Albany, NY, April 14, 2016 (GLOBE NEWSWIRE) -- According to a recent market research report published by Transparency Market Research, the globa ltransportation and security system market is projected to expand positively at a CAGR of 10.9% during the period between 2015 and 2021. The report, Estimates the global transportation and security system market to reach a valuation of US$74.50 bn by 2021. The overall market was worth US$36.40 bn in 2014.
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Transportation security system is widely used across different modes of transportation such as railways, roadways, airways, and seaways. It is highly essential to ensure safe and secured journey of passengers. Rise in terrorism, coupled with criminal activities such as smuggling of drugs and prohibited items has led to the need for transportation and security system. People are getting more conscious about road safety with stringent government norms and regulations regarding public transport safety.
Massive infrastructural development and increasing requirements for public safety have boosted the growth of the global transportation and security system market. Enhanced transportation security has further fuelled the demand for transportation and security systems. However, the high cost of security systems will inhibit the growth of the market during the forecast horizon. The global transportation and security system market has a huge scope to grow with new emerging technologies. The development of total airport security system in future will also augment the growth of the market.
According to modes, the report categorizes the global transportation and security system market into railways, roadways, airways, and seaways. In 2014, roadways led the overall market as it is the most common mode of transportation across the globe.
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On the basis of systems, the report segments the global transportation and security system market into surveillance, fire safety, access control, scanning, and biometrics. The demand for access control systems is expected to surge during the forecast period as it forms the basis of any security system and is widely used across railway stations, bus terminals, and airports. The demand for surveillance and fire safety systems are also anticipated to increase in the coming years.
The report studies the global transportation and security system market across four key regions: North America, Asia Pacific, Europe, and Rest of the World. In 2014, North America dominated the overall market. The growth of the market in North America can be attributed to the manufacturing of vehicles equipped with advanced electronic devices for safety and navigation.
However, during the forecast horizon, Asia Pacific is expected to emerge as the most attractive market for transportation and security systems. Rise in crime rate across countries such as Bangladesh, Pakistan, India, and Sri Lanka has propelled the demand for transportation and security systems in the region. Implementation of government regulations for vehicle safety will also drive the growth of this regional market.
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Describing the competitive landscape, the report profiles some of the key players in the global transportation and security system market such as Honeywell International (U.S.), Alstom S.A. (France), L-3 Communications Holdings Inc (U.S.), Kapsch Group (Austria), Lockheed Martin (U.S.), Smiths Group PLC (U.K.), Orbcomm Inc (U.S.), Saab Ab-B (Sweden), Rapiscan Systems (U.S.) and Safran Group (France). The report provides further information about the key players including their product portfolio, financial overview, and recent developments.
Global transportation and security system market has been segmented as:
Global Transportation and Security System Market: By Modes
Global Transportation and Security System Market: By Systems
- Access Control
- Fire Safety
Global Transportation and Security System Market: By geography
- North America
- Asia Pacific
- Rest of the World
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research