Transportation and Security System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021
Albany, NY -- (SBWIRE) -- 08/18/2015 -- The global transportation and security system market is one of the emerging markets across the globe. At present, this market is mainly focused on curbing the incidence of criminal activities and ensure the security of passengers by deploying appropriate security measures in public transport. In 2014, the global transportation and security system market had reached a value of US$36.40 billion. Analysts expect it to expand at a 10.9% CAGR during the period from 2015 to 2021 and reach US$74.50 billion by 2021.
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The key factor encouraging the growth of the transportation and security system market across the world is the growing concern over public safety. The advancement in technologies employed in various types of equipment, such as metal detectors and baggage scanners, is expected to fuel the demand for these machines, eventually stimulating the global market for transportation and security systems.
Roadways and Access Control Systems to Maintain Leading Positions
Airways, railways, roadways, and seaways, the four modes of transportation, are also the four major segments of the global transportation and security system market. Roadways were the dominant segment in 2014 due to it being the common mode of transportation across the globe. This segment is expected to maintain its leadership in the coming years.
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Access control, scanning, fire safety, surveillance, and biometrics are the main segments of transportation and security systems market based on system type. Among these, access control is the most common security system. This system is deployed at a very large scale in bus terminals, railway stations, and airports, owing to which the demand for it is expected to maintain its high pace in the coming years.
Another crucial part of the transportation and security system is surveillance. With the help of CCTV cameras installed in vehicles, surveillance assist in monitoring the activities inside the vehicle, enhancing the transportation security. Additionally, several regional governments have mandated the usage of fire safety systems in various modes of transportation, which, in turn, is adding significantly to the overall transportation and security system market.
Asia Pacific Emerging as Potential Transportation and Security System Market
North America, Europe, Asia Pacific, and the Rest of the World are the traditional regional markets for transportation and security systems. In 2014, North America dominated the global transportation and security system market on account of the increased usage of modern and highly developed electronic devices in automobiles to improve transportation security.
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On the other hand, the rise in criminal activities in Asian countries, particularly in India, Pakistan, Bangladesh, and Sri Lanka, has prompted demand for transportation and security systems in Asia Pacific. The region is emerging as the most attractive market for transportation and security systems among all the regional segments of the global market.
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Apart from this, various regulations are being enforced by several governments for the safety of vehicles and the demand for car safety equipment is rising at a rapid pace in this region, which is expected to accelerate the growth of the Asia Pacific transportation and security systems market.
Some of the major players in the global market transportation and security are Alstom S.A., Orbcomm, Inc., Rapiscan Systems, Safran Group, Kapsch Group, L-3 Communications, Saab Ab-B, Smiths Group, Lockheed Martin, and Honeywell International.
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