Chicago, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global Ground Support Equipment market size is on a trajectory of significant growth, according to a recent research report published by MarketsandMarkets. The report reveals that the market is expected to surge from USD 5.6 billion in 2022 to a value worth USD 7.0 billion by 2027, showcasing a Compound Annual Growth Rate (CAGR) of 4.5% over the forecast period from 2022 to 2027.
The airport and aircraft Ground Support Equipment Industry is set to undergo a transformation driven by a substantial demand for innovative solutions and infrastructure improvements aimed at enhancing operational efficiency within the aviation sector. As airports and airlines around the world continue to adapt to the evolving demands of the industry, the GSE market is positioned to play a pivotal role in these advancements.
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Key highlights from the report:
Growth Projections: The GSE market is anticipated to reach a valuation of USD 7.0 billion by 2027, marking a substantial increase from the 2022 figure of USD 5.6 billion. This growth is expected to be sustained with a CAGR of 4.5% during the forecast period.
Driving Factors: The surge in demand for GSE is primarily attributed to the need for heightened operational efficiency within airports and aircraft services. The evolving aviation landscape necessitates innovative and technologically advanced GSE to meet the increasing demands of the industry.
Innovation and Infrastructure: As the aviation industry continues to adapt to changing circumstances, there is a pressing need for innovation in airport infrastructure and services. This includes ground support equipment that can enhance aircraft turnaround times, reduce operational costs, and improve the overall passenger experience.
Global Reach: The GSE market's growth is not limited to a specific region but is seen as a global trend. The report suggests that regions such as North America, Europe, and Asia-Pacific will play key roles in driving market expansion.
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Scope of the Report
| Report Metric | Details |
| Growth Rate | 4.5% |
| Estimated Market Size in 2022 | USD 5.6 Billion |
| Projected Market Size in 2027 | USD 7.0 Billion |
| Market size available for years | 2019-2027 |
| Base year considered | 2021 |
| Forecast period | 2022-2027 |
| Forecast units | Value (USD) |
| Segments covered | By Point of Sale, By Platform, By Type, By Power Source, By Autonomy, By Ownership and By Region |
| Geographies covered | North America, Asia Pacific, Europe, the Middle East, Latin America, and Africa |
| Companies covered (Major Players) | John Bean Technologies (JBT) Corporation (US), Jungheinrich AG (Germany), Weihai Guangtai Airport Equipment Co., Ltd. (China), Tronair (US), TK Elevators (Germany) Teleflex Lionel- Dupont (TLD) (France), Mallaghan (US), Sinfonia Technology Co., Ltd. (Japan), Rheinmetall AG (Germany), and Textron Ground Support Equipment Inc. (US) among others |
| Companies covered (Startup/SME) | Dabico Airport Solutions (Dubai), ADELTE Group SL (Spain), 247GT Ltd (UK), MULAG Fahrzeugwerk (Germany), Xcçd GSE (US), and Cobus Industries GmbH (Germany) among others. |
As the aviation industry gears up for an era of innovation and efficiency, the Ground Support Equipment market is set to be a critical enabler of these advancements. With a projected CAGR of 4.5%, the industry is positioned for substantial growth over the next five years.
