Ground Support Equipment Market 2017-2023: Analyzed by Business Growth, Development Factors, Applications, and Future Prospects| Key Players-Tug Technologies Corporation, GATE GSE, Weihai Guangtai Airports Equipment Co., Ltd.

According to a recent report published by Allied Market Research, titled, "Ground Support Equipment Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the ground support equipment market was valued at $12 billion in 2016, and is projected to reach at $24 billion by 2023, growing at a CAGR of 10.3% from 2017 to 2023.

Ground support equipment (GSE) enable to handle passengers & baggage, aircraft mobility, repair, service, and maintenance functions. On the basis of demand in the market, Asia-pacific and Middle East are the market leaders, owing to increase in air traffic and rise in number of airports and airplanes.

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Traffic improvement in India observed increase of 27% in 2016, and similar increment is observed in Asia-Pacific, Middle East, and Africa. Reduction in air traffic (9%) has observed in North America and Europe as compared to Africa and Middle East. On the contrary, North America is the global leader for supply of GSE followed by Europe. China dominates the manufacturing activities in the Asia-Pacific region.

Rise in air traffic & cargo, increased focus of airports on enhancement of operational efficiency, and high service standards are expected to drive the growth of the global GSE market. However, high costs involved in the purchase, installation, and maintenance of the equipment are expected to hamper the market growth during the forecast period. Increased focus towards procurement of greener GSE, outsourcing of maintenance, repair, and operations (MRO) to third party, and emerging use of wireless technologies are expected to provide lucrative opportunities for the GSE market growth.

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In 2016, the powered equipment accounted for the highest revenue share among the types of GSE in the global ground support equipment market due to the higher price of the equipment as compared to the non-powered ones. In addition, non-powered equipment are expected to witness the highest growth during the forecast period. Moreover, aircraft handling among the GSE applications dominated the global ground support equipment market in 2016.

However, cargo handling is expected to grow at the highest pace during the forecast period.
The LAMEA ground support equipment market is estimated to grow at the highest rate due to rise in number of airports, which required increase in number of these equipment.

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