According to a recent report published by Allied Market Research, titled, Airport stands equipment Market by Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global airport stands equipment market was valued at $1,096 million in 2016 and is projected to reach at $1,547 million by 2023, growing at a CAGR of 5.20% from 2017 to 2023.
Continuous rise in global freight and passenger traffic, modernization of airports, and high demand for new aircraft drive the growth of the global airport stands equipment market. However, the long shelf life of airport stand equipment and a dearth of skilled workforce hampers the market growth.
Based on type, the boarding bridges segment led the airport stands equipment market in 2016, and is projected to maintain its dominance in the future. However, the preconditioned air unit segment is expected to witness the highest growth, owing to its increased adoption due to different initiatives taken by countries to reduce the carbon emission of aircraft on the ground.
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North America generated the highest revenue in 2016; however, the Asia-Pacific segment is anticipated to witness the fastest growth during the forecast period.
Some of the key players operating in the airport stand equipment market that are profiled in the report include Aero Specialties, Inc., Airport Equipment, FMT Aircraft Gate Support Systems AB, Textron Inc., JBT Corporation, Cavotec SA, ThyssenKrupp AG, ADELTE Group S.L., HDT Global, and ShinMaywa Industries, Ltd.
High Demand for New Aircraft
The surge in demand for new aircraft across the world is projected to drive the growth of the market. For instance, according to Airbus Global Market Forecast, air traffic is expected to double over the next 15 years due to strong and resilient passenger traffic growth. Moreover, this would lead to the deployment of 34,900 new aircraft by 2036, of which 34,170 will be passenger aircraft and 730 will be freighters. Asia-Pacific is expected to account for 41% of the total demand, with the US and Europe jointly representing 36%.
Rise in Greenfield and Brownfield Airport Projects
Greenfield airport project is a terminology defining construction of new airports on greenfield land, whereas brownfield airport involves the modification or upgrade of airports as per the global standards. Continuous rise in greenfield and brownfield airport projects in the developing economies is expected to provide lucrative opportunities for the market. For instance, the airport infrastructure in India has witnessed improvisation and expansion of airports on a massive scale due to the increase in support from private participants.
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Driving factors for the market:
- Continuous rise in global freight and passenger traffic
- Modernization of airports
- High demand for new aircraft
Market Restraints and Opportunities:
- The long shelf life of airport stand equipment
- A dearth of skilled workforce
- The rise in greenfield and brownfield airport projects
- The rise in focus on non-aviation-related revenue