Published On: Oct 26, 2016
The adoption of emerging technologies and mergers are expected to be the new strategies for key companies operating in the global transportation security system market. Alstom, Kapsch, Lockheed Martin, Honeywell International, L-3 Communications, Orbcomm, Smiths Group, Safran Group, Rapiscan Systems, and Saab Ab-B are some of the leading companies operating in the global transportation security system market. Transparency Market Research (TMR), in a new report, states that the global transportation security system market is expected to be driven by massive infrastructural development.
The global transportation security system market is predicted to reach US$74.50 bn by 2021. Based on mode, the global transportation security system market was dominated by roadways in 2014. This segment is expected to maintain its dominance throughout the forecast period and is likely to reach US$30.61 bn by 2021. The railway segment is likely to be the second largest segment in the global transportation security system market. Roadways, being the most common mode of transport, the demand for transportation security system from this segment is expected to be the highest in the years to come. The rising use of vehicles is further expected to drive the market for transportation security system.
Access Control Systems to Maintain its Dominance
The access control systems segment led the global transportation security system market in 2014 and is expected to maintain its dominance throughout the forecast period. The access control security system segment is predicted to reach US$27.28 bn by 2021. The surveillance system segment is anticipated to be the second largest segment in the global market, says a TMR analyst. Key companies are aiming to incorporate innovations in access control systems to prevent unauthorized access to railway station, airports, and seaports. The rising terrorism activities have propelled the use of access control systems, which is likely to benefit the global market.
Rising public safety requirements to propel global market
Public safety has always been the priority while planning any mode of transportation. Since the recent past, the number of terrorist activities have increased, which has boosted the demand for transportation security systems. The rising terrorist activities have created the need to install new-age security systems in all modes of transport. The increasing smuggling rackets across the globe is also predicted to increase the demand for security systems. Enhanced surveillance, security systems, and scanning are the key factors expected to provide required level of security to different modes of transport.
The rising infrastructural development in most of the emerging nations is a big boon for key companies willing to introduce new transportation security systems. Leading companies are also focusing on installing transport security systems in public and private places such as shopping malls, airports, commercial and residential buildings, and railway stations. All these factors hold the credit for the growth of the global demand for transportation security systems.
Passenger Inconvenience to restrict growth
“Passenger inconvenience is a key factor expected to challenge the growth of the global transportation security system market,” states a TMR analyst. Strict checking standards and baggage screening rules are likely to restrict the free mobility of people. This is anticipated to restrict the use of transport security systems.
Emerging technologies to support new product inventions
Technology has always supported many industries throughout their development phase. Considering the rising terrorism, key companies are planning to introduce new transportation security systems to restrict illegal access of people and goods. Emerging technologies are able to fulfill the rising needs of higher safety, which will propel the global transportation security system market.
This information is based on the findings of a report published by Transparency Market Research titled “Transportation and Security System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
The transportation security system market is segmented as follows:
Global Transportation and Security System Market: By Geography
- North America
- Asia Pacific
- Rest of the World
Global Transportation and Security System Market: By Modes
Global Transportation and Security System Market: By Systems
- Access control
- Fire safety
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