Press release
Geothermal Energy Market Size Worth USD 57 Billion by 2024
The growing demand for quality solutions and products due to technological advancements and changing consumer behavior have increased Geothermal Energy market demand. Manufacturers offer solutions and high-end products that can cater to current business demands and overcome the challenges faced by the end users.
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Geothermal Energy Market size is set to reach USD 57 Billion by 2024; according to a new research report.
According to the International Air Transport Association (IATA), about 3.7 billion passengers have traveled by air in 2016 owing to an average reduction in return fares. The ten-year annual growth rate was 5.5% and the passengers' traffic rose to 6.7% in 2016 as compared to 2015. Increasing air travel will lead to the Geothermal Energy market demand for handling cargo, passengers, and aircraft.
Airlines and service providers have developed effective handling techniques for perishable products and provide shippers with cost-effective and optimum packaging methods. Passenger handling includes various services including ticketing, baggage check-in, boarding, passenger assistance, security screening, and special services. Passenger handling equipment includes towable stairs, passenger buses, etc.
The major challenge faced by the government is to meet the infrastructure demand for rising air travel by providing the necessary infrastructure. Heavy investments in the equipment used in aircraft and cargo handling systems will restrain the Geothermal Energy market growth over the forecast timeline as the equipment has a lifecycle of about 6-10 years.
The ground support equipment industry faces constant threat of collisions with aircraft, causing huge losses. Thus, manufacturers use innovative technologies, such as Aircraft Proximity Detector (APD), for avoiding these collisions and ensuring efficient operations.
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The major Geothermal Energy market players are investing heavily in R&D activities for various sustainable equipment including battery-operated trucks and tugs for the reduction in carbon emissions and fuel consumption costs. The usage of advanced optimizations equipment and software programs are increasing as they are synchronized to handle increasing traffic.
Passenger handling is anticipated to witness significant growth over the forecast timeframe owing to increased passenger traffic coupled with the prominence of air travel. Cargo management is expected to account for the highest Geothermal Energy market share owing to the increasing demand for quick material transportation.
Latin America air traffic has increased by 7.4% in 2016. Despite the political and economic uncertainties in the region's largest industry, Brazil, the Latin American air traffic showcased growth. The domestic travel accounted for 46% of the operations from Brazil.
The Middle East and Africa Geothermal Energy market size is predicted to witness exponential growth in upcoming years owing to favorable regulatory scenario regarding secure and efficient equipment. Moreover, increasing globalization has led to an expansion of airline businesses across regions, fueling the industry growth in this region.
Mergers and acquisitions are other strategies adopted by the manufacturers to expand their geographical presence. For instance, in December 2016, Dnata announced the acquisition of 50% shares of GTA Aviation's ground and cargo handling operations at Toronto Pearson Airport. This acquisition helped Dnata to expand its presence in Americas and fulfill its strategy to provide the highest level of customer service across the region.
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Global Aircraft Ground Handling Systems Market Research Report 2017
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