The Global Ground Support Equipment Market to Amount to $9632.39 Million by 2028
A recent study by Triton Market Research titled ‘Global Ground Support Equipment Market,’ covers the Global Analysis and Forecasts by End-user (Commercial, Defense), by Application (Passenger Service [Bulk Loaders/Conveyors, Cabin Service Vehicles, Boarding Stairs, Lavatory Service Vehicles, Passenger Boarding Bridges, Passenger Buses], Commercial Cargo Service [Cargo/Container Loaders, Pushback Tractors, Forklifts], Commercial Aircraft Service [Deicers, Ground Power Units, Fuel Trucks, Pre-conditioned Air Units, Hydrant Trucks], Military Cargo Service, Military Aircraft Service), by Power Source (Electric, Non-electric, Hybrid), by Type (Powered Ground Support Equipment, Non-powered Ground Support Equipment), and by Regional Outlook (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa), and Regional Outlook (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
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A report by Triton Market Research predicts the global ground support equipment market to grow with a CAGR of 11.43% in the forecast years 2022-2028. This industry is likely to accumulate revenue worth $9632.39 million by 2028.
The development and adoption of new technologies improve the efficiency of ground support equipment, consequently reducing the costs incurred. Airports are thus heavily investing in novel technologies to enhance their operational efficacy. Technological advancements in GSE are expected to majorly boost the market’s growth over the forecast period. However, difficulties pertaining to the maintenance & replacement of ground support equipment and the high amount of initial investments required are anticipated to restrain the studied market’s growth.
The market for ground support equipment is segmented into end-user, application, power source, and type. Based on end-user, it is bifurcated into commercial and defense. Based on application, it is divided broadly into passenger service, commercial cargo service, commercial aircraft service, military cargo service, and military aircraft service.
Passenger service is further divided into bulk loaders/conveyors, cabin service vehicles, boarding stairs, lavatory service vehicles, passenger boarding bridges, and passenger buses. And commercial cargo service is further divided into cargo/container loaders, pushback tractors, and forklifts. Whereas, on the basis of commercial aircraft service, it is categorized into deicers, ground power units, fuel trucks, pre-conditioned air units, and hydrant trucks.
According to power source, it is classified into electric, non-electric, and hybrid. And lastly, according to type, it is classified into powered ground support equipment and non-powered ground support equipment.
The Asia-Pacific region is expected to grow the fastest in the global GSE market, over the forecast period. Ground support equipment find applications mainly in aerospace and defense. The market in this region will be on an upswing owing to the increase in the number of air passengers, coupled with investments by the government to improve the aviation infrastructure. Moreover, the deployment of green GSE at airports is also expected to augment the growth of the market in the APAC over the forecast period.
Mallaghan, Hydro Systems KG, Aero Specialties Inc, TLD Group, Kalmar Motor AB, Textron Ground Support Equipment Inc, Rheinmetall AG, Cavotec SA, Tronair, Cobus Industries GmbH, Charlatte America, JBT Aerotech, Champion GSE, CIMC Tianda Holdings Co Ltd, Mulag Fahrzeugwerk, Merlinhawk Aerospace, Weihai Guangtai Airport Equipment Co Ltd, ITW GSE APS, and Air Mak Industries Inc are the well-known players in the ground support equipment market.
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Question & Answer: Ground Support Equipment Market
Question 1: What factor is expected to boost the ground support equipment market’s growth over the forecast period?
Answer: The development and adoption of new technologies improve the efficiency of ground support equipment, consequently reducing the costs incurred. Airports are thus heavily investing in novel technologies to enhance their operational efficacy. Technological advancements in GSE are expected to majorly boost the market’s growth over the forecast period.
Question 2: What factors are anticipated to restrain the market’s growth?
Answer: Difficulties pertaining to the maintenance & replacement of ground support equipment and the high amount of initial investments required are anticipated to restrain the studied market’s growth.
Question 3: Which region is expected to grow the fastest in the global market for ground support equipment?
Answer: The Asia-Pacific region is expected to grow the fastest in the global GSE market, over the forecast period. Ground support equipment find applications mainly in aerospace and defense. The market in this region will be on an upswing owing to the increase in the number of air passengers, coupled with investments by the government to improve the aviation infrastructure. Moreover, the deployment of green GSE at airports is also expected to augment the growth of the market in the APAC over the forecast period.
Question 4: Which are the well-known players in the ground support equipment market?
Answer: Mallaghan, Hydro Systems KG, Aero Specialties Inc, TLD Group, Kalmar Motor AB, Textron Ground Support Equipment Inc, Rheinmetall AG, Cavotec SA, Tronair, Cobus Industries GmbH, Charlatte America, JBT Aerotech, Champion GSE, CIMC Tianda Holdings Co Ltd, Mulag Fahrzeugwerk, Merlinhawk Aerospace, Weihai Guangtai Airport Equipment Co Ltd, ITW GSE APS, and Air Mak Industries Inc are the well-known players in the ground support equipment market.
Related Report:
The global forklift truck market is deemed to register growth at a CAGR of 2.00% over the estimated phase 2019-2027. It is anticipated to reap $21.01 billion in revenue by 2027.
The growth in the manufacturing industry is the main factor driving the growth of the global forklift truck market. The manufacturing industry has a diverse set of needs pertaining to material handling. Manual material handling puts laborers at a high risk of injuries, like strains and sprains.
Thus, the rising incidences of workplace-related injuries are demanding an increased focus on maintaining a safe working environment. The rising need to provide a safe environment at work has resulted in an increase in the adoption of automated material handling equipment like forklift trucks.
The manufacturing industry includes other industries like electronics & electrical equipment, apparel, furniture & fixture, industrial & commercial machinery, wood, paper & allied industries. Forklift trucks are widely used in varied applications in these industries.
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