Global Airport and Marine Port Security Market to grow at 8.3% CAGR by 2026

June 12, 2020

According to the research report titled ‘Global Airport and Marine Port security Market Size study, by Security technology (Surveillance Systems, Physical Access Control Systems, Screening and Scanning Systems, Perimeter Intrusion Detection Systems, Network Access Control and Security and Real-Time Location Systems), by Infrastructure type (Airport and Marine), By Services (Facility and Asset Management, System Integration, Training and Consulting) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global airport and marine port security market was worth USD 63.15 billion in the year 2018 and is anticipated to showcase a y-o-y growth rate of 8.3% between 2019 and 2026.

Rising adoption of various security systems such as network access, screening & scanning, and surveillance systems in airports and marine ports is driving the market growth on global scale. These security systems help in ensuring safety of exchanged goods as well as travelling passengers.

Increasing development of airport and marine port infrastructure is also aiding the market expansion. According to Statista, United States invested around USD 18.4 billion in the year 2018 towards development of airport infrastructure. The regional expenditure is estimated to reach USD 19.6 billion by 2026. Similarly, Italy spent 77.27 million between 2004 and 2016 for developing airports. Thus, escalating expenditure towards construction of airports coupled with strict regulatory scenario are stimulating the industry outlook. However, increasing sophistication of threats along with limitations faced while upgrading the prevailing security system may act as restraining factors to the overall market growth.

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In terms of security technology, the airport & marine port security industry is divided into real-time locations, network access control & security, perimeter intrusion detection systems, screening & scanning systems, physical access control systems and surveillance systems. As per infrastructure type, the market is split into marine and airport. Based on services, the industry is bifurcated into training & consulting, system integration, and facility & asset management.

Regionally, the airport & marine port industry in Europe is slated to record commendable growth in the subsequent years, primarily due to growing tourism sector. On the other hand, the Asia-Pacific market is predicted to grow substantially during the forecast period. Rising concerns regarding the safety of passengers as well as goods in tandem with increasing import & export activities are favoring the market outlook.

The prominent companies operating in airport & marine port security market are L-3 Communications Holdings Inc., HCL Infosystems Ltd., Raytheon, Unisys Corp., Siemens AG, Bosch Security Systems, SAAB AB, Honeywell International Inc., Tyco International Ltd., and Flir Systems Inc.

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