The global aircraft ground support equipment (GSE) market will increase at a CAGR of 6.5 percent between 2021 and 2031, reaching a market volume of roughly 27,000 units by the end of 2031, according to Future Market Insights (FMI).
The construction of new airports, combined with growing global air traffic, is increasing demand for ground support equipment.
Airports are expanding their investments in order to improve operational efficiency. sophisticated implementation aircraft ground support equipment is meant to minimise airport downtime.
The development of electric and hybrid ground support equipment has altered the market landscape dramatically. This device not only cuts pollution but also lowers expenses and increases aircraft efficiency. The ground support equipment market grew at a strong 6.6 percent CAGR between 2020 and 2021.
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Due to the outbreak of COVID-19, cargo operations increased considerably as demand for timely transportation of medicines and vaccines rose. The increasing demand for refurbished ground support equipment will further strengthen growth prospects for the global market.
With the global expansion of the aviation and tourist industries, the ground support equipment market is expected to reach US$ 9.7 billion by 2021.
“Innovations in ground support equipment and availability of ground support equipment rentals will create lucrative growth opportunities for the aircraft GSE manufacturers in the future” says the FMI analyst.
Key Takeaways from FMI’s Aircraft Ground Support Equipment Market Study
- Because of its well-established aviation sector, North America dominates the ground support equipment market. Between 2021 and 2031, the regional market is expected to increase at a CAGR of 6%.
- Increased investment in the aviation industry will aid China’s domination of the ground support equipment market throughout the forecast period.
- The Indian market is likely to provide significant growth prospects for aircraft GSE producers.
- Because of the growing demand for sustainability and green aircraft GSE, the electric category is projected to stay dominating in terms of power.
- The aircraft service sector, followed by cargo loading and passenger services, is predicted to stay prominent in the aircraft ground support equipment market by equipment type.
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The leading players in the aircraft ground support equipment market are focusing on expanding their business through contracts with airlines in various sectors. They are also exploring various organic and inorganic growth techniques such as mergers and acquisitions, better product development, and collaborations to get a competitive advantage in the business.
Thales teamed with Dragonair Airport GSE service Ltd. in August 2021 to supply an advanced Instrument Landing System (ILS) solution to completely support the Hong Kong International Airport’s three-runway system (3RS) expansion project (HKIA). This will allow us to improve aircraft landing capacity and efficiency while maintaining the greatest level of flight safety.
JBT Corporation stated in 2019 that it had agreed to acquire Lektro, Inc., a privately held maker of electric aircraft ground support equipment situated in Warrenton, Oregon.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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