposing temporary lockdowns and quarantines. These had some success, but they were detrimental for most industries and markets.
The airport security market is no exception. Many airlines began to mandate that people who wanted to fly wear masks to do so. This combined with the fact that many people were afraid to fly during the pandemic translated into far fewer passengers over the past few years. This has negatively impacted the airport security market since the devices, systems, and technologies that are needed to keep airports and passengers safe are not needed nearly as much or as often.
Drivers
What’s driving growth in Airport Security Market is the need to keep passengers safe from explosives and other results of cross-border terrorism, smuggling, and trading of illegal drugs. Another important driver is the increased need for certain personnel to have access to restricted control areas in airports.
Opportunities
The fact that demand is starting to pick up now that a vaccine for COVID-19 has been developed and given to the masses creates many opportunities for manufacturers in Airport Security Market. They are investing millions in research and development. This is allowing them to develop and market a new generation of more effective airport security technologies, systems, and devices that do a much better job of protecting passengers and airport personnel. These companies can also justify charging more for these.
Restraints
These devices, systems, and technologies can be expensive. It can also be very costly to install and maintain them. These are some of the factors that are holding back growth in Airport Security Market.
Challenges
One of the main challenges that manufacturers of airport security equipment face lie in creating newer generations of devices, systems, and technologies that are more and more advanced while keeping their prices in the affordable range for most airports around the world.
Technology Analysis
Autoclear LLC is a major American player in the airport security market. It has managed to create and sustain its superior position by investing heavily in research and development. This has allowed it to develop and market a new generation of more effective products and technologies that do a much better job of keeping airport passengers safer.
One such technology is the x-ray metal detector. This uses subtle x-rays to detect the presence of metal on anyone who walks through it.
By Technology
The airport security market has been segmented into the following by technology:
The 3-D scanning subsector will have the highest CAGR of all of the subsegments in the technology sector. 3-D scanners are useful in detecting items that may be hiding in bags made out of various types of materials. They also are useful in detecting dangerous items in full bags. This is possible because these scanners are able to rotate and give the scanner a 360-degree view of the contents of a particular bag. It can do all of this with all of the contents in the bag being scanned.
By Region
The airport security market is separated into the following regions:
The North American region had the highest market share one year before 2018. What accounted for this was the fact that the Transportation Security Administration (TSA) is the agency that governs and sets the standards for passenger security and travel. It has strict standards, rules, and regulations that manufacturers must follow. Manufacturers find these easy to follow since they’re straightforward.
Also, many manufacturers of airport security systems, devices, and technologies are in America.
The global airport security market remains highly competitive despite moderate barriers to entry. The reason for this is that many large companies are entering the market. They are largely motivated to do so by the market’s high CAGR and relative lucrativeness. Companies find that they must do one or more of three things to survive in this market:
Companies invest in their futures when they invest heavily in research and development. The reason why is that they are able to develop a new generation of systems, devices, and technologies that are much more effective and have a wider range of new and innovative uses than their predecessors. They are able to justify charging much more for these. This allows them to make much more money by selling more of these devices, systems, and technologies to more customers. They can also strengthen their customer base when they do so.
When companies merge with and acquire other companies, they acquire the other companies’ human and capital resources. This allows them to do better marketing and better quality research and development. They are able to develop better devices, systems, and technologies for the reasons mentioned above. They can also justify charging much more for these devices. Having a larger marketing department which they have acquired through the recent merger and acquisition allows them to do deeper marketing in more target markets. They can sell much more.
Companies do the same when they enter into strategic partnerships or joint ventures with other companies.
FLIR Systems is a major North American player. It has managed to retain its superior position through extensive investment in research and development this allowed it to come up with a new generation of technologies, systems, and devices that are giving it a sustainable competitive advantage.
List of Companies
The world of airport security is constantly evolving, with a focus on improving passenger experience while maintaining the highest levels of safety. Here's a glimpse into some of the latest developments:
Advanced Screening Technology:
CT Scanners: Next-generation Computed Tomography (CT) scanners are being deployed at airports. These scanners allow passengers to keep electronics and liquids in their carry-on bags, reducing the need for time-consuming tray unpacking and repacking.
Biometric Verification: Facial recognition technology is being explored for smoother identity checks. This eliminates the need for physical boarding passes and could potentially expedite the boarding process.
Risk-Based Screening:
Pre-Screening Programs: Programs like TSA PreCheck and Global Entry allow pre-vetted passengers to experience expedited security screening with shorter lines and less stringent procedures.
Behavior Detection Systems: These systems analyze passenger behavior patterns to identify potential security risks. However, concerns regarding privacy and potential bias remain under discussion.
Automation and Contactless Security:
Automated Security Lanes: Airports are implementing automated security lanes with features like self-service baggage drop and automated document checks, aiming to reduce passenger wait times.
Touchless Security: In the wake of the pandemic, touchless solutions like automated temperature screening and contactless ID verification are gaining traction to prioritize passenger health and safety.
Challenges and the Road Ahead
While these advancements offer promising benefits, challenges remain:
Balancing Security and Efficiency: Striking the right balance between thorough security checks and speedy passenger processing is a constant pursuit.
Integration of New Technologies: Seamless integration of various new technologies across different airports requires ongoing collaboration and infrastructure upgrades.
Addressing Privacy Concerns: The use of biometric data and behavior detection systems raises privacy concerns that need to be addressed through robust data protection regulations.
The CAGR for the airport security market is 8.9%. The United States has the largest market share but the Asia-Pacific region has the largest CAGR.
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