Aircraft Ground Support Equipment Market to Expand by $9.7 Billion
ESOMAR-certified consulting firm Future Market Insights (FMI) in its latest report forecasts the global aircraft ground support equipment (GSE) market to register a CAGR of 6.5% between 2021 and 2031, reaching a market volume of around 27,000 units by 2031 end.Establishment of new airports along with rising air traffic across the globe is creating huge demand for ground support equipment.
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Airport authorities are increasing investment towards improving operational efficiency. Implementation of sophisticated aircraft ground support equipment is intended to reduce the downtime across airports.
Introduction of electric and hybrid ground support equipment has completely changed the market scenario. These equipment not only minimize emission but also reduce costs and improve efficiency of aircrafts. The ground support equipment market registered a healthy year-on-year growth of 6.6% CAGR between 2020 and 2021.
Due to the outbreak of COVID-19, cargo operations increased considerably as demand for timely transportation of medicines and vaccines rose. The increasing demand for refurbished ground support equipment will further strengthen growth prospects for the global market.
With the expansion of the aviation and tourism industry across the world, the ground support equipment market is set to reach a valuation of US$ 9.7 Bn in 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.
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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 (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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