Ground Support Equipment Market Overview:
The SNS Insider report indicates that The Ground Support Equipment Market Size was valued at US$ 5.92 billion in 2023 and is expected to reach USD 8.45 billion by 2031 with a growing CAGR of 4.75% over the forecast period 2024-2031.
Growing Demand for GSE Fueled by Rising Air and Cargo Traffic
The surge in air travel and cargo transportation across the globe is a key driver of growth in the GSE market. Several factors contribute to this rise, including economic growth, increased affordability of air travel, expansion of travel and tourism, and globalization. For instance, according to the International Air Transport Association (IATA), total air traffic measured in revenue passenger kilometers (RPKs) increased by 55.5% in February 2023 compared to February 2022. This growth translates to a greater number of aircraft movements at airports, necessitating a proportional rise in ground support equipment to facilitate efficient ground handling operations.
Furthermore, aviation regulatory authorities are working on implementing improved guidelines for the development of eco-friendly processes and technologies in all facets of the industry. This growing awareness about environmental concerns is creating significant demand for eco-friendly and greener variants of airport GSE. Several examples include Bahrain Airport Services Company’s plans to transition to electric or solar-powered GSE and the initiative by several US states and European countries to ban diesel GSE in favor of electric alternatives. On the other hand, innovative solutions like WheelTug, an in-wheel electric wheel or a powered nose-wheel that allows aircraft to taxi without needing a tow tractor, pose a challenge to the demand for traditional GSE such as tow trucks and pushback tractors. Additionally, the shift towards electric GSE necessitates the development of charging infrastructure at airports, requiring high capital investments.
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Major Key Players Included are:
- Shenzhen CIMC-TianDa Airport Support Ltd
- Avia Equipment Pte Ltd
- Charlotte America
- Tronair Inc
- GATE GSE
- JBT Corporation
- Tex-tron Ground Support Equipment Inc
- MULAG Fahrzeugwerk
- Curtis Instruments, Inc
- STANGCO Industrial Equipment, Inc. and Other Players
Recent Developments
- December 2022:The International Air Transport Association introduced an initiative to improve ground support equipment to reduce the cost of damage and enhance safety. Upgraded GSE features include inching technology, improved docking accuracy, anti-collision systems, and better vehicle control, leading to a lower risk of aircraft damage and personnel injuries.
- October 2022:UL Solutions, a US safety science company, launched a new standard and service to evaluate electric ground support equipment powered by lithium-ion batteries at airports.
- September 2022:Dnata, a global travel and air services provider, partnered with AeroVect, a leader in airport ground handling and automation technology, to deploy autonomous GSEs for enhanced safety, reliability, and productivity.
- May 2022: Dnata, an Emirates Group subsidiary, announced a plan to replace all existing diesel GSE with electric vehicles to reduce general costs, carbon emissions, and maintenance expenses. They have also set up an e-Apron sustainability zone to showcase electric and hybrid GSE innovations.
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Segment Analysis
Ground Support Equipment (GSE) Market is segmented By Power Source, By Type, By Equipment, By Point of Sale, By Application, By End-User.
By Power Source: The electric segment of GSE market is expected to grow at the highest CAGR over the forecast period 2024-2031. This growth is attributed to the rising preference for environmentally friendly solutions and government regulations promoting electric vehicles. As electric GSE becomes more popular, non-electric equipment is being scrapped or replaced.
By Application: The aircraft handling segment generated a maximum revenue of more than 35% in 2023 due to the rise in air and cargo traffic. As air travel continues to grow, airports require efficient and reliable aircraft handling equipment to manage arrivals, departures, and turnarounds swiftly and safely. This segment includes ground power units (GPUs), passenger boarding stairs, aircraft towbars, and aircraft deicing equipment.
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Impact of Global Disruptions
The Russia-Ukraine War disrupted the global supply chain for components and equipment used in GSE manufacturing. Both Russia and Ukraine are significant manufacturing centers for the aerospace and automotive sectors, which supply crucial components for GSE production. Disruptions in these regions led to delays in GSE production and delivery, impacting equipment prices due to fluctuations in raw material costs and heightened geopolitical tensions.
The Asia Pacific region is projected to have the highest CAGR in the ground support equipment market during the forecast period.
Emerging economies in the region, such as India and China, are making significant investments in their aviation sectors. This includes building new airports and upgrading existing infrastructure, both of which require GSE. For instance, COMAC, a Chinese plane manufacturer, predicts China will become the world’s largest aviation market by 2040, requiring a massive increase in GSE. Additionally, acquiring licenses for GSE and MRO services is less stringent in some Asian countries compared to other regions. This makes it an attractive location for international players to set up distribution centers, further propelling market growth.
Key Takeaways
- The growing demand for eco-friendly solutions is a key driver for the GSE market.
- Advancements in automation and connected technologies are transforming GSE.
- Geopolitical tensions and economic slowdowns can disrupt supply chains and dampen demand.
- Asia Pacific is poised for the fastest growth due to rising investments and cost advantages.
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Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of ongoing Recession
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Ground Support Equipment Market Segmentation, by Power Source
- Ground Support Equipment Market Segmentation, by Point of Sale
- Ground Support Equipment Market Segmentation, by Type
- Ground Support Equipment Market Segmentation, by Application
- Ground Support Equipment Market Segmentation, by Equipment
- Ground Support Equipment Market Segmentation, by End User
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Conclusion
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