Global Ground Support Equipment Market Analysis and Forecast to 2022 | Growth Opportunity Assessment
Princeton, NJ -- (SBWIRE) -- 06/22/2018 -- 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. This growth can be attributed to the increasing demand for electric and hybrid ground support equipment to cater the increasing air passenger and freight traffic, increase in warehouse operations at airports, and increasing number of airport expansions and development projects.
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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.
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Based on region, the ground support equipment market has been segmented into North America, Europe, Asia-Pacific, Middle East, and Rest of the World (RoW). North America is projected to lead the aircraft brake system market during the forecast period. The aircraft brake system market in Asia Pacific is anticipated to witness significant growth, owing to the high investments in airport infrastructure and the growing demand for ground support equipment to cater the increasing passenger and freight cargo traffic.
Maintenance and replacement of ground support equipment act as a key challenge to the growth of the ground support equipment market.
Products offered by various companies in the ground support equipment market have been listed in the report. The recent developments section of the report includes recent and key developments made by various companies between 2013 and 2017. Major companies profiled in the report include JBT Corporation (US), Teleflex Lionel-Dupont (TLD) Group (France), Tug Technologies Corporation (US), Tronair Inc. (US), and AMSS GSE (UK), among others. Contracts and agreement were the key growth strategies adopted by leading players in the ground support equipment market. These strategies have enabled companies to strengthen their market share in the ground support equipment market.
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