Expansion of aviation infrastructure across the globe, increasing air traffic and cargo transportation and technological innovations in ground support equipment are some of the factors driving aircraft ground support equipment market.
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.
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.
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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.
“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.
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.
Aug 25, 2022