Global Airport Security Market Could Exceed Record Revenue Worth of $17 Billion By 2026

Global Airport Security Market Could Exceed Record Revenue Worth of $17 Billion By 2026

PR Newswire

PALM BEACH, Fla., Nov. 19, 2020

Financialnewsmedia.com News Commentary

PALM BEACH, Fla., Nov. 19, 2020 /PRNewswire/ --  The global airport security checkpoint design has been evolving for decades to respond to new threats and incidents that have emerged in the recent past and into the present. As aviation security organizations look to the future, checkpoint designs are being enhanced to protect against kinetic attacks directed at the checkpoints themselves and to incorporate new technologies, like facial recognition and AI, to supplement existing policies and identify threats faster than ever before. The ongoing threat of terrorism, along with innovations in technology, policy and design principles, are changing airport security checkpoints across the globe. Through the decades, checkpoints have evolved in tandem with these variables and have adapted into sophisticated systems for threat detection. Facial recognition technology, CT scanning, risk-based security, and crime prevention through environmental design are solutions and principles being deployed at checkpoints across the globe. With all this continuing stage of innovation, it is no wonder that experts project that revenues in this sector will continue their rise in revenues for years to come.    Active tech companies in the markets this week include FLIR Systems, Inc. (NASDAQ: FLIR), Plymouth Rock Technologies Inc. (OTCQB: PLRTF) (CSE: PRT), The Boeing Company [NYSE: BA], Raytheon Technologies (NYSE:RTX), Lockheed Martin Corporation [NYSE: LMT].


A recent report from Zion Market Research projected that the global airport security market, which is was valued at approximately USD 10.71 Billion in 2019, is expected to record revenue worth USD 17.43 Billion by 2026, and is set to record a CAGR of nearly 7.2% over the period from 2020 to 2026. The report said: "Airport security includes several methods and techniques used to protect staff, passengers, and planes from malicious and/or accidental harm, threats, and other crime. Airport security is together the combination of material resources and human to protect the civil aviation from illegal interference. Illegal interference includes acts of sabotage, terrorism, threat to property and life, communicating wrong threat, bombing, and so on."

Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF)  BREAKING NEWSBODY SCREENING AND FOOTWEAR TECHNOLOGY TO UNDERGO USA TRANSPORT SECURITY ADMINISTRATION INNOVATION EVALUATION PROCESS -  Plymouth Rock Technologies ("Plymouth Rock", "PRT", or the "Company"), a leader in developing threat detection technologies, is pleased to announce that the SS1 shoe scanning technology and the CODA-1 'stand-off' screening apparatus, has been accepted into the Transport Security Administration (TSA), Innovation Task Force (ITF) evaluation process.

The ITF fosters innovation by integrating key stakeholders to identify and demonstrate emerging solutions that increase security effectiveness and efficiency, improve passenger experience, and to deliver solutions that secure the freedom of movement throughout the nation's transportation system. "The Innovation Task Force is collaborating with industry, airlines, airports and equipment manufacturers to find and deploy the very best technology for increasing security and improving the passenger experience". David Pekoske, TSA Administrator

The PRT Shoe Scanner (SS1) is a floor-mounted 3D imaging system that uses millimeter-wave (MMW) imaging techniques to inspect footwear to determine if it has been altered or is being used to transport concealed items, such as weaponry, substances, compounds or electronic items. The SS1 will be used at security and identification checkpoints to eliminate the need for footwear removal thus streamlining the security screening process and reducing bottle necks.

CODA-1 is a stand-off weapon detection system, specifically configured to identify bombs, weapons and threat items that are concealed upon the person. Using low power radar and Artificial Intelligence (AI) algorithms, the CODA-1 is able to detect concealed weapons such as suicide bombs, assault weaponry and large bladed weapons. It's small and mobile configuration allows for quick set up and tear down, making it an ideal security measure for situations with short-term security concerns. 

"We are both proud and honored to enter this program", stated Carl Cagliarini, Co- Founder and Chief Strategy Officer of Plymouth Rock Technologies. "Securing the global air transportation system is a complex task. Agencies such as the DHS and TSA are reliant upon external scientific and innovation to improve and accelerate the screening process. The TSA Innovation task force (ITF) is unique in its approach to understanding and incorporating not just an overall product on its merits, but also extracting the partial benefits of technologies to deliver up new collaborative efforts between vendors that make transportation access safer and faster", concluded Cagliarini.

"Our team has been focussed on aligning our combined technology breakthroughs with 'real world needs' in the security industry", stated Dana Wheeler, Co-Founder & Chief Executive Officer of Plymouth Rock Technologies. "Our technologies carry patents and detection methods that are as unique as they are effective. More importantly, our collaboration with some of the major vendors in the security screening industry, will ensure interconnected technologies will enable an agile security model. This will ultimately deliver not only a more streamlined and effective operation but will reduce line times for those who travel", concluded Wheeler.   Read this and more news for PRT at:  https://www.plyrotech.com/news/ 


Other recent developments in the tech industry include:

FLIR Systems, Inc. (NASDAQ: FLIR) recently announced the FLIR VS290-32™, an industry-first, videoscope that combines thermal imaging and a visible camera specifically designed for safer and more efficient inspections of hard-to-reach underground utility vaults. The VS290-32 is the company's first industrial-grade, electrical safety-rated, flexible dual-sensor videoscope on a replaceable, two-meter-long camera probe.

The FLIR VS290-32 videoscope combines thermal imaging and a visible camera on a replaceable, two-meter-long probe for safer and more efficient inspections of vented manholes without having to remove the cover.

Raytheon Technologies (NYSE:RTX) As part of a historic Missile Defense Agency demonstration and for the first time ever, an intercontinental ballistic missile target was intercepted and destroyed outside Earth's atmosphere by an advanced SM-3® Block IIA ballistic missile defense interceptor made by Raytheon Missiles & Defense, a Raytheon Technologies business. The interceptor was co-developed with Japan'sMitsubishi Heavy Industries.

"This first-of-its-kind test shows that our nation has a viable option for a new layer of defense against long-range threats," said Bryan Rosselli, vice president of Strategic Missile Defense at Raytheon Missiles & Defense.

Boeing (NYSE: BA) The U.S. Federal Aviation Administration (FAA) on November 18, rescinded the order that halted commercial operations of Boeing (NYSE: BA) 737-8s and 737-9s. The move will allow airlines that are under the FAA's jurisdiction, including those in the U.S., to take the steps necessary to resume service and Boeing to begin making deliveries.

"We will never forget the lives lost in the two tragic accidents that led to the decision to suspend operations," said David Calhoun, chief executive officer of The Boeing Company. "These events and the lessons we have learned as a result have reshaped our company and further focused our attention on our core values of safety, quality and integrity."

Throughout the past 20 months, Boeing has worked closely with airlines, providing them with detailed recommendations regarding long-term storage and ensuring their input was part of the effort to safely return the airplanes to service.

Lockheed Martin Corporation [NYSE: LMT] recently reported third quarter 2020 net sales of $16.5 billion , compared to $15.2 billion in the third quarter of 2019. Net earnings from continuing operations in the third quarter of 2020 were $1.8 billion , or $6 .25 per share, compared to $1 .6 billion, or $5 .66 per share, in the third quarter of 2019. Cash from operations in the third quarter of 2020 was $1.9 billion , compared to cash from operations of $2.5 billion in the third quarter of 2019.

"In the third quarter, our dedicated workforce and resilient supply chain continued to support our customers' vital national security missions, overcoming the challenges of the pandemic," said James Taiclet , Lockheed Martin president and CEO. "As a result, we delivered strong results across our key financial metrics and we expect to build on this success through the remainder of the year. Looking ahead to 2021, we remain focused on driving innovation and growing our assets and capabilities to further benefit our customers and shareholders."

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