According to a new report published by Research Dive, global airport stands equipment market forecast will be $1,732.5 million by 2026, rising from $1,128.9 million in 2018, and at 5.5% CAGR.
Increase in the number of air passengers and demand for new aircrafts are the major airport stands equipment market drivers. The modernization of airports is projected to the market growth. Increasing the number of international travelers is expected to enforce the governments to upgrade and construct new airports in order to accommodate the passengers, these factors are anticipated to drive the growth of the market in the future time. However, skilled professionals are required for the handling and control of the airport stands equipment’s is projected to hamper the growth of the airport stands equipment industry. Upsurge in the number of brownfield and greenfield airport developments are projected to generate numerous investment opportunities in the market over coming years.
Based on the product, preconditioned air (PCA) unit segment will witness a significant growth and is estimated to generate a revenue of $549.2 million and at a growth rate of 6.4% over projected time period. PCA units provide cooling and heating services to the aircrafts instead of aircrafts power units running on fuel is estimated to drive the market growth over forecast time. Boarding bridges type has generated highest airport stands equipment market size in 2018, and is projected to account for $689.5 million by 2026, at a 4.5% CAGR, due to the flexible operation of boarding bridges and the bridges are capable of boarding and loading of passengers and cargos.
Asia-Pacific market is anticipated to experience a notable growth, due to the presence of developing countries like India, Australia and China these countries play a major role in the growth of Asia-Pacific region. Furthermore, people are preferring air travelling in order to save time and rise in international transportations are projected to enhance the airport stands equipment market growth over projected time. The Asia-Pacific market is anticipated to account for $384.6 million, at a 7.2% CAGR during projected time. North America is accounted for highest airport stands equipment market size, owing to increasing the air passengers traffic, demand of new aircrafts and tourism industry.
Additionally, the existence of developed countries like U.S., Mexico and Canada with well-developed infrastructure are expected to drive the airport stands equipment market, due to this, the market for North America is projected to account for $563.1 million, increasing at a CAGR of 4.2% over projected timeframe.
Cavotec SA, FMT Aircraft Gate Support Systems AB, Aero Specialties Inc., Textron Inc., ADELTE Group S.L. Airport Equipment, HDT Global, ShinMaywa Industries Ltd., JBT Corporation, and ThyssenKrupp AG are the some of the major key participants in the global airport stands equipment market. The key companies are concentrating on the partnerships, mergers & acquisitions and new product launches are some of major strategies. For example, in February 2019, new system launched by AERO Specialties, “AERO’s GPU 2400-315”, this system is aimed to deliver continuous power to the jet aircrafts.