With a market size valued at $182.4 billion by 2026, it is a return to optimism in the global aerospace ground handling systems market
SAN FRANCISCO, January 18, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Aerospace Ground Handling Systems – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
FACTS AT A GLANCE
Editing: 9; Published: January 2022
Executive Pool: 377
Companies: 70 – Players covered include Aero Specialties, Inc.; Aviapartner Holding; Cavotec SA; Imai Aero-Equipment Mfg., Co., Ltd. ; JBT Corporation; Mallaghan Engineering Ltd. ; Oceania Aviation; SAAB AB; Weihai Guangtai Airport Equipment Co.,Ltd. and others.
Blanket: All major geographies and key segments
segments: Type (cargo and baggage handling, aircraft handling, passenger handling)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.
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Global Aerospace Ground Handling Systems Market To Reach US$182.4 billion by 2026
In the field of aviation, aircraft ground handling relates to the maintenance of aircraft on the ground when the aircraft is usually parked at the terminal gate of an airport. Ground handling supports the multiple service requirements of an airliner from its arrival at the airport terminal gate until the departure time of its next flight. In other words, ground handling facilitates the repositioning on the ground and the flight of the aircraft, the preparation of a flight or its conclusion and which includes both runway and customer service functions. Efficiency, speed and accuracy are always essential in ground handling work to minimize turnaround time or the time the aircraft remains parked at a gate. The growth of airline auxiliary services companies (ESATA) has been notable in recent years and has attracted major players in the industry with investments from countries like the United Arab Emirates, France, America and China. Additionally, the massive privatization of airports has also boosted this sector as any ground service can only be provided by in-house airlines, airport operators for X-ray and baggage screening related activities, or States. With these new investments in some airports, the need for all ancillary services also increased, and administrators quickly called on the services of Esatas after realizing their benefits. In 2021, the aerospace industry experienced a slow and largely unstable recovery from the adversities caused by the COVID-19 pandemic and the resulting economic uncertainties. The coming years will continue to see a steady recovery in demand for MRO and ground handling services, driven by the fact that aircraft on the ground cannot be redeployed without maintenance and services.
Amid COVID-19 crisis, Global Aerospace Ground Handling Systems Market estimated at US$135.4 billion in 2020, is expected to reach a revised size of US$182.4 billion by 2026, growing at a CAGR of 5.1% over the analysis period. Cargo & Baggage Handling, one of the segments analyzed in the report, is expected to grow at a CAGR of 6% to reach US$86.1 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Aircraft Handling segment is readjusted to a revised CAGR of 3.8% for the next 7-year period. This segment currently accounts for a 31.6% share of the global aerospace ground handling systems market.
The US market is estimated at $30.2 billion in 2021, when China is expected to reach $23.2 billion by 2026
Aerospace Ground Handling Systems Market in United States is estimated at US$30.2 billion in 2021. The country currently accounts for a 21.65% share of the global market. China, the world’s second largest economy, is expected to reach an estimated market size of US$23.2 billion in 2026 with a CAGR of 6.1% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 4% and 4.8% respectively over the analysis period. In Europe, Germany is expected to grow at around 4.6% CAGR while the rest of the European market (as defined in the study) will reach US$8.5 billion at the end of the analysis period.
Passenger processing segment to be achieved $47.7 billion by 2026
In the global passenger assistance segment, United States, Canada, Japan, China and Europe will drive the CAGR of 4.8% estimated for this segment. These regional markets representing a combined market size of US$22.2 billion in the year 2020 will reach a projected size of US$31.2 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, India, and South Korea, the market for Asia Pacific should reach US$4.7 billion by 2026, while Latin America will grow at a CAGR of 5.4% over the analysis period. Following
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SOURCE Global Industry Analysts, Inc.