Categories: Aerospace & DefenceEnergy & Power

Ground Support Equipment Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Ground Support Equipment 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 Support Equipment , The ground support equipment market size has grown strongly in recent years. It will grow from $8.54 billion in 2023 to $9.32 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to globalization impact, demand for innovative features, airport infrastructure expansion, safety and ergonomics improvements, environmental regulations..

The ground support equipment market size is expected to see strong growth in the next few years. It will grow to $13.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to green initiatives and regulations, smart and iot-enabled equipment, focus on safety and ergonomics, upgradation and replacement cycles, integration of autonomous .. Major trends in the forecast period include electric and hybrid gse adoption, smart gse solutions, focus on autonomous gse, sustainable and eco-friendly solutions, modular and customizable equipment..

The increasing number of air passengers and cargo transportation are expected to propel the ground support equipment market going forward. An air passenger refers to a person who travels by air, typically on a commercial airline, as a means of transportation whereas cargo transportation refers to the movement of goods from one place to another. Ground support equipment plays a crucial role in optimizing processes such as fueling aircraft, handling baggage and loading and unloading cargo making it easier to manage the increased volume of aircraft, passengers and cargo. For instance, in September 2022, according to the International Air Transport Association (IATA), the Canada-based world airline trade organization, the overall passenger traffic increased by 57.0% compared to September 2021. On a global scale, the traffic level has reached 73.8% compared to September 2019, whereas international passenger traffic also witnessed a significant increase of 122.2% compared to September 2021. Therefore, a significant increase in the number of air passengers and cargo transportation is driving the ground support equipment market.

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The ground support equipment market covered in this report is segmented –

1) By Type: Powered Ground Support Equipment, Non-Powered Ground Support Equipment

2) By Power Source: Non-Electric Ground Support Equipment, Electric Ground Support Equipment, Hybrid Ground Support Equipment, Fuel Cell Vehicle (FCV), Advanced Ground Support Equipment

3) By Platform: Commercial, Military

4) By Application: Aircraft Handling, Passenger Handling, Cargo Handling

Technological advancements have emerged as the major trend gaining popularity in the ground support equipment market. Major companies operating in the ground support equipment market are introducing technologically advanced ground support equipment products and offerings to strengthen their position in the market. For instance, in September 2022, Textron Ground Support Equipment Inc., a US-based ground support equipment manufacturer launched Intellimix™ technology for its Safeaero™ 220 single-operator deicer, a ground support equipment. The Intellimix technology enhances the efficiency of the deicing process by providing an optimal combination of heat and fluid. Intellimix technology provides customers with the advantage of a single operator controlling, maneuvering and deicing the aircraft from a single cab, leading to greater efficiency. This technology enhances the capabilities of the Safeaero 220, making deicing even more efficient, safe and dependable.

The ground support equipment market report table of contents includes: