Pune, June 15, 2020 (GLOBE NEWSWIRE) -- The global ground support equipment market size is projected to reach USD 6,640.7 million by the end of 2027. Rising product demand will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Ground Support Equipment Market Size, Share and Covid-19 Impact Analysis, by Type (Mobile GSE, and Fixed GSE) By Power Source (Non-Electric GSE, Electric GSE, and Hybrid GSE) By Application (Commercial, and Military), By Component (Equipment, and Maintenance) and Regional Forecasts, 2020-2027,” the market was worth USD 5,279.5 million in 2019 and will exhibit a CAGR of 4.22% during the forecast period, 2020-2027.
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An Overview of the Impact of COVID-19 on this Market:
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Ground support equipment are widely used in airports to ensure safety in several procedures associated with flights. The equipments are used in pre-take off and post landing. The sensitivity associated with the device has attracted huge investment in the development of efficient products across the world. The high investments will yield a few exceptional products, subsequently leading to a wider product adoption across the world. The presence of several large scale companies will constitute an increase in the overall market size in the coming years. The increasing number of flights and increasing air traffic will contribute to the growing demand and subsequently rising adoption of the equipment across the world. Increasing focus on improving the overall operational efficacy of the product will open up a huge potential for the companies operating in the market. Additionally, the high awareness regarding the smooth operations in airports will lead to a wider product adoption across the world.
Company Mergers are a Growing Trend Among Major Businesses
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the demand for technologically advanced products, several companies are looking to adopt strategies that will help them establish a strong position in the market. In March 2020, Cavotec announced that it has signed two major ground support equipment contracts with Chengdu Tianfu International Airport and Beijing Capital International Airport. The contract is estimated to be worth USD 3.29 million. Through this contract, the company will supply a range of fueling and electrical power connection systems. The company possesses an excellent range of products and this contract will help the company generate substantial market revenue in the coming years. Cavotec’s latest contract will not just benefit the company but will emerge in favor of growth of the market in the coming years.
North America to Hold the Highest Share; Increasing Demand for Electric and Hybrid GSE Will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in North America is projected to emerge dominant in the coming years. The increasing demand for electric and hybrid ground support equipment in this region will aid the growth of the regional market. The presence of several large scale international airports will create a subsequent demand for the product in this region. Moreover the presence of several large scale companies will contribute to the growth of the market. As of 2019, the market in North America was worth USD 1697.3 million and this value is projected to increase further in the coming years.
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List of companies profiled in the Ground Support Equipment Market Report are:
- Cavotec SA (Switzerland)
- Curtis Instruments, Inc. (The U.S.)
- GATE (Germany)
- Guangtai (China)
- ITW GSE (The U.S.)
- JBT Corporation (The U.S.)
- Kalmar Motor AB (Sweden)
- Mallaghan (Ireland)
- Rheinmetall AG (Germany)
- Textron Ground Support Equipment Inc. (The U.S.)
- TLD (France)
- Tronair (The U.S.)
Industry Developments:
September 2019: Swissport International announced that it has bagged a license for ground services from October 1, 2019, for 15 airports in Morocco. Through this license, Swissport will convert most of its fleet of ground support equipment at Marrakesh airport to electric propulsion.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Global Ground Support Equipment Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Mobile GSE
- Fixed GSE
- Market Analysis, Insights and Forecast – By Power Source
- Non- Electric GSE
- Electric GSE
- Hybrid GSE
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Military
- Market Analysis, Insights and Forecast – By Component
- Equipment
- Maintenance
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- The Middle East
- Rest of the world
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