The spurt in passenger numbers brings with it increased security concerns. Airports are developing their infrastructure to deal with the greater footfall and are upgrading their security systems to comply with the new government regulations and prepare for the escalating terrorist threats in the region.
New analysis from Frost & Sullivan (aerospace.frost.com), Asia Pacific Airport Security Market Assessment, finds that the market earned revenues of $5.2 billion in 2008, and estimates this to reach $9.2 billion in 2015.
"The Asia Pacific countries are emerging economies with flourishing trade and tourism sectors," says Frost & Sullivan Research Associate Mirnalini Kumaran. "These countries are constructing new airports and redeveloping existing ones to meet the demands of increased air traffic, giving a boost to the security spending in these regions."
However, some airports are reluctant to spend on security systems due to tighter budgets, complex procurement patterns and inconsistent security policies, causing a dip in security solution vendors' revenues. Further, the intensifying competition has constricted the margins of market participants. They can offset these issues and command premium prices through value-added services, product differentiation and innovation.
"Market participants should start providing new technology equipment and integrated solutions, and also adopt efficient supply chain and competitive strategies," notes Kumaran. "Technological innovations also have a significant role to play in the adoption rates and advances in biometric identification and surveillance bode well for the market."
If you are interested in more information on this study, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.
Asia Pacific Airport Security Market Assessment is part of the Defence Growth Partnership Services programme, which also includes research in the following markets: Asia Pacific critical infrastructure protection market assessment and Asia Pacific homeland security market assessment. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Asia Pacific Airport Security Market Assessment / M538
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