SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Aerospace Ground Handling Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: 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.
Coverage: All major geographies and key segments
Segments: Type (Cargo & Baggage Handling, Aircraft Handling, Passenger Handling)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; 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 the Year 2026
In the sphere of aviation, aircraft ground handling is all about on ground aircraft servicing when the aircraft is usually parked at an airport's terminal gate. Ground handling takes care of an airliner's multiple service requirements from the time it arrives at the airport terminal gate to the departure time for its following flight. In other words, ground handling facilitates the aircraft's ground repositioning and flight, preparations for a flight or its conclusion and which includes both ramp and customer service functions. Efficiency, speed and accuracy always are critical to ground handling work for minimizing turnaround time or the time when the aircraft remains parked at a gate. The growth of Air Transport Auxiliary Services Companies (ESATAs) has been notable in the recent past and has attracted the sector's leading players with investments from nations like UAE, France, America and China. Moreover, extensive airport privatization has also boosted this sector because any ground service can only be provided by internalized airlines, airport operators for x-ray and baggage inspection-related activities, or Esatas. With such new investments in certain airports, the need for all auxiliary services has also spiraled, and administrators have quickly availed the services of Esatas after realizing their advantages. In the year 2021, the aerospace industry recorded a slow and largely unstable recovery from the adversities brought on by COVID-19 pandemic and the ensuing economic uncertainties. The coming years will continue to see steady demand recovery for MRO and ground handling services led by the fact that grounded planes cannot be re-deployed without maintenance and services.
Amid the COVID-19 crisis, the global market for Aerospace Ground Handling Systems estimated at US$135.4 Billion in the year 2020, is projected 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 projected to grow at a 6% CAGR to reach US$86.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Aircraft Handling segment is readjusted to a revised 3.8% CAGR for the next 7-year period. This segment currently accounts for a 31.6% share of the global Aerospace Ground Handling Systems market.
The U.S. Market is Estimated at $30.2 Billion in 2021, While China is Forecast to Reach $23.2 Billion by 2026
The Aerospace Ground Handling Systems market in the U.S. is estimated at US$30.2 Billion in the year 2021. The country currently accounts for a 21.65% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$23.2 Billion in the year 2026 trailing a CAGR of 6.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR while Rest of European market (as defined in the study) will reach US$8.5 Billion by the end of the analysis period.
Passenger Handling Segment to Reach $47.7 Billion by 2026
In the global Passenger Handling segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$22.2 Billion in the year 2020 will reach a projected size of US$31.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.7 Billion by the year 2026, while Latin America will expand at a 5.4% CAGR through the analysis period. More
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SOURCE Global Industry Analysts, Inc.