Smart Battery Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024
Albany, NY -- (SBWIRE) -- 06/11/2018 -- In a competitive global smart baggage handling system market, keen players are hard-focused on collaborations to expand their outreach and to accelerate their pace of gains. In matters of competition, the global smart baggage handling system market is expected to witness the entry of small-sized players that will further intensify competition in this market.
Some of the key growth drivers of the global smart baggage handling system market are a modernization of existing airports, growth in the number of airports and air travelers, and adoption of systems with improved accuracy for baggage handling and baggage tracking.In emerging economies, construction of new airports that are equipped with state-of-the-art technology is benefiting the smart baggage handling system market. The installation of these systems enable easy tracking and handling a large volume of baggage which is critical to the growing air traffic in these regions.
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As per estimates of a report by Transparency Market Research, the global smart baggage handling system market will clock an impressive 19.3% CAGR from 2017 to 2025. If the figure holds true, the market's valuation of US$1,508.6 mn in 2106 will become US$7,210.8 mn by the end of 2025.
The report studies the global smart baggage handling system market on the basis of mode of transportation, technology, solution, and region. In terms of airport, the market is segmented into airport and railway station. The segments of the global smart baggage handling system market based on technology are radio frequency identification system (RFID) and barcode system. Of the two, in 2016, radio frequency identification led the market vis-à-vis revenue. This is because RFID allows the system to scan the baggage tags with negligible probability of issues that help generate a good chunk of revenue.
On the basis of mode of transportation, the global smart baggage handling system market is divided into airport and railway station. The segment of airport is further sub-segmented into international and domestic. The international airport segment is expected to represent a sizeable share of the overall market over the forecast period.
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Geography-wise, the report studies the growth prospects of the global smart baggage handling system market across North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America is the key region for smart baggage handling systems due to a significant growth in the construction of new airports in the last couple of years. The North America smart baggage handling system market is anticipated to display a phenomenal 20.5% CAGR over the forecast period between 2017 and 2025. The U.S. currently accounts for the leading revenue contribution to the region and going forward the U.S. is estimated to rise at a significant CAGR over the forecast period. The U.S. federal government recently invested approximately US$3.7 bn to strengthen airport infrastructure. This includes installation of high capacity automated baggage handling systems to serve the need to handle large volume of baggage of varying sizes. Air carriers as well airports authority are working in coherence to deploy advanced baggage handling systems across North America. For instance, in May 2017, Delta Airlines invested US$442.3 bn to include facial recognition for passengers using self-service baggage drop system at Atlanta International Airports.