Airport Stands Equipment Market Share Current and Future Industry Trends, 2020-2026

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Japan, Japan, Sat, 26 Dec 2020 01:00:42 / Comserve Inc. / — Global airport stands equipment market forecast will be $1,732.5 million by 2026, and at a CAGR of 5.5%, and is increasing from $1,128.9 million in 2018.

Global airport stands equipment market forecast will be $1,732.5 million by 2026, and at a CAGR of 5.5%, and is increasing from $1,128.9 million in 2018.

Market Definition:
Airport Stand Equipment are ground level support equipment (GSE) used for aircrafts at ramp to deliver power, loading cargos and aircraft mobility. This equipment’s maintain the aircrafts, that provides safety and comfort of the aircraft workforce and travelers. This equipment’s are majorly used for various services of aircrafts that is required between trips.

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Market Drivers:
It is estimated that the global airport equipment market will grow due to an increase in the number of air travelers and an improvement in airport standards worldwide. The growth is due to the enhancement of the airport infrastructure, which is expected to boost the market for airport stands equipment over the forecast period. In addition, the rise in the number of international air travelers is projected to increase the market size by growing requirements of ground support equipment for upcoming airports to deliver safety and comfort to the travelers. According to International Air Transport Association (IATA), the global air traveler’s results have raised from 2018 by 4.3% in 2019. Therefore, the governments have taken steps to develop the airport infrastructure, which is estimated to boost the equipment demand from the airports in the future time.
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Market Restraints:
Nonetheless, despite many benefits, unavailability of skilled labors to maintain and operate airport stands equipment is projected to hamper the growth of the market.
Market Opportunities:
Continuous growth in the number of brown field and green field airport projects in worldwide is generating abundant opportunities for the new entrants into the airport stands equipment market.
The global airport stands equipment market is classified on the basis of product into ground power units, boarding bridges, preconditioned air units (PCA) and others. Boarding bridges is accounted for majority of airport stands equipment market share of 43.0% in 2018, and it was valued at $485.4 million in 2018, this is owing to increase in the usage of boarding bridges for loading cargos and boarding passenger due to its flexibility. PCA unit market will experience noteworthy growth, owing to airport authorities are using PCA units to reduce carbon emissions in the aircrafts ramp, owing to this, the PCA unit market is expected to generate $549.2 million, at a 6.4% growth rate over forecast period.

The global airport stands equipment market size dominated by North America in 2018, it has accounted for $405.3 million and is estimated to reach $563.1 million by the end of 2026. This dominance is attributed to the renovation of existing and construction of new airports. Additionally, the existence of developed countries in this region such as Mexico, U.S. and Canada is anticipated to continue the dominance of North America airport stands equipment market. The market for Asia-Pacific is estimated to experience a notable growth during forecast period. This is due to presence of emerging economies like India, South Korea and China. Furthermore, the growth in the number of air passengers, upgradation of airports and international tourists throughout the region is projected to enhance the market over projected time.

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Key participants in the global airport stands equipment market are ADELTE Group S.L., Airport Equipment, HDT Global, ThyssenKrupp AG, JBT Corporation, ShinMaywa Industries Ltd., Textron Inc., FMT Aircraft Gate Support Systems AB, Cavotec SA, and Aero Specialties Inc. These key participants are adopting new approaches such as new product launches, R&D investments and collaborations to gain majority of the market share in the overall industry. For example, in January 2019, the AERO Specialties announced new ground level equipment “JetGo 300 Ground Power Unit” for aircrafts to deliver continuous power on the aircraft ramp.

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The post Airport Stands Equipment Market Share Current and Future Industry Trends, 2020-2026 appeared first on Comserveonline.

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The MarketWatch News Department was not involved in the creation of this content.