Airport Grounding Equipment Market Expected to Worth $7.22 Billion Globally by 2030 at a CAGR of 6.4%: Allied Market Research
PORTLAND, Oregon., February 28, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Airport Stand Equipment Market by stand (engine access, landing gear access, wheel, aircraft entrance, cabin interior and others) and application (operation and maintenance, aircraft repair and overhaul (MRO)): analysis of global opportunities and Industry Forecast, 2021-2030 » According to the report, the global airport stand equipment industry was considered $3.97 billion in 2020, and should reach $7.22 billion by 2030, growing at a CAGR of 6.4% from 2021 to 2030.
Key Drivers of Market Growth
Rising global cargo and passenger traffic and modernization of airports have driven the growth of the global airport stand equipment market. However, the long service life of airport ground equipment is hampering the growth of the market. On the contrary, increased focus on non-aviation related revenue would open up new opportunities for market players in the future.
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- The Covid-19 pandemic has forced several governments to close their international airports and implement strict import-export regulations. This negatively affected the request for airport stand equipment.
- The pandemic has disrupted the supply chain and created a shortage of raw materials. Additionally, the pandemic has resulted in the closure of manufacturing plants.
Aircraft entry segment dominated the market
By stands, the aircraft entrance segment held the largest share in 2020, accounting for almost a quarter of the global airport stand equipment market, owing to the increase in demand for airport stand equipment. airport for several airport applications. However, the cabin interior segment is estimated to register the highest CAGR of 8.2% during the forecast period.
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Maintenance, Repair and Overhaul (MRO) Segment to Show Highest CAGR through 2030
By application, the maintenance, repair and overhaul (MRO) segment is expected to show the highest CAGR of 7.8% from 2021 to 2030, driven by the increase in demand for maintenance services from aircraft. However, the aviation operations segment held the largest share in 2020, accounting for more than four-fifths of the global airport stand equipment market, owing to the increase in demand for airport stand equipment for different operations.
North America held the lion’s share
By Region, the Global Airport Grounding Equipment Market across North America dominated in 2020, accounting for more than two-fifths of the market, due to increasing R&D activities, rapid adoption of innovative technologies, and technological developments. However, the market through Asia Pacific is expected to register the highest CAGR of 8.2% during the forecast period, owing to the increase in air traffic in various Asian countries including China, India, Japanand South Korea.
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Main market players
- Aero Specialties
- Manufacturing Authorities International, Inc.
- Dedienne Aerospace
- Hydro System KG
- HHI Company
- OEM Group Pty Ltd.
- JETechnologies Solutions Inc. (JSI)
- Waag Plane
- Semco Ltd.
- Wildeck, Inc.
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