In terms of revenue, the Global Ground Support Equipment Market is expected to reach USD 5.9 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 7.40% from 2022 to 2028.
Airports use Ground Support Equipment (GSE) to service the aircraft between flights. The primary function of this equipment is to support the safe operation of the aircraft both during takeoff and landing at the airport. Aircraft mobility, cargo loading, and other ground power operations are specifically included in GSE.
The primary functions of Ground Support Equipment include emergency services, lavatory waste tank drainage, freight carts, portable water storage, de-icing, cleaning, and towing of aircraft. This equipment aids in airport operation, particularly for planes in the area known as the terminal service area on the apron side. The main reason fueling the market's expansion is the huge rise in air travel and cargo shipping. For example, the Long Beach airport in California decreased emissions and installed 15 electric power chargers for its equipment in February 2020. The airport already powers all of its commercial gates with electricity, and it plans to reduce its nitrogen oxide emissions by over 2,000 pounds annually by 2023.
Key Developments in the Industry
· Menzies Aviation, an airport ground services provider, and Rushlift GSE, a division of Doosan Industrial Vehicles UK, struck an agreement for the delivery of GSE equipment over a six-year period. The company leased 650 brand-new vehicles to Menzies Aviation's ground handling operations at Gatwick and Heathrow airports as part of the agreement.
· The first commercial airplane tug from BestTugs, with a weight capacity of up to 100,000 pounds, was unveiled in July 2021. The business created and produced aviation tugs for planes up to 24,000 pounds in the loader, pull-type, and remote-control varieties for six years.
· Waaree ESS and Action Construction Equipment (ACE) Ltd. entered into a deal in February 2021 to design, develop, and supply 23kWh lithium batteries for 3-ton forklift applications. These are stationed at Chennai Airport and have Waaree lithium batteries.
· Flux Power Holdings Inc. introduced its line of lithium-ion batteries in August 2020 to replace conventional lead batteries in modern aerospace equipment such as electric forklifts and tractors.
The market has expanded as a result of an increase in air traffic and cargo shipping. Additionally, the market is being driven globally by airports' increasing deployment of next-generation GSE. Data from the International Air Transport Association (IATA) research indicated that the demand for air freight increased by 18.7% in 2021 compared to 2020 in the worldwide air freight markets. In addition, the IATA's 20-year air passenger prediction indicates that, by the end of 2037, there may be 8.2 billion passengers worldwide. Consequently, it is projected that a rise in air travel will fuel market expansion.
Additionally, a growing emphasis on improving operational efficiency is fueling market expansion. Airports are always making improvements to boost operational effectiveness and shorten turnaround times. Airport operational time and equipment congestion has been reduced thanks to the construction of subsurface GSE. For instance, airports throughout the Caribbean and Latin America have started implementing Collaborative Decision-Making (CDM) systems to increase operational effectiveness as of June 2019. The CDMtool uses real-time information interchange to improve situational awareness and planning quality, which increases operational predictability. As a result, the market is expanding due to the implementation of modern GSE.
During the forecast period, the Ground Support Equipment Market in North Americais anticipated to develop at the quickest rate. The region's old brownfield airports have been upgraded, and the number of new greenfield airports has increased as a result of the region's ongoing economic expansion and the population's increasing desire for air travel. North America-based Ground Support Equipmentproducers are concentrating on creating affordable airport equipment. Tenders are a common way for suppliers and OCMs to market their goods. Distribution facilities have spread throughout Asia, thanks to international businesses like JBT Corporation and Weihai Guangtai. Due to the simple accessibility of cheap labor and manufacturing technologies, this region presents growth potential for the suppliers and manufacturers of Ground Support Equipment. India, Taiwan, Malaysia, and other nations in the area do not mandate obtaining a license for Ground Support Equipment and MRO services.
The Global Ground Support Equipment Market is Segmented as follows
- Powered Ground Support Equipment
- Non-Powered Ground Support Equipment
- Power Source
- Aircraft Handling
- Passenger Handling
- Cargo Handling
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Ground Support Equipment Market is
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.
The Global Ground Support Equipment Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis