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%.
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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 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.
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.
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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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Why is Demand for Ground Support Equipment Rising in the U.S.?
The aviation industry in the U.S is highly established with government spending huge amount on the maintenance and expansion of airport infrastructure and the military air sector. There are more than 19000 airports in the U.S. Large number of ground support equipment are therefore being installed to modernize airport infrastructure.
Increase in the demand for electric and hybrid ground support equipment along with rising passenger traffic is driving the market for the ground support equipment in the U.S. According to Bureau of Transportation Statistics the U.S. airlines carried 607% more scheduled service passengers in May 2021 than in May 2020.
There is huge pressure on airport authorities and manufacturers of ground support equipment to reduce emission. As a result, sales of electric ground support equipment are gaining traction in the U.S.
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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 offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis 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 budding industry