Ground Support Equipment Market Growing at a CAGR of 11.76% During 2017 to 2022 - ReportsnReports.com
07 Jul, 2017, 17:00 BST
PUNE, India, July 7, 2017 /PRNewswire/ --
Ground Support Equipment (GSE) market will reach $24.69 billion by 2022, at a CAGR of 11.76% from 2017 to 2022. Increasing demand for electric and hybrid ground support equipment is expected to be one of the most significant factors driving the growth of the ground support equipment market
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The Ground Support Equipment (GSE) market is projected to reach USD 24.69 billion by 2022, at a CAGR of 11.76% from 2017 to 2022. Ground support equipment are an integral part of airport operations. GSEs perform various functions, including aircraft maintenance, aircraft fueling, ground power, transporting cargo, and so on. GSE largely comprise off-road type equipment that are powered by gasoline or diesel.
The growth of this market is attributed to the growing demand for ground support equipment with green technology and the rising number of airport expansion and development projects around the world. The GSE market is also facing some restraints such as availability of excess idle ground support equipment. The GSE providers and numerous airports are focusing on replacing such idle ground support equipment with new and improved ground support equipment.
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The ground support equipment market has been segmented based on type, application, end use, component, and region. Based on type, the market has been segmented into electric, non-electric, and hybrid ground support equipment. The electric ground support equipment segment is projected to grow at the highest CAGR from 2017 to 2022, owing to the high demand for clean, green, and energy efficient ground support equipment technologies.
Based on application, the ground support equipment market has been segmented into passenger service, commercial cargo service, commercial aircraft service, military cargo service, and military aircraft service. The commercial cargo service segment is projected to grow at the highest CAGR from 2017 to 2022. This growth is mainly attributed to the increase in investments in airport infrastructure in the region, which is expected to drive the demand for such equipment.
Based on end use, the commercial segment is estimated to be the largest market for ground support equipment in 2017.According to the International Air Transport Association (IATA), the global air traffic is projected to double over the next two decades. The demand for aircraft orders is also increasing across the globe due to this factor. With this, the demand for commercial ground support equipment is expected to witness significant growth.
Major companies profiled in the report include as JBT Corporation (US), Teleflex Lionel-Dupont (TLD) Group (France), GATE GSE (Belgium), AMSS GSE (UK), Mallaghan Engineering Ltd. (UK), Tug Technologies Corporation(US), Tronair Inc.(US), MULAG Fahrzeugwerk GmbH (Germany), and Clyde Machines Inc. (US), among others.
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"North America estimated to be the largest market for ground support equipment in 2017"
North America is the largest market for ground support equipment. The GSE market in this region is very competitive owing to the presence of a large number of original component manufacturers (OCMs) and original equipment manufacturers (OEMs) such as Tug Technologies and Tronair Inc., among others. The need for modernization of existing airports in the US is expected to drive the growth of the GSE market in North America.
Key manufacturers and suppliers of ground support equipment in North America include JBT Corporation (US), TUG Technologies Corporation. (US),and Tronair Inc.(US), among others.
Break-up of profile of primary participants in the aircraft brake system market: By Company Type: Tier 1 - 33%, Tier 2 - 28%, and Tier 3 - 39%, By Designation: C Level - 30%, Director Level - 20%, and Others - 50%, By Region: North America -27%, Europe - 18%, Asia-Pacific - 46%, and RoW - 9%
Research Coverage of Ground Support Equipment Market:
This research report categorizes the ground support equipment market based on type, application, end use, component, and region. Based on type, the market has been classified into electric, non-electric, and hybrid. Based on application, the market has been segmented into passenger service, commercial cargo service, commercial aircraft service, military cargo service, and military aircraft service. Based on end use, the market has been categorized into commercial and defense. Based on component, the market has been categorized into equipment and MRO. With respect to region, the ground support equipment market has been segmented into North America, Europe, Asia Pacific, Middle East, and Rest of the World (RoW).
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