PUNE, India, July 4, 2017 /PRNewswire/ --
The report 'Ground Support Equipment Market by Type (Electric, Non-Electric, Hybrid), Application (Passenger Service, Commercial & Military Cargo, Aircraft Service), End Use (Commercial, Defense), Component (Equipment, MRO), and Region - Global Forecast to 2022', published by MarketsandMarkets™ , the Ground Support Equipment Market is projected to grow from USD 14.16 Billion in 2017 to USD 24.69 Billion by 2022, at a CAGR of 11.76% during the forecast period.
Browse 90 market data tables and 45 figures spread through 166 pages and in-depth TOC on 'Ground Support Equipment Market - Global Forecast to 2022'
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The ground support equipment market is projected to reach USD 24.69 Billion by 2022, at a CAGR of 11.76% from 2017 to 2022. Factors such as the increasing demand for electric and hybrid GSE and the increasing number of airport expansions and development are the main reasons for the growth of the market.
The commercial segment projected to witness the highest growth during the forecast period
Based on end use, the commercial segment of the ground support equipment market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the rise in passenger, aircraft, and freight movement across the world. With the increase in passenger and freight traffic, the frequency of flights or aircraft movements is also increasing, which is expected to lead to an increasing demand for commercial ground support equipment to support ground operations.
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The electric GSE segment projected to witness the highest growth during the forecast period
Based on type, the electric GSE segment is projected to witness the highest growth during the forecast period. The GSE manufacturers are focusing on clean, green, and energy efficient technologies to cater the demand for electric GSE. Innovations in the ground support equipment market have led to the development of operationally efficient, environmentally clean, and economically viable solutions.
The passenger service segment to account for the largest market share in 2017
Based on application, the passenger service segment is estimated to account for the largest market share in 2017. This is due to the increase in investments in airport infrastructure, which is expected to drive the demand for such equipment. For instance, most airports in North American, Asia Pacific, and Middle Eastern countries are heavily investing in developing and upgrading their airports to facilitate the increasing demand for ground operations due to the increasing air passenger and freight traffic.
Asia-Pacific ground support equipment market projected to witness the highest growth during the forecast period
The ground support equipment market in the Asia Pacific region is anticipated to grow at the highest CAGR from 2017 to 2022. This growth is primarily driven by the increase in aircraft orders, enhancement of airport infrastructures, and growing air passenger and cargo traffic. According to the China Civil Aviation, China's yearly demand for ground support equipment is expected to increase due to the new airport developments and expansions as well as replacement of old ground support equipment.
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Key manufacturers and suppliers of ground support equipment include JBT Corporation (US), Teleflex Lionel-Dupont (TLD) Group (France), Tug Technologies Corporation (US), Tronair Inc. (US), and AMSS GSE (UK), among others.
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