Transportation Security Technology Market Size to Surpass US$ 71.5 billion By 2027
The MarketWatch News Department was not involved in the creation of this content. Feb 23, 2021 (Market Insight Reports) -- Selbyville, Delaware, Global Transportation Security Technology Market Report added at Market Study Report LLC offers industry size, share, growth, trends and forecast analysis up to 2027. Transportation Security Technology Market Report also covers top key players, porters five forces analysis and market segmentation in detail.
This report examines the global Transportation Security Technology market and provides information regarding the revenue for the period 2020 to 2027. Global Transportation Security Technology Market to reach USD 71.5 billion by 2027. Global Transportation Security Technology Market is valued at approximately USD 38.6 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.0% over the forecast period 2020-027.
Request a Sample Report of Transportation Security Technology Market at: https://www.marketstudyreport.com/request-a-sample/3357825/?utm_source=Marketwatch.com&utm_medium=SP The significant demand for the transportation security equipment has been growing, owing to offering advanced security during in transit, which may strengthen the growth of the transportation security technology market across the globe. Over the years, the introduction of numerous scanners that can detect certain compounds and solutions; for example, the Department of Homeland Security (DHS) has been surveying the development of passenger and luggage screening at several railway networks, globally.
Apart from this technology, numerous other technologies, such as biometric or access controls, and automated 3-D scanning have been approved by the government authorities to ensure improved safety of driver and co-passengers. Thus, the increased availability of security technologies is considering as the prime factor for providing a lucrative thrust to the market during the forecast period. Transportation security technology is extensively used in a range of industrial segments for protection of goods, or individuals while travelling.
The technology primarily consists of systems and services that can offer security in several modes of transportation, including roadway, airway, railway, and waterway. The technology is being increasingly used in airport security, railway departments, mass transit, courier companies, port security, logistics, and returnable transport items. Moreover, the rising government budget and spending on improving transportation infrastructure and promote public safety, along with growing initiatives on smart transportation are the few factors responsible for the CAGR of the market during the forecast period.
According to China International Sewing Equipment Exhibition (CISMA), the French government had announced in 2018 an initial budget of nearly USD 15 billion for transportation covering the period to 2022. In this budget, roughly USD 8 billion will allocate to the renovation and construction of railways. This, in turn, is likely to strengthen the demand for Transportation Security Technology, thereby contributing to the market growth around the world.
However, the high implementation cost of the technology is one of the prime factors curbing the market growth over the forecast period of 2020-2027. Major market player included in this report are:
- Alstom SA
- Honeywell International Inc.
- L3 Technologies, Inc.
- Lockheed Martin Corporation
- OSI Systems, Inc.
- Raytheon Company
- Security Electronic Equipment Co., Limited
- Smith's Group plc
- United Technologies Corp.
The regional analysis of the global Transportation Security Technology market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising government funding and initiatives to implement smart transportation system, along with the wide presence of market vendors in the region.
Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in investment on digitalization of transportation infrastructure coupled with increasing concerns towards public safety in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the transportation security technology market in the Asia-Pacific region. The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years.
The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below: By Transportation Mode: Airway
Waterway Roadway Railway
By Application: Video surveillance Passenger & baggage screening system
Cargo inspection system Perimeter intrusion detection Access control
- North America
- Asia Pacific
- Latin America
- Rest of the World
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The MarketWatch News Department was not involved in the creation of this content.