Ground Support Equipment Market worth 19.44 Bn USD by 2021
The report, now available on ASDReports, "Ground Support Equipment Market by Application (Passenger, Cargo & Aircraft), by Type (Electric, Non-Electric & Hybrid), and by Geography (North America, Europe, Asia-Pacific, Middle East & Rest of the World) - Global Forecast to 2021", The ground support equipment (GSE) market is projected to reach USD 19.44 Billion by 2021, at a CAGR of 9.72%. A number of factors,such as rise in air traffic and increasing focus by airports towards enhancing their operational efficiency are expected to drive the growth of the GSE market.
Passenger service segment to dominate the ground support equipment market.
This segment dominates the studied market, and is expected to continue its dominance over the next five years, primarily driven by the increase in passenger traffic and airports continually striving to cater to the subsequent demand for passenger service equipment.
Ground Support Equipment Market - Global Forecast to 2021
The electric ground service equipment segment is expected to grow the highest during the forecast period.
The global ground support equipment market has been segmented and analyzed in terms of three types of equipment, which include non-electric, electric, and hybrid wherein, the electric segment dominates the overall market, and is expected to exhibit a similar trend during the next 5 years. This market for ground support equipment is expected to be mainly driven by the increasing spending by aviation authorities towards adopting more eco-friendly GSE, which conform to the latest emission norms.
North America: The largest market for ground support equipment
The market for ground support equipment has been estimated to be the largest in North America due to increasing focus by airports towards enhancing operational efficiency owing to the surge in passenger traffic. The APAC ground support equipment market for such equipment is expected to grow at the highest CAGR due to various initiatives related to airport infrastructure expansions. This growth can be attributed to the increase in government spending for infrastructure development, growing GDP of the region, and rise in air traffic.
JBT Corporation (U.S.): One of the key players in the ground support equipment market
The major players in the ground support equipment market have been identified to be Cavotec SA (Switzerland), Teleflex Lionel-Dupont (France), Toyota Industries Corp.(Japan), and Tug Technologies Corporation (U.S.).
The report classifies the ground support equipment market based on application and type. The market has been segmented based on application into passenger, cargo, and aircraft service equipment. It has been segmented based on type into non-electric, electric, and hybrid GSE.
Source : ASDReports - Market Research - view original press release