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
- North America dominates the ground support equipment market as a result of well-established aviation industry. The regional market is set to register steady growth at 6% CAGR between 2021 and 2031.
- Increasing investments in aviation industry will help China to maintain its dominance over the ground support equipment market during the forecast period.
- The market in India is expected to offer lucrative growth opportunities to aircraft GSE manufacturers.
- In terms of power, electric segment is expected to remain dominant owing to the increasing demand for sustainability and green aircraft GSE.
- By equipment type, the aircraft service segment is expected to remain dominant in the aircraft ground support equipment market, followed by cargo loading and passenger services.
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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
- Passenger Services
- Boarding Steps & Stairs
- Airport Buses & Transport
- Beds/Chairs Lifts
- Cargo Loading
- Container Loaders
- Belt Loaders
- Cargo Transporters
- Cargo Dollies
- Aircraft Service
- Tugs & Tractors
- Ground Power Units (GPU)
- Air Start Units (ASU)
- Lavatory Service Vehicles
- De-icing Vehicles
- Rescue & Firefighting
- Air Conditioners
- New Sales