Future Market Insights (FMI) in its latest analysis forecasts that the aircraft ground support equipment market will expand at a healthy CAGR of 6.5% between 2021 and 2031. The market valuation is set to reach US$ 9.7 Bn by 2021 end.
FMI also forecasts that the airport ground support equipment sales to top 27,000 units by 2031-end owing to the increasing passenger movement across the world. North America will continue leading the global aircraft ground support equipment market, exhibiting demand at a CAGR of 6%.
Airport authorities are increasing investment towards improving operational efficiency. Implementation of sophisticated aircraft ground support equipment is intended to reduce downtime across airports.
The introduction of electric and hybrid ground support equipment has completely changed the market scenario. This equipment not only minimizes emission but also reduce costs and improve the efficiency of aircraft. 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.
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“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 the well-established aviation industry. The regional market is set to register steady growth at 6% CAGR between 2021 and 2031.
- Increasing investments in the 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, the 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.
Competitive Landscape
Key players operating in the 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 further improve the capacity and efficiency of aircraft landing while maintaining the highest standard of flight safety.
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Scope of the Report
| Attribute | Details |
| Forecast Period | 2021-2031 |
| Historical Data Available for | 2016-2020 |
| Market Analysis | USD Million for Value and ‘000 Units for Volume |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa |
| Key Countries Covered | US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Coverege | Equipment, Power, Ownership, Application, and Region |
| Key Companies Profiled | JBT Corporation, Air T, Inc., Textron, Inc., China International Marine Containers (Group) Co., Ltd., Weihai Guangtai Airport Equipment Co., Ltd., Cavotec SA, ALVEST Group, Mulag Fahrzeugwerk Heinz Wössner GmbH u. Co. KG, Tronair, Inc., and Lektro Inc. and others. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
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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Key Points Covered in Aircraft Ground Support Equipment Market Study
- Market estimates and forecast 2021-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on aircraft ground support equipment Market and How to Navigate
- Recommendation on Key Winning Strategies
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About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offers comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery used across the manufacturing sector. The team also conducts distinctive analyses about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as a budding industry