The global ground handling system market size is
expected to reach USD 189.09 billion by 2022, according to a new report by
Grand View Research, Inc.
The
substantial growth prospects of the aircraft ground handling system market can
be attributed to a global increase in the passenger and cargo air traffic.
Support by several governments worldwide and the local airport authorities are
also stimulating the industry growth. Aviation and local airport authorities
regulate the operations of handling equipment related to the safety of
airliners, passengers, and the cargo to be transported.
The
multi-billion-dollar expansion of airline fleets and airports globally has set
off significant growth prospects for the aircraft handling industry players. Both,
airlines operators and airports are focused on procuring and implementing
advanced technologies to meet the rising air traffic and ensuring greater
profitability, performance, and efficiency amidst stiff competition.
An emerging
trend in the industry is the use of renewable energy sources to power equipment.
Biogas-powered snow removal equipment, which is an eco-friendly approach, is
being developed increasingly to carry out snow removal at airports.
Furthermore, with the integration of IT in ground support operations, companies
are increasingly developing innovative ground support software to address the
specific needs of handlers.
However, high
initial and replacement costs for such equipment are presumed to challenge
market growth over the forecast period. Advanced and innovative ground support
equipment that is sustainable is comparatively expensive and cuts into the
profit share of major commercial airline companies.
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Further key findings from the study suggest:
- Aircraft support equipment accounted for over40% of the overall market share in 2014 and is poised for significant growth over the next seven years. The growth in this segment can be attributed to increasing global airline fleets at the airport, and increased prominence of air travel.
- Baggage and cargo handling service segment is anticipated to witness substantial growth over the forecast period, growing at a CAGR of over 10% from 2015 to 2022. The growth in baggage and cargo support service is dependent upon the increase in the number of commuters using air travel, and an increase in air cargo transport.
- Projected to grow at an estimated CAGR of over 10%, from 2015 to 2022, ramp support service is expected to witness significant growth over the next seven years. The growth in ramp handling service segment can be attributed to increasing demand for passenger movement, aircraft towing, parking assistance, and aircraft marshaling.
- The ground handling system market in Asia Pacific accounted for over 25% of the overall market share in 2014 and is presumed to witness significant levels of growth over the forecast period. India and China are expected to incorporate considerable opportunities for regional industry growth, due to increasing urbanization, large population, eventually leading to extensive domestic traveling.
- The Middle East regional market is presumed to witness substantial growth over the forecast period, growing at a CAGR of close to 9% from 2015 to 2022. The region incorporates significant growth potential owing to asurge in aviation activities in the form of expansion, modernization, and domestic air travel.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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