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North American Airport Security Equipment Market - Investment Analysis and Growth Opportunities
Frost & Sullivan, Nov 2005
Frost & Sullivan's Aerospace Financial Benchmarking and Analysis (FBA) service presents a broad financial outline of the aerospace industry, highlighting major market and financial trends in key growth segments. It provides a comprehensive financial analysis of the leading aerospace firms to support the investment and financial analysis needs of decision makers in the aerospace arena. The current study within the service focuses on the North American airport security equipment industry, including the following key growth segments: access and perimeter control, alarms and sensors, biometrics, CCTV, digital surveillance, metal detectors, intercom and video door phones, x-ray and infrared ray equipment, fire explosives detection, and integration.
Smaller Companies Struggling to Keep Pace With Technology Innovation
It is estimated that the top ten companies in the airport security equipment industry account for almost 66% of the total research and development (R&D) expenditure in the market. Of the companies in Frost & Sullivan’s Airport Security Equipment Universe, the large companies have reported higher R&D than their small counterparts.
Larger companies, such as L3 Communication and Bioscrypt, invest as much as 12-18% of their revenues on R&D. As a result, there is a significant challenge for the small companies (who have ventured in the market mainly post-9/11) to pick up the pace and invest higher amounts in R&D in order to ensure survival in an increasingly competitive market.
North American Market Shows Promising Potential
In 2005, it is estimated that 81.3 percent of the Transportation Security Administration’s (TSA’s) budget will be devoted to aviation security. Additionally, for 2006, the TSA has requested $4.98 billion from the federal government for the cause. As a result of this spending, there are various opportunities in the U.S. market, as it forms 40% of the $69 billion world market for aviation services.
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