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.
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- 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 |
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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.
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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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