World aviation security market worth $18 billion this year

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The world aviation security market will be worth $18.71 billion this year, according to a new report that warns of continued internal and external threats to airports and aircraft.

The Visiongain report, entitled ‘World Aviation Security Market 2013-2023,’ states that threats to aviation in many countries across the world have resulted in an increasing emphasis on security over the last decade or so.
“The evolution of the threat means that aviation security programmes are critical and need to be assessed on a regular basis. But it is becoming apparent that the recent surge in spending may be over. Governments in many mature markets are under pressure to cut spending and this will invariably have a knock on effect on national aviation security markets,” the report said.
“Furthermore many of these programmes are coming towards the end. Whilst these factors will restrain growth in these mature national markets, in emerging markets new build rates and the need to harmonise aviation security measures will drive growth.”
“The aviation security market is forecast to record growth over the next ten years as security programmes in mature markets are finalised, airports are upgraded and/or constructed and a universal set of aviation security measures are adopted,” the report concluded.

An earlier report, released last year, estimated the global aviation security market to be worth $22.3 billion in 2012.
“The prevailing economic conditions faced by North America and Europe have meant that projected sales forecasts are restrained. However the impact of these economic constraints to the overall aviation security industry will be limited in the longer term as safety and security continue to remain a priority. Upgrades to existing security features and investment in R&D will help to maintain steady growth in these markets.
“Elsewhere, growth within Asian aviation security markets such as China and India is forecast to be significant, while in the longer term, Middle Eastern spending on aviation security is expected to increase sharply to meet the demand for new technology systems,” the Companies and Markets report said.

According to a Frost & Sullivan report last year, security spending at airports around the world is expected to increase from $19.10 billion in 2011 to over $45 billion by 2018.

The research firm attributed the predicted increase to the continuing threat of terrorist attacks on airliners, as well as new regional security directives.
“High threat perceptions of criminal or terrorist attacks will continue to boost investment in airport security,” said Frost & Sullivan Research Analyst Anthony Leather. “Regional and global legislation is constantly amended and updated in an attempt to address any criminal or terrorist activity. This has compelled airport operators worldwide to continually update latest security procedures and technology solutions.”



In addition, the “Global Airport Security Market Assessment,” also noted that spending on airport infrastructure will continue to rise despite the global economic downturn.