Airport security are used to ensure security and safety at airport as well as subsequent flight travels. The increasing awareness regarding security has created several opportunities for the companies operating in the industry. Technological advancements in the equipment associated with security checks will have an all impact on the growth of the overall airport industry in the coming years. The ability of security checks at airports to prevent huge security threats and potential terrorist attacks will bode well for the companies operating in the airport industry. The high investment in the development of efficient Airport Security will emerge in favor of the growth of the industry in the foreseeable future.
According to a research, the global airport security market size is projected to reach USD 11.45 billion by the end of 2027. The increasing number of air travels will bode well for the industry in the coming years, the industry was worth USD 10.78 billion in 2019 and will exhibit a CAGR of 7.62% during the forecast period, 2019-2027.
Company Mergers Are Proving Beneficial for Major Businesses
The airport research encompasses several factors that have contributed to the growth of the overall industry in recent years. With a bid to capitalizing the massive potential held by this industry, several large scale companies are looking to adopt newer strategies. It is observed that company mergers and collaborations are a growing trend among major businesses across the world. In April 2019, Thales Group announced that it has completed the acquisition of Gemalto.
The Germany-based company is provider of digital security services, with product applications ranging across diverse industry verticals. Through this acquisition, the company plans to strengthen its portfolio of digital security solutions. Thales’ acquisition of Gemalto will help the company establish a formidable position in the global industry. Furthermore, this acquisition will have a positive impact on the growth of the overall industry in the coming years.
List of Key players profiled in the airport security research include American Science and Engineering Inc. (The U.S.), Axis Communication AB (Sweden), FLIR Systems (The U.S.), Hitachi Limited (Japan), Honeywell International Inc. (The U.S.), L3Harris Technologies Inc. (The U.S.).
Rising Air Traffic Will Emerge in Favour of Industry Growth
The research analyses the ongoing industry trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the industry in Asia Pacific currently holds the largest industry share. The rising air traffic in countries such as India, China, and Japan will bode well for the growth of the regional industry. Moreover, massive investment in the development of efficient equipment will aid the growth of the industry in this region. Besides this, massive population and increasing number of air passengers and flight travels will create several opportunities for industry growth.
The industry in North America will witness considerable growth due to the adoption of technologically advanced systems in the United States. The increasing air travels and flights inwards and outwards of the United States will also aid the growth of the industry in this region. As of 2019, the industry in North America was worth USD 3.82 billion and this value is projected to increase further in the coming years.