Ground Support Equipment Market is Estimated to Grow at a CAGR of 7.7% from 2022 to 2028
As stated in our extensive report; the Global Ground Support Equipment Market accounted for USD 3.8 Billion in the year 2021.
Airports employ Ground Support Equipment (GSE) to maintain aircraft in the interim. An airport’s Ground Support Equipment (GSE) is made up of a variety of vehicles and pieces of machinery that are used to assist aircraft during maintenance, ground-based operations, and the loading and unloading of passengers and cargo. The vast array of jobs in ground operations for airplanes requires a fleet of GSE that is as varied. Due to increased airport infrastructure development and growth, the industry is growing. In addition, an increase in significant upfront costs, a shift in emphasis toward greener Ground Support Equipment, outsourcing of maintenance, repair, and overhaul (MRO) to outside parties, and an increase in the use of wireless technologies were all cited as contributing factors to the growth of the Ground Support Equipment Market.
The Ground Support Equipment Market is segmented based on application, power source and type. The application market is segmented as Powered Ground Support Equip Menand and Non-Powered Ground Support Equipment. Based on the power source, the market is segmented as Electric, Non-Electric and Hybrid. Based on application, the market is segmented as Aircraft Handling, Passenger Handling and Cargo Handling. Region-wise, the Global Ground Support Equipment Market has been segmented into North America, Europe, North America, Latin America, and Middle East & Africa.
The market is expanding as a result of increased airport infrastructure development and expansion. Global aviation traffic has increased as more people choose to fly instead of taking other forms of transportation. As a result, airports have added new terminals, gates, passenger service technology, and other infrastructure to increase their capacity. In addition, each airport gate needs Ground Support Equipment to accommodate the demands of parked aircraft on the apron or at the gate. The need for this equipment is driven by the construction of new airports as well as the addition of new gates or terminals at existing airports.
The expansion of the Ground Support Equipment Market was also ascribed to an increase in substantial initial investments, a shift toward greener GSE, outsourcing maintenance, repair, and overhaul (MRO) to outside parties, and a rise in the use of wireless technologies. However, the expense of purchasing electric Ground Support Equipment is substantial. According to a business expert, electric Ground Support Equipment could cost up to 50% more than traditional Ground Support Equipment. Although they are still more expensive than their diesel-powered equivalents, the cost of electric Ground Support Equipment has decreased over time. Because of this, it is challenging to integrate electric Ground Support Equipment at small and medium-sized airports.
Electric Ground Support Equipment’s high starting pricing is due to its low production volume. Batteries for these cars must be updated every five to eight years and are very expensive to buy. These constraints limit the expansion of the market for electric Ground Support Equipment. Furthermore, the industry has a lucrative possibility due to technological advancements in Ground Support Equipment. The production of hybrid Ground Support Equipment, new batteries, quick charging ports, and improved electric Ground Support Equipment with low maintenance costs is being pursued globally. Ground Support Equipment manufacturers can gain from improvements in the current electric and diesel Ground Support Equipment.
During the forecast period, the Ground Support Equipment Market in North America is anticipated to develop at the quickest rate. A thriving aviation business, a large number of airports and airlines, and increasing investments in the research and development of aviation GSE all contribute to the market growth in North America. Every day, American airlines carried 28,000 tonnes of cargo on 28,000 flights to more than 800 airports across nearly 80 nations, serving nearly 2.5 million passengers. Important players like ITW GSE, Textron Inc., JBT Corporation, and others are also driving the industry.
The region with the highest growth is anticipated to be Asia Pacific. The expansion is linked to rising aviation industry investment from developing nations like China and India. Furthermore, the aviation sector has grown as a result of increased urbanization. By 2040, China will surpass the United States as the world’s largest aviation market, according to COMAC, a Chinese aircraft maker. By 2040, the nation’s fleet, which could make up close to 22% of the world’s fleet of passenger aircraft, will number 9,957. India also intends to construct 100 additional airports by 2024.
An increase in significant upfront costs, a shift in emphasis toward greener Ground Support Equipment, outsourcing of maintenance, repair, and overhaul (MRO) to outside parties, and an increase in the use of wireless technologies will have a favorable impact on the overall Ground Support Equipment Market.
Some of the key players in the Global Ground Support Equipment Market include- Aero Specialties Inc., Aeroservices Ltd., Cavotec SA, Curtis Instruments Inc., ITW GSE, Jalux Inc., John Bean Technologies Corporation, Mallaghan, Rheinmetall Aktiengesellschaft, Textron Ground Support Equipment Inc. (Textron Inc.), TLD Group (Alvest Group), Weihai Guangtai Airport Equipment Co. Ltd. and others.