Ground Support Equipment Market Size Hit USD 7,819.6 Million by 2030 | With 6.41% CAGR
According to Fortune Business Insights, the global ground support equipment market size is projected to reach USD 7,819.6 Million by 2030, at CAGR of 6.41% during forecast period 2022-2030 | Increasing Demand for Refurbished GSE to Aid Growth
Pune, India, Oct. 14, 2022 (GLOBE NEWSWIRE) — The global ground support equipment market size is expected to experience significant growth by reaching USD 7,819.6 million by 2030. This growth is attributable to the increasing demand for refurbished ground support equipment and the presence of stringent emission control regulations that propel the demand for advanced GSE across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Ground Support Equipment Market Size, Share and COVID-19 Impact Analysis, and Regional Forecast, 2020-2030.” The report further mentions that the market stood at USD 5,279.5 million in 2019 and is likely to exhibit a CAGR of 6.41% between 2020 and 2030.
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List of Top Companies Profiled in the Global Ground Support Equipment Market:
- AERO SPECIALTIES INC. (The U.S.)
- Cavotec SA(Switzerland)
- Curtis Instruments Inc. (The U.S.)
- Guangtai (China)
- ITW GSE (The U.S.)
- Jalux Inc. (Japan)
- JBT (The U.S.)
- Kalmar Motor AB (Sweden)
- Mallaghan(Ireland)
- Rheinmetall AG (Germany)
- SINFONIA TECHNOLOGY CO. LTD. (Japan)
- Sojitz Aerospace Corporation (Japan)
- Textron Ground Support Equipment Inc. (The U.S.)
- TLD (France)
- Tronair (The U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2030 |
| Forecast CAGR | 6.41% |
| 2030Value Projection | USD 7,819.6 Million |
| Base Year | 2021 |
| Historical Data | 2018-2020 |
| No. of Pages | 268 |
| Segments Covered | By Type, By Power Sourse |
| Ground Support Equipment Market Growth Drivers | Increasing Demand for Refurbished GSE to Aid Growth |
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https://www.fortunebusinessinsights.com/industry-reports/ground-support-equipment-market-101823
Russia-Ukraine War Impact
Economic Sanctions Imposed by the U.S. and its Allies on the Russian Federation Negatively Affected the Industry
The economic sanctions imposed by the U.S. and its allies on the Russian Federation are expected to affect this industry’s growth. Furthermore, the war negatively affected the global industries leading to import and export flow disruptions. The dominance of Russia and Roscosmos, a quasi-civilian space agency in the commercial space, affected alternative launch service providers in Japan, India, Europe, and the U.S. These factors negatively affected the market during the war.
SEGMENTATION:
Used Sales Segment Held 10.80% Market Share in 2019
The used sales segment, based on ownership, is expected to showcase considerable growth backed by the growing popularity amongst airlines for utilizing used GSE. The segment held a ground support equipment market share of about 10.80% in 2019.
COMPETITIVE LANDSCAPE
Eminent Companies Focus on Product Innovations to Strengthen Their Market Positions
The global GSE market is fragmented by the presence of major companies that are striving to maintain their dominance by introducing innovative ground support equipment to cater to the growing aviation sector demand. Additionally, other key players are adopting organic and inorganic strategies that are likely to boost their positions in the global marketplace.
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KEY DRIVING FACTORS
Increasing Demand for Refurbished GSE to Aid Growth
The growing modernization of airports is propelling the airlines to focus on utilizing refurbished ground support equipment. The increasing demand for refurbished materials is likely to reduce significant costs and improve the lifespan of the equipment. For instance, the London Luton airport adopts a revolutionary system of collective pooling of equipment such as aircraft stairs, belt loaders, and others. This aids in reducing congestion and saving costs, while preventing aircraft delays. Additionally, stringent emission norms imposed by government agencies is driving the demand for sustainable and eco-friendly equipment that will contribute to the global ground support equipment market growth in the forthcoming years.
REGIONAL INSIGHTS
North America to Remain at Forefront; Established Aviation Sector to Accelerate Growth
Among all the regions, North America is expected to hold the highest position in the global ground support equipment during the forecast period. This is attributable to the presence of an established aviation industry that propels the demand for advanced ground support equipment in the region between 2020 and 2030. North America stood at USD 1732.9 million in 2019.
The market in the Rest of the World is expected to experience significant growth backed by the growing aviation industry and the increasing air traffic in the Middle Eastern countries such as Turkey, Saudi Arabia, and Israel.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Ground Support Equipment Market
- Impact of COVID-19 Pandemic on the Global Ground Support Equipment Market
- Steps Taken by the Industry/Companies/Government to Overcome the Impact
- Key Development in the Industry in Response to COVID-19 Impact
TOC Continued…!
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KEY INDUSTRY DEVELOPMENT
June 2020: JBT secured a seven-year contract with Continental Airlines to supply airport facility maintenance services for the 100-passenger boarding bridge and three baggage systems. The company, under the contract, will provide service to the George Bush International Airport (IAH).
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