Airport Asset Tracking Market By Business Top Key Players, Growth, Trend, Segmentation, Revenue and Industry Expansion Forecast Report, The Insight Partners

According to our latest market study on "Airport Asset Tracking Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Offering (Hardware and Software); and Asset Type (Fixed Assets, Portable Assets, and Mobile Assets); Geography" the market was valued at US$ 349.3 million in 2019 and is projected to reach US$ 892.2 million by 2027; it is expected to grow at a CAGR of 13.1% from 2020 to 2027. The report highlights the key factors driving the market growth, and prominent players and their developments in the market.

In the last few years, a rising number of companies have designed and developed asset tracking and management solutions that can be utilized to keep a track of airport assets and enhance efficiency of the ground handling operations and maintenance routines. Airport assets come in several sizes and shapes. Tractors and tugs are the mobile assets utilized to move equipment such as bag carts, air starters, mobile air conditioning units, and lavatory carts. Other assets include, belt loaders, container loaders, pushbacks, passenger boarding stairs, and airport buses. Additional asset types found on airports are de/anti-icing vehicles, portable water trucks, lavatory service vehicles, and catering vehicles. Further examples of non-powered equipment comprise chocks and dollies. Dollies are used for loose baggage, cargo pallets, and unit load devices. All these types of assets require asset tracking and management solutions for monitoring their locations and status in real-time.

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Geographically, the airport asset tracking market is segmented into North America, Europe, APAC, the MEA, and SAM. APAC is the most prospering region owing to significant surge in investments toward new airport constructions due to rising air traffic; this rise has led the governments as well as airport authorities to invest considerably in their respective airport infrastructure and technological upgrades. China dominates the airport asset tracking market in APAC, followed by India and the ASEAN countries.

Europe holds the second-largest share in the global airport asset tracking market. The growth of the airport asset tracking market in this region is attributed to the presence of numerous software developers providing asset tracking solutions for airport applications. According to ACI Europe, the region has an investment gap of ~US$ 13.5 billion in European airports and strives for more investment on the grounds that are essential for 'decarbonization'. This gap is anticipated to add to a 12% deficit between needed as well as realized airport investment since 2013. This signifies the requirement of additional funding to enhance the region's airport infrastructure.

The Key Players In The Global Airport Asset Tracking Market Are:

•Litum
•Steerpath Ltd
•TracLogik
•Undagrid B.V
•Targa Telematics S.p.A
•GeotabInc
•indoo.rs GmbH
•Tri-Logical Technologies Ltd
•Unilode Aviation Solutions
•Radiant RFID, LLC

COVID-19 Impact on Airport Asset Tracking Market

According to the World Health Organization (WHO) report, the US, Brazil, India, and Russia are among the worst affected countries due to the outbreak of COVID-19. Due to COVID-19 pandemic, the entire aviation industry has come to an unscheduled halt across the world in last few months. The suspension of passenger air transport by the governments and airport authorities has shocked several associated industries. Also, there was halt in airport infrastructure development worldwide. Thus, the adoption rate of asset tracking solutions for various airport assets is expected to remain slow over the next couple of years.

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As per the Airport Council International (ACI), the growth rate of air passengers in different regions was estimated as follows: Asia Pacific - 10%, Europe - 8.8%, Africa - 6.3%, Middle East - 5.8%, South America - 4.0%, and North America - 3.7%. To accommodate steadily rising passenger count, considerable investments are being made to build new airports or expand existing infrastructures.Governments across the globe are striving toward bringing advancements in the aviation sector, as well as associated industries. The growing investments toward the construction of newer airports and expansion of the existing ones are encouraging the adoption of enhanced solutions for better operations, which is contributing to the airport asset tracking market growth.

The Segments and Sub-Section of Airport Asset Tracking Market are shown below:

by Offering (Hardware and Software), Asset Type (Fixed Assets, Portable Assets, and Mobile Assets)

In terms of offering, the hardwaresegment captured a larger share of the global airport asset tracking market in 2019. Various type of hardware components areused in asset tracking systems such as RFID readers, antennas, RFID tags, connectors, cables, and RFID cards. All these devices further provide valuable information for monitoring as well as storing data in cloud for future tracking of assets. Thus, long-term maintenance tracking of assets permits better buying decisions during repair or replacement. The managers in airport are therefore ableto use the data to make better informed decisions about the assets.

The Insight Partners Airport Asset Tracking Market Research Report Scenario includes:

•The report provides qualitative and quantitative trends of global Airport Asset Tracking Market across type, type of products, service, and geography.
•The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Airport Asset Tracking Market.
•Chapter Three provides the research methodology of the study.
•Chapter Four further provides PEST analysis for each region.
•Chapter Five highlights the key industry dynamics in the Airport Asset Tracking Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
•Chapter Six discusses the global Airport Asset Tracking Market scenario, in terms of historical market revenues, and forecast till the year 2027.
•Chapter Seven to ten discuss Airport Asset Tracking Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.
•Chapter Eleven describes the industry landscape analysis. It provides detailed description of various business activities such as market initiatives, new developments, mergers and joint ventures globally along with a competitive landscape.
•Chapter Twelve provides the detailed profiles of the key companies operating in the global Airport Asset Tracking Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.
•Chapter Thirteen, i.e. the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.

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This release was published on openPR.