November 02, 2018
WELLESLEY, Mass., Nov. 2, 2018–An increase in air passenger traffic congestion and rising privatization trends in the Asia-Pacific region are fuelling rapid growth in the advanced airport technologies market, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 6.3% through 2023, when it is forecast to reach nearly $9.5 billion, according to the report Advanced Airport Technologies: Asia-Pacific Markets to 2023.
Major players in the market include Cisco Systems (CSCO), Hitachi (HTHIF), Honeywell International (HON), Johnson Controls International (JCI), Robert Bosch, Rockwell Automation (ROK), Siemens (SIEGY), Smiths Detection, Thales Group (THLEF) and United Technologies (UTX).
“Security, fire protection and emergency services are expected to grow at the fastest growth rate in advanced airport technologies market in the Asia-Pacific region,” the report notes. “Owing to the newer types of safety threats airports must be equipped to deal with weapons such as concealed weapons, explosives, CBW and radiological weapons. In addition to the traditional metal detectors and X-ray machines, newer detection technologies are being deployed at the airports in the Asia-Pacific region. This is the major reason fuelling the growth of security, fire protection and emergency services segment in Asia-Pacific.”
Unpredictable Weather and Natural Calamities Seen as Chief Market Restraint
Travel in general, and airports in particular, are commonly affected by unpredictable weather and natural calamities, and these factors are conspiring to restrain growth in the market. According to a United Nations report, the Asia-Pacific region sees billions of dollars’ worth of damage annually from weather and natural events, including floods, tsunamis, earthquakes and cyclones. Developing nations in the region have yet to come up with technological solutions to offset some of these setbacks.
Editors/reporters requesting analyst interviews should contact Eric Surber at firstname.lastname@example.org.
Dynamic Random Access Memory (DRAM): Global Markets to 2022( SMC111A )
Publish Date: Oct 2018
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email email@example.com or visit www.bccresearch.com/media to request access to our library of market research.