Press release
Aircraft Ground Support Equipment Market Exhibiting Demand At A CAGR Of 6.5%-FMI
A further prediction made by FMI is that the sales of ground support equipment for airports will surpass 27,000 units by the end of 2031 as a result of the growing global passenger traffic. With a CAGR of 6%, North America will continue to dominate the market for aircraft ground support equipment worldwide.
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Because of the COVID-19 outbreak, cargo operations increased significantly as the demand for timely transportation of medicines and vaccines increased. The rising demand for refurbished ground support equipment will boost the global market's growth prospects even further.
With the global expansion of the aviation and tourism industries, the ground support equipment market is expected to reach US$ 9.7 billion by 2021.
"Innovations in ground support equipment and availability of ground support equipment rentals will create lucrative growth opportunities for the aircraft GSE manufacturers in the future" says the FMI analyst.
Key Takeaways from FMI's Aircraft Ground Support Equipment Market Study
North America dominates the ground support equipment market as a result of well-established aviation industry. The regional market is set to register steady growth at 6% CAGR between 2021 and 2031.
Increasing investments in aviation industry will help China to maintain its dominance over the ground support equipment market during the forecast period.
The market in India is expected to offer lucrative growth opportunities to aircraft GSE manufacturers.
In terms of power, electric segment is expected to remain dominant owing to the increasing demand for sustainability and green aircraft GSE.
By equipment type, the aircraft service segment is expected to remain dominant in the aircraft ground support equipment market, followed by cargo loading and passenger services.
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Competitive Landscape
Key players operating in aircraft ground support equipment market are focusing on expanding their business through contracts with airlines across different regions. They are also adopting various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market.
In August 2021, Thales partnered with Dragonair Airport GSE service Ltd. to provide an advanced Instrument Landing system (ILS) solution in fully supporting the three-runway system (3RS) expansion project at the Hong Kong International Airport (HKIA). This will enable to further improve the capacity and efficiency of aircraft landing while maintaining the highest standard of flight safety.
In 2019, JBT Corporation announced that it has signed an agreement to acquire Lektro, Inc., a privately held manufacturer of electric aviation ground support equipment based in Warrenton, Oregon.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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