WASHINGTON, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Global Ground Support Equipment Market is valued at $ 3.8 Billion in 2021 and is projected to reach a value of $ 5.9 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 7.7% over the forecast period 2022-2028.
One of the most significant economic areas is the ground support equipment business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for ground support equipment, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated accelerating the ground support equipment market growth over the forecast period. The industry is expanding as a result of continually improving air transportation, which has increased original significant investment portfolios, shifted focus to greener GSE, offshore repair work, repair and overhaul (MRO) to third parties, and increased usage of wireless technology.
We forecast that the non-electric category in ground support equipment market sales will account for more than 40% of total sales by 2028. There have been improvements made to the diesel engines used in non-electric GSE devices such as GPUs, fueling tankers, and tugging and tow machines because the cost is one of the biggest barriers to adopting electric GSE.
North America region dominates the market throughout the projection period. Amounts invested in brownfield airport projects to upgrade and extend airport infrastructures are driving the ground support equipment market growth in North America. Numerous nations in the North American region have zero-emission policies, which motivate manufacturers of ground support equipment to create greener products and ground handlers to use greener fuel.
Top Players in the Global Ground Support Equipment Market
- Aero Specialties Inc,
- Aeroservices Ltd
- Cavotec SA
- Curtis Instruments Inc
- ITW GSE
- Jalux Inc
- John Bean Technologies Corporation
- Mallaghan
- Rheinmetall Aktiengesellschaft
- Textron Ground Support Equipment Inc. (Textron Inc.)
- TLD Group (Alvest Group)
- Weihai Guangtai Airport Equipment Co. Ltd.
For Additional Information on Ground Support Equipment Market Players and Detail List, Download a Report PDF Brochure
Market Dynamics
Increase in Air Traffic and Cargo in Developing Nations to Boost Market Growth
The quantity of passengers and freight flights has increased significantly. This growth is projected to persist throughout the forecast period, raising the possibility that airports will implement cutting-edge GSE. Additionally, according to IATA's 20-year air passenger forecast, the number of passengers might quadruple to 8.2 billion by the end of 2037. It is projected that this would lead to market expanding. As a result, the growth in passenger and cargo numbers has increased the need for ground support equipment.
The Rise in Focus of Airports on Enhancing Operational Efficiency to Drive the Market Growth
Improvements are being made at airports to increase efficiency and decrease response time. Subsurface GSE has sped up operations and reduced equipment congestion at airports. Numerous methods are being developed to improve operational performance overall. Airport-CDM encourages operations consistency by improving planning quality and strengthening situational awareness related to real knowledge transfer. Reducing operating expenses and higher profits are benefits of improving operational efficiency. Therefore, for airport officials, having dependable ground support equipment is essential. This encourages the market's growth.
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Top Trends in Global Ground Support Equipment Market
- One trend that Vantage Market Research (VMR) expects to see in the ground support equipment industry is the growing focus on procurement of greener GSE. Authorities are currently concentrating on acquiring greener GSEs that comply with the strict emission standards required by governments. Using greener GSE would guarantee a decrease in carbon footprint.
- Another trend that VMR predicts will continue in the ground support equipment industry is the growing demand for eco friendly equipment. Governments can concentrate on ecofriendly equipment by using power-coating paint rather than liquid-coated GSE, creating design technology that can be packed or taken apart to maximize shipment size, using electric cars, and using recyclable equipment.
Recent Developments
September 2022 - Textron Ground Support Equipment Inc., a Textron Inc. company and a leading supplier of ground support equipment for the global aviation industry, announces its new TUG Endurance™ baggage tractor.
Textron Ground Support Equipment Inc., a Textron Inc. company and a leading supplier of ground support equipment for the global aviation industry, introduces Intellimix™ technology for its Safeaero™ 220 single-operator deicer.
March 2022 - Textron Ground Support Equipment Inc., a Textron Inc. company and a leading supplier of ground support equipment for the global aviation industry, is proud to announce that it will collaborate with General Motors (GM) and Powertrain Control Solutions (PCS) to electrify its diverse product line.
Top Report Findings
- Based on type, most of the ground support equipment market's revenue is controlled by the non-powered equipment category. Non-powered GSE can be run manually or coupled to a powered GSE. The market for non-powered equipment has been driven by the ease of installation and significantly reduced maintenance needs.
- Based on aircraft type, most of the ground support equipment market's revenue is controlled by the non-electric category. Due to ongoing airport construction projects and increased aircraft transport into underdeveloped countries from Asia Pacific and the Middle East, the non-electric GSE sector dominates the market. The situation is anticipated to change soon, and the market will likely switch to e-mobility options.
- Based on application, most of the ground support equipment market's revenue is controlled by the cargo handling category. loose gears made of rope are perfect for lifting heavy products like wooden cases or cargo bags because they don't droop or break when elevated, supporting the expansion of the cargo handling business. Containers are the type of cargo that is shipped the most frequently worldwide.
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Top 10 Players Generates More Than 55% of the Global Ground Support Equipment Market Revenue
The report also found that the largest players in the ground support equipment market are technology providers such as Aero Specialties Inc., Aeroservices Ltd., Cavotec SA, Curtis Instruments Inc., ITW GSE, Jalux Inc and John Bean Technologies Corporation. These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players include Aero Specialties Inc., Aeroservices Ltd., Cavotec SA, Curtis Instruments Inc., ITW GSE, Jalux Inc., John Bean Technologies Corporation, Mallaghan, Rheinmetall Aktiengesellschaft, Textron Ground Support Equipment Inc. (Textron Inc.), TLD Group (Alvest Group) and Weihai Guangtai Airport Equipment Co. Ltd.. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Cargo Handling Category in Ground Support Equipment Market to Generate Over 30% Revenue
Ground support equipment are an expensive investment. Vantage Market Research has analyzed the market for ground support equipment to understand its current state and potential future growth factors. For better understanding, based on the application, the ground support equipment market is divided into aircraft handling, passenger handling and cargo handling.
During the forecast period, the market for ground support equipment is anticipated to experience the highest CAGR for the cargo handling category. GSEs for cargo handling include pushback tractors, forklifts, and cargo/container loaders.
On the other hand, the aircraft handling category is anticipated to grow significantly over the forecast period. Aircraft handling is the service of an airplane while it is sitting at an airport's departure airport. The global growth in the population of military aircraft and frequency of flights drives the aircraft handle market.
Global Ground Support Equipment Market Segmentation
By Type:
- Powered Ground Support Equipment
- Non-Powered Ground Support Equipment
By Power Source:
- Electric
- Non-Electric
- Hybrid
By Application:
- Aircraft Handling
- Passenger Handling
- Cargo Handling
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Ground Support Equipment Market Forecast Report (2022-2028).
Regional Analysis
North America is estimated to dominate the market with the highest CAGR forecast period. The Asia Pacific is witnessing a rise in government regulations and initiatives encouraging manufacturers to opt for Ground Support Equipment. Moreover, China, the biggest manufacturing hub globally, is changing its packaging habits and materials to make them more environmentally friendly. The sheer volume of the products transported out of China positively impacts the market growth in the Asia Pacific region. In addition, the Australian government has set out the existence of several airports throughout the area that can be blamed for this.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 3.8 Billion |
| Revenue Forecast by 2028 | USD 5.9 Billion |
| CAGR | 7.7% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Aero Specialties Inc., Aeroservices Ltd., Cavotec SA, Curtis Instruments Inc., ITW GSE, Jalux Inc., John Bean Technologies Corporation, Mallaghan, Rheinmetall Aktiengesellschaft, Textron Ground Support Equipment Inc. (Textron Inc.), TLD Group (Alvest Group), Weihai Guangtai Airport Equipment Co. Ltd. |
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