New York, USA, July 12, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global airport stands equipment market is projected to generate a revenue of $1,732.5 million and rise at a CAGR of 5.5% over the forecast timeframe from 2019 to 2026.
As per our analysts, with the rising number of air passengers and rapid improvement of airport infrastructure all across the globe, the airport stands equipment market is expected to experience significant growth during the analysis period. Besides, the increasing government initiatives for the enhancement of airport facilities and the growing prevalence of international air passengers are further predicted to bolster the growth of the market over the estimated period. Moreover, the continuous increase in the number of greenfield and brownfield airport projects is expected to create immense growth opportunities for the market over the forecast period. However, the lack of skilled professionals may hinder the growth of the market throughout the analysis timeframe.
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Segments of the Airport Stands Equipment Market
The report has divided the market into segments based on product and region.
Product: Boarding Bridges Sub-Segment to be Most Profitable
The boarding bridges sub-segment is expected to generate a revenue of $689.5 million and grow at a CAGR of 4.5% during the forecast period. The boarding bridges are capable of loading passengers and cargo due to their flexible operations, which is the factor expected to fortify the growth of the market sub-segment over the analysis timeframe.
Region: North America Region to Hold the Maximum Share of the Market
The North America region of the airport stands equipment market is expected to garner a revenue of $563.1 million and grow at a CAGR of 4.2% during the estimated period. This is mainly due to the strong presence of developed economies in this region. Moreover, the increasing constriction of new airports and renovation of old ones in this region to provide improved comfort and safety to the passengers and aircraft workforce is predicted to drive the regional growth of the market over the forecast timeframe.
Key Players of the Market
The major players of the airport stands equipment market include
- Cavotec SA
- Textron Inc.
- ShinMaywa Industries, Ltd.
- HDT Global
- ThyssenKrupp AG
- Aero Specialties, Inc.
- FMT Aircraft Gate Support Systems AB
- Airport Equipment
- ADELTE Group S.L.
- JBT Corporation, and many more.
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, product development, partnerships and collborations to procure a leading position in the global industry. – Schedule your call with our Expert Analyst before buying the full report
For instance, in April 2022, SAHCO Plc, a leading airport, and aviation service provider acquired 10 Passenger Step Units manufactured by Mallaghan, one of the fastest-growing airport ground support equipment manufacturers worldwide. With this acquisition, SAHCO wanted to expand its fleet of Ground Support Equipment (GSE) with ultra-modern equipment to prevent aircraft damage.
In addition, the report also summarizes other crucial aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic development.
More about Airport Stands Equipment Market:
- Global Airport Stands Equipment Market to Foresee Substantial Growth in the Upcoming Years
- Boarding Bridges: An Airport Stands Equipment that Allows Passengers to Board Safely
