Ground Support Equipment Market

The Global Ground Support Equipment Market is valued at USD 3.22 Billion in 2022 and is projected to reach a value of USD 5.72 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.40% over the forecast period.

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Increased air traffic and cargo, increased airport focus on improving operational efficiency, high service standards, and leasing of Ground Support Equipment are some important factors influencing the growth of the Ground Support Equipment Market. The industry is also strongly impacted by large initial expenditures, a shift in focus toward purchasing greener GSE, outsourcing maintenance, repair, and overhaul (MRO) to a third party, and an increase in the usage of wireless technologies. The market for Ground Support Equipment is also growing because of the rising demand for technologically improved cargo handling equipment that incorporates superior temperature handling and safe transportation, such as cargo loaders, pallet loaders, and ULD trucks. Players in the Ground Support Equipment Market consistently spend money on research and development to include cutting-edge telematics and management solutions. Additionally, the integration of RFID technology and connected services gives ground service handlers and airliners access to real-time information and updates on the status of the vehicle and cargo handling operations. Market players can actively use their equipment to drastically cut turnaround time and boost efficiency thanks to cutting-edge technology and solutions. Additionally, because of strict regulatory standards, players in the business need to make major investments in more effective and environmentally friendly aviation Ground Support Equipment (AGSE).

Market Segmentation

The Ground Support Equipment Market is segmented based on Application, Power Source, Type, and Region. Based on Type, the market is segmented as Powered Ground Support Equip Menand and Non-Powered Ground Support Equipment. Furthermore, based on the Power Source, the market is segmented as Electric, Non-Electric, and Hybrid. In addition, based on the Application, the market is segmented as Aircraft Handling, Passenger Handling, and Cargo Handling. Additionally, based on the Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

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Based on Application

The aircraft handling category dominated the market in 2021

Increasing air traffic, the need for more cargo space, and technical advancements in Ground Support Equipment are some factors propelling the market for aircraft ground support equipment. Airports are always making important upgrades to maximize operational effectiveness and shorten turnaround times. The Ground Support Equipment is used extensively across airports since it is essential for accelerating operations.

Based on Power Source

The electric category dominated the market in 2021

The electric segment is anticipated to grow at the highest rate during the forecast period. Electric vehicles' increased popularity can be ascribed to their advantages, which include less noise, zero emissions, and improved efficiency. Adherence to strict regulatory standards and minimal maintenance requirements further emphasize the segment share. Airport operators are always working to replace their outdated fleet with cutting-edge and effective electric machinery, which is adding to the segment’s growth.

Based on Regional Analysis

North America is expected to hold a significant share of the market during the forecast period.

North America is estimated to dominate the market with the highest CAGR forecast period. The Asia Pacific is witnessing a rise in government regulations and initiatives encouraging manufacturers to opt for Ground Support Equipment. Moreover, China, the biggest manufacturing hub globally, is changing its packaging habits and materials to make them more environmentally friendly. The sheer volume of the products transported out of China positively impacts the market growth in the Asia Pacific region. In addition, the Australian government has set out the existence of several airports throughout the area that can be blamed for this.

Additionally, it is anticipated that the industry share will be supported throughout the forecast period by rising aircraft landing and takeoff frequencies and rising usage of electric GSE in such airports to reduce carbon footprint. Investments in brownfield airport projects are fueling the development of the North American market for Ground Support Equipment to renovate and improve airport infrastructures. There is intense pressure on airports and Ground Support Equipment manufacturers to cut emissions. Ground Support Equipment manufacturers now offer environmentally friendly equipment because of the zero-emission policies implemented in several North American nations.

Competitive Landscape

The key players in the Ground Support Equipment Market include- Aero Specialties Inc., Aeroservices Ltd., Cavotec SA, Curtis Instruments Inc., ITW GSE, Jalux Inc., John Bean Technologies Corporation, Mallaghan, Rheinmetall Aktiengesellschaft, Textron Ground Support Equipment Inc. (Textron Inc.), TLD Group (Alvest Group), Weihai Guangtai Airport Equipment Co. Ltd. and others.

Recent Developments

· In October 2020, EnerSys launched the Nexus’s PURE PACK battery and onboard charging system. The new comprehensive solution consists of the latest generation of Nexus’s PURE Thin Plate Pure Lead (TPPL) batteries, combined with an integrated Delta-Q onboard charger and Wi-qi battery monitoring device.

· In April 2019, cavorted received a contract worth USD 9.6 million from the Bahrain International Airport to provide next-generation aircraft ground cooling systems. The contract also includes designing, engineering, installing, testing, and commissioning of Cavorted Sub-freezing Dual Blower DX Arctic PCA units as well as delivery of in-ground pit systems that reduce the number of vehicles required to service an aircraft.

Segmentation of Ground Support Equipment Market