The Airport Security Market size is estimated at USD 16.12 billion in 2024, and is expected to reach USD 23.82 billion by 2029, growing at a CAGR of 8.12% during the forecast period (2024-2029).
Economic development in various countries is fueling increased air travel demand, necessitating advanced security systems. Governments' substantial investments in aviation infrastructure to modernize airports and enhance airspace management contribute to the growth of the airport security market. The adoption of new technologies, such as AI systems, improves efficiency. The increase in air passenger traffic is attracting investments in the market. Besides, the growing emphasis on the modernization of airport infrastructure is also driving the market’s growth.
With a positive outlook for global air passenger traffic in the next ten years, airlines are increasing their fleet size to cater to more passengers. Airlines are procuring more aircraft and adding more routes, increasing the number of flights airports can handle. As airspaces become busier, the need for better airport management rises.
However, the industry's dependence on technology made it vulnerable to various threats, including cyber-attacks. With the increasing number of sophisticated cyberattacks on airport safety systems worldwide, airports are investing heavily in cyber security to protect their operations and passengers. The growth of the airport security market is also expected to be hampered by the major factors of high maintenance and deployment costs.
The airport security market is fragmented, with many players providing different security systems to airports worldwide. Some of the key players in the market are Bosch Ltd, Honeywell International Inc., Smiths Group PLC, Leidos Holding Inc., and RTX Corporation.
Increasing focus on developing new technologies is projected to help the companies gain new customers and increase their geographic presence. Governments and airport operators are currently conducting trials with robots that help security officials provide enhanced security at the airport. Airlines also heavily invest in security systems by partnering with providers to reduce passenger wait times and increase screening speed. This helps OEMs expand their geographic reach. Additionally, the new trend of digitizing airports is expected to open more opportunities for the key players during the forecast period.
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