Ground Support Equipment To Grow USD 3588.1 million by 2028 with a CAGR of 5.3% | Valuates Reports
BANGALORE, India, Nov. 1, 2022 /PRNewswire/ -- Ground Support Equipment Market is Segmented By Type (Powered Equipment, Non-Powered Equipment), By Application (Passenger Service, Cargo Service, Aircraft Service) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Transportation & Logistics Category.
Ground Support Equipment market size is estimated to be worth USD 2632 million in 2022 and is forecast to a readjusted size of USD 3588.1 million by 2028 with a CAGR of 5.3% during the review period.
Major Factors Driving the Growth of the Ground Support Equipment Market
Increased air traffic and cargo, increased airport focus on improving operational efficiency, high service standards, and leasing of ground support equipment are some of the important factors influencing the growth of the ground support equipment market.
The market is also significantly impacted by expensive initial expenditures, a shift in focus toward buying more environmentally friendly Ground Support Equipment, outsourcing maintenance, repair, and overhaul (MRO) to a third party, and an increase in the usage of wireless technologies.
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TRENDS INFLUENCING THE GROWTH OF THE GROUND SUPPORT EQUIPMENT MARKET
The growth of air travel is anticipated together with the expansion of the world economy. The introduction of low-cost airlines with competitive rates on well-traveled routes is the second development element. Ongoing initiatives to reconnect the world with industry and governments are anticipated to gain new momentum. The need for top-notch ground support services and equipment grows as a result of the development of aviation infrastructure, which includes building new airports and expanding existing airports. This factor is expected to increase the growth of the Ground Support Equipment Market
Airport operations have changed significantly as a result of the ongoing Covid-19 epidemic in the aviation sector. The pandemic altered customer expectations of the travel experience in addition to permanently altering cleanliness and safety standards, and the aviation sector will need to keep up with these changes. The key issue will be the ongoing digitization of the customer journey. The primary objective for the global airline industry will continue to be improving airport operations' efficiency and offering a completely touchless journey from booking to arrival. This element will continue to fuel the expansion of the Ground Support Equipment Market
Electricity is being used by more airports and airlines than ever before. The conversion to electric ground support equipment (GSE) is frequently made for a number of reasons, while the environmental advantages of electric equipment may play a significant role in this evolution. Electric equipment is more enticing than it has ever been from a financial standpoint. Owning electric ground support equipment can actually provide advantageous financial advantages. The majority of contemporary loading equipment is still non-electric from a worldwide standpoint. As there is still a lack of electric infrastructure to allow the installation of electric GSE, the airport infrastructures play a significant role in this. This factor is expected to drive the growth of the Ground Support Equipment Market.
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GROUND SUPPORT EQUIPMENT MARKET SHARE ANALYSIS:
North America is expected to be the most lucrative region.
Due to rising airports all over the world, an increase in air travelers, and the modernization of traditional GSEs, the passenger segment is expected to experience significant growth.
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Key Companies:
- TLD Group
- JBT Corporation
- Tug Technologies Corporation
- Fast Global Solutions
- Mallaghan
- HYDRO
- MULAG
- Nepean
- Tronair
- Aero Specialties
- Global Ground Support
- Toyota Industries Corp
- DOLL
- Gate GSE
- Guangtai Airports Equipment
- Shenzhen TECHKING
- Hangfu Airdrome Equipment
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