The aircraft ground support equipment market is set to register an impressive year-on-year growth of 6.6%in 2021, reaching a valuation of around US$ 9.7 Bn.
A further prediction made by FMI is that the sales of aircraft ground support equipment for airports will surpass 27,000 units by the end of 2031 as a result of the growing global passenger traffic. With a CAGR of 6%.
In 2021, the market for aircraft ground support equipment is anticipated to grow impressively year over year by 6.6%, reaching a valuation of roughly US$ 9.7 Bn. The global expansion of aviation infrastructure, an increase in passenger and cargo air travel, and technological advancements in ground support equipment are some of the factors propelling the market for aircraft ground support equipment.
ESOMAR-certified consulting firm Future Market Insights (FMI) in its latest report forecasts the global aircraft ground support equipment (GSE) market to register a CAGR of 6.5% between 2021 and 2031, reaching a market volume of around 27,000 units by 2031 end. The construction of new airports, combined with increased air traffic around the world, is driving up demand for ground support equipment.
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Because of the COVID-19 outbreak, cargo operations increased significantly as the demand for timely transportation of medicines and vaccines increased. The rising demand for refurbished ground support equipment will boost the global market’s growth prospects even further.
With the global expansion of the aviation and tourism industries, the ground support equipment market is expected to reach US$ 9.7 billion by 2021.
The introduction of electric and hybrid ground support equipment completely altered the market landscape. These devices not only reduce emissions but also cut costs and improve aircraft efficiency. Between 2020 and 2021, the ground support equipment market expanded at a healthy 6.6% CAGR.
“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
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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.
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.
Aircraft Ground Support Equipment Market by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aircraft Ground Support Equipment Market Demand , Aircraft Ground Support Equipment Market Growth , Aircraft Ground Support Equipment Market Analysis
Dec 27, 2022
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