The ground support equipment market is projected to grow from USD 7.5 billion in 2019 to USD 9.7 billion by 2025, at a CAGR of 4.45% from 2019 to 2025
LONDON, April 3, 2019 /PRNewswire/ -- Increased demand for electric ground support equipment, introduction of automated ground support equipment, and initiation of various environmental programs are expected to fuel the growth of the ground support equipment market across the globe.
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The ground support equipment market is projected to grow from USD 7.5 billion in 2019 to USD 9.7 billion by 2025, at a CAGR of 4.45% from 2019 to 2025. Some of the factors that are expected to fuel the growth of the ground support equipment market are rising demand for electric ground support equipment, increasing warehouse operations at airports, and ongoing expansions of airports to cater to the rising global air passenger traffic.
The mobile GSE segment is estimated to account for a larger share of the ground support equipment market in 2019 as compared to the fixed GSE segment.
Based on type, the mobile GSE segment is estimated to account for the largest share of the ground support equipment market in 2019. The growth of this segment can be attributed to the increased adoption of electric ground support equipment such as cargo/container loaders, pushback tractors, forklifts, container pallet transporters, baggage tractors, bulk loaders/conveyors, cabin service vehicles, boarding stairs, lavatory vehicles, passenger buses, deicers, aircraft fueling trucks, mobile ground power units, and mobile pre-conditioned air units at airports.
The non-electric segment is expected to lead the ground support equipment market in 2019.
Based on power source, the non-electric segment is estimated to account for the largest share of the ground support equipment market in 2019.Non-electric ground support equipment are the most widely used equipment at airports of developed economies such as the US, Canada, Germany, the UK, and the Netherlands.
These equipment use conventional energy sources such as diesel, Compressed Natural Gas (CNG), and gasoline for their operations.
The commercial segment is expected to lead the ground support equipment market in 2019.
Based on application, the commercial segment is estimated to account for a larger share of the ground support equipment market as compared to the military segment in 2019.Increase in the number of air passengers, aircraft, and freight movements is expected to propel the growth of the commercial segment of the ground support equipment market.
Moreover, the rising adoption of the green airport concept in commercial airports is fueling the demand for electric and hybrid ground support equipment across the globe.
The equipment segment is estimated to account for a larger share of the ground support equipment market as compared to the maintenance segment in 2019.
Based on component, the equipment segment is estimated to lead the ground support equipment market in 2019. Increased demand for new ground support equipment at brownfield airports such as the Tacoma Airport, the Helsinki Airport, and the Aberdeen International Airport among others is expected to fuel the growth of this segment of the market across the globe.
The North American region is estimated to account for the largest share of the ground support equipment market in 2019.
The North American region is expected to lead the ground support equipment market in 2019.The market in the region is highly competitive, owing to the presence of a large number of Original Component Manufacturers (OCMs) and Original Equipment Manufacturers (OEMs) such as TUG Technologies and Gate GSE.
Ongoing modernization programs of existing airports in the US are also expected to drive the growth of the North America ground support equipment market during the forecast period.
The break-up of the profiles of primary participants in the ground support equipment market is as follows:
• By Company Type: Tier 1–35%; Tier 2–45%; and Tier 3–20%
• By Designation: C Level Executives–35%; Directors–25%; and Others–40%
• By Region: North America–45%; Europe–20%; Asia Pacific–30%; and Rest of the World¬–5%
Major players operating in the ground support equipment market are JBT Corporation (US), Teleflex Lionel-Dupont (TLD) (France), Mallaghan (UK), Tug Technologies Corporation (Textron GSE) (US), Tronair (US), MULAG Fahrzeugwerk (Germany), Guangtai (China), Rheinmetall AG (Germany), ITW GSE (Denmark), and Cavotec (Switzerland), among others.
Research Coverage
This market study covers the ground support equipment market across various segments and subsegments.It aims at estimating the market size and growth potential of this market across different segments based on type, power source, application, component, and region.
This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons to Buy this Report
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall ground support equipment market and its segments.This study is also expected to provide region wise information about the applications, wherein ground support equipment is used.
This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
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