PORTLAND, Ore., May 9, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Ground Support Equipment
Market by Type (Powered ground support equipment (GSE), Non-powered
ground support equipment (GSE)), by Application (Aircraft Handling,
Passenger Handling, Cargo Handling), by Power Source (Electric,
Non-electric, Hybrid): Global Opportunity Analysis and Industry
Forecast, 2023-2032". According to the report, the ground
support equipment market was valued at $8.0 billion in 2022, and is estimated to reach
$14.2 billion by 2032, growing at a
CAGR of 6.2% from 2023 to 2032.
Prime determinants of growth
Growth of the global ground support equipment market is driven
by factors such as increase in air traffic and cargo, modernization
and expansion of airports, rise in focus of airports on enhancing
operational efficiency, and high service standards. However, high
initial investment hamper the market growth. On the contrary,
increase in focus towards procurement of greener GSE and surge in
demand for customized and specialized ground support equipment are
expected to offer remunerative opportunities for the expansion of
the ground support equipment market during the forecast period.
Request Sample of the Report on Ground Support
Equipment Market Forecast 2032
https://www.alliedmarketresearch.com/request-sample/2174
(We are providing connected ship Industry report as per
your research requirement, including the Latest Industry Insight's
Evolution, Potential and Russia-Ukraine War Impact Analysis)
- 136 - Tables
- 45 - Charts
- 210 – Pages
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$8.0 billion
|
Market Size in
2032
|
$14.2
billion
|
CAGR
|
6.2 %
|
No. of Pages in
Report
|
210
|
Segments
Covered
|
Type, Application,
Power Source, and Region.
|
Drivers
|
Increase in air traffic
and cargo
|
Modernization and
expansion of airports
|
Rise in focus of
airports on enhancing operational efficiency, and high service
standards
|
Opportunities
|
Increase in focus
towards procurement of greener GSE Surge in demand for customized
and specialized ground support equipment
|
Restraints
|
High initial
investment
|
Procure Complete Report (210 Pages PDF with Insights, Charts,
Tables, and Figures)
https://www.alliedmarketresearch.com/checkout-final/ground-support-equipment-market
Impact of Russia-Ukraine War Scenario
- The invasion of Ukraine by
Russia on February 24, 2022, triggering
the Russo-Ukrainian war that began in 2014, is expected to
have potential negative implication for the ground support
equipment market. The Russia-Ukraine war is expected to disrupt the global
supply chain for components and equipment crucial in ground support
equipment (GSE) manufacturing. Russia and Ukraine, pivotal manufacturing centers for
various industries such as aerospace and automotive sectors,
provide essential components for GSE production. Disruptions in
manufacturing facilities, transportation networks, and logistics
routes in these countries may result in delays in GSE equipment
production and delivery.
- In addition, instability in the region may cause fluctuations
in raw material and commodity prices used
in GSE manufacturing. Heightened geopolitical tensions
can induce market uncertainties, leading to increased material
costs and impacting the production expenses of
GSE manufacturers. Thus, resulting in elevated prices for
GSE equipment, affecting both profitability and affordability
for buyers.
The powered ground support equipment segment to maintain its
leadership status during the forecast period.
By type, the powered ground support equipment segment held the
highest market share in 2022, accounting for more than three-fifth
of the global ground support equipment market revenue, and is
estimated to maintain its leadership status during the forecast
period, as there is demand for powered GSE to handle the higher
workload efficiently with the increase in volume of air traffic and
cargo. Moreover, the powered ground support equipment segment is
projected to attain the highest CAGR of 6.5% from 2023 to 2032,
owing to development of more efficient and environmentally friendly
powered GSE with the advancement in technology.
The aircraft handling segment to maintain its leadership
status throughout the forecast period.
By application, the aircraft handling segment held the highest
market share in 2022, accounting for more than two-fifth of the
global ground support equipment market revenue and is estimated to
maintain its leadership status during the forecast period as
efficient aircraft handling services demand increases at airports
to manage the higher volume of arrivals, departure due to rise in
air travel. However, the cargo handling segment is projected to
attain the highest CAGR of 7.4% from 2023 to 2032, owing to the
exponential growth of e-commerce.
The non-electric segment to maintain its lead position during
the forecast period
By power source, the non-electric segment accounted for the
largest share in 2022, accounting for nearly three-fourth of the
global ground support equipment market revenue and is estimated to
maintain its lead status during the forecast period as the non
electric ground support equipment provides benefits such as lower
upfront costs, high longer operating ranges. However, the electric
segment is projected to attain the highest CAGR of 8.9% from 2023
to 2032, owing to increase in focus to decrease carbon footprint
and comply with environmental regulations.
North America to maintain
its dominance by 2032
Region-wise, North America held
the highest market share in terms of revenue in 2022, accounting
more than two-fifth of the ground support equipment market revenue
and is likely to dominate the market during the forecast period,
owing to consistent demand for GSE in North America to support airport operations,
including aircraft handling, cargo handling, and passenger
services. However, the Asia-Pacific region is expected to witness the
fastest CAGR of 7.9% from 2023 to 2032, owing to expansion of air
travel, cargo transportation, and infrastructure development.
Talk To Our Industry Expert:
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Leading Market Players:
- AERO SPECIALTIES, INC.
- Cavotec SA
- Textron GSE
- Flightline Support Ltd.
- GATE GSE
- Imai Aero-Equipment Mfg. Co., Ltd.
- JBT Corporation
- Mallaghan
- TLD
- Guangtai
The report provides a detailed analysis of these key players of
the global ground support equipment market. These players have
adopted various strategies such as partnerships, acquisition, and
others to increase their market penetration and strengthen their
position in the industry. The report is helpful in determining the
business performance, operating segments, developments, and product
portfolios of every market player.
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