The Global Ground Support Equipment Market is estimated to grow at a CAGR of 6.7% during the forecast period 2020-2027. As per the detailed market study, the global ground support equipment industry was valued $13.02 billion in the year 2019 and is anticipated to reach $22 billion by the year 2027.
Ground support equipment leads in increasing operational efficiency of airports by helping in cargo loading and unloading, potable water storage, aircraft refuelling, fuselage and engine examination, are many more.
The global ground support equipment market is driven by various growth factors such as growing numbers in air traffic and cargo, as per the International Air Transport Association (IATA), 52.2 million metric tons of cargo was transported in 2015 globally and also estimated to increase at a CAGR of 4.1% for the next 5 years. Further, increase in focus of airports on enhancing operational efficiency, high service standards, and leasing of ground support equipment. However, high initial investments are restraining the market growth. In the other hand, growing focus toward procurement of greener GSE, rising preferences for outsourcing of maintenance, repair, and overhaul (MRO) to third party act as an opportunity to the ground support equipment market growth over the forecast period.
Geographical Overview of the Global Ground Support Equipment Market
The North America ground support equipment market hold dominant market position in the year 2019. On the other hand, the Asia Pacific ground support equipment market estimated to grow at highest CAGR during the forecast period. The growth is attributed to increase in demand for new aircraft to cater the increasing air passenger traffic and rising investment made by the government of countries such as India for the development of airport infrastructure is driving the market growth in the region. For instance, in January 2020, the Airport Authority of India announced $63.9 million for improving the airports in the northeast region of the country.
Segmentation Overview of the Global Ground Support Equipment Market
The global ground support equipment industry is categorized on the basis of various market segments that include type, application and power source. These major market segments are further categorized into various sub-segments to study the market in detail.
The Type Segment of the Global Ground Support Equipment Market is Sub-Segmented into:
- Powered GSE
- Non-powered GSE
The Application of the Global Ground Support Equipment Market is Sub-Segmented into:
- Aircraft handling
- Passenger handling
- Passenger handling
The Power Source of the Global Ground Support Equipment Market is Sub-Segmented into:
Competitive Landscape of the Global Ground Support Equipment Market
Aero Specialties, Inc., JBT Corporation, Cavotec SA, Imai Aero-Equipment Mfg. Co., Ltd., Flightline Support Ltd., GATE GSE, Mallaghan, TLD, Guangtai and Textron GSE are some major players included in the research study of the global ground support equipment market. Market players are introducing greener ground support equipment. For instance, in January 2019, AERO Specialties has introduced JetGo 300, idesigned to provide continuous power for avionics and to start the engines on all DC turbine and turboprop aircraft with the further advantage of low dBA signature and reduced CO2 emissions.
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believe in providing the quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is "one-stop solution" for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Name: Pragya Niranjan
Address: 500 N Michigan Ave, Suite 600, Chicago, IIIinois 60611 - UNITED STATES
Tel: +1 888 212 3539 (US - TOLL FREE)
See Campaign: https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR778Contact Information:+1 888 212 3539Tags:, iCN Internal Distribution, Research Newswire, English
+1 888 212 3539