Categories: Aerospace & Defence

Ground Handling Services Market Growth Trajectory Through 2024-2033

The Ground Handling Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Ground Handling Services Global Market Report 2024, The ground handling services market size has grown strongly in recent years. It will grow from $26.15 billion in 2023 to $28.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to air travel expansion, airline deregulation, airport infrastructure development, globalization of air travel, security and safety regulations.

The ground handling services market size is expected to see strong growth in the next few years. It will grow to $37.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to environmental sustainability focus, shifts in airline business models, airline fleet expansion, globalization of air travel, airport infrastructure investments. Major trends in the forecast period include digitalization and automation, personalized services, sustainability initiatives, enhanced security measures, adaptation to new airline business models, data analytics and predictive maintenance.

The increased demand for air freight cargo is expected to propel the growth of the ground handling services market going forward. Air freight cargo is the process of shipment in which goods are transferred via a chartered or scheduled air carrier. The changing consumer preference and growing E-commerce industry have witnessed an increased demand for air freight cargo due to its fast and same-day delivery services. This mode of transportation necessitates a dependable and quick turnaround time handling technique, boosting the demand for airport ground and cargo handling services to reduce halt time resulting in less emission on airports. For instance, in January 2022, according to a report published by the International Air Transport Association (IATA), a Canada-based trade association, global air freight markets revealed that full-year demand for air cargo climbed by 6.9% in 2021. Therefore, an increase in demand for air freight cargo will drive the growth of the airport ground and cargo handling services market.

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The ground handling services market covered in this report is segmented –

1) By Service: Ground handling, Passenger ground handling, Ramp handling, Other Services

2) By Airport Type: International, Domestic

3) By Application: Civil, Military

Major companies operating in the ground handling services market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the ground handling services market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced solutions by combining resources and capabilities. For instance, in January 2022, Synaptic Aviation, a US-based AI-technology company partnered with Unifi Inc. a US-based manufacturing company. This partnership is to launch a new artificial intelligence (AI) solution that offers improved visibility into airport ground operations. It is anticipated that this collaboration will transform ground operations and enhance the general aviation industry customer experience. Synaptic Aviation’s artificial intelligence technology monitors thousands of aircraft and delivers critical operational data in real-time, including average turn-around time, gate usage, required foreign object damage prevention walks, ground power unit connection times, and more. The AI technology produces results in a matter of weeks and provides crucial data for enhanced turnaround activities and management. It is intended to optimize operations for airlines, air cargo, and ground handling organizations.

The ground handling services market report table of contents includes: