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AE_181080
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Pages: 172
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Mar 2018 | 3502 Views
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Author's :
Rachita Rake
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Tables: 62
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Charts: 50
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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.
Airport Stand Equipment are majorly used on the aircraft ramp during the arrival and departure of flights to ensure efficient operation of flights by providing adequate safety and comfort for airport staff and passengers. These equipment ensure smooth functioning of aircraft-related operations on the ramp. The role of airport stands equipment involves aircraft mobility, ground power operations, and cargo or passenger loading/unloading operations.
Continuous rise in global freight and passenger traffic, modernization of airports, and high demand for new aircraft are some of the major factors that propel the growth of the airport stands equipment market. However, long shelf life of airport stand equipment and dearth of skilled workforce restrain the market growth. Conversely, rise in greenfield and brownfield airport projects is expected to provide numerous opportunities for this market.
Preconditioned air unit is expected to grow at a significant pace during the forecast period. The boarding bridge segment led the market in 2016, and is expected to continue this trend in the near future. Furthermore, North America is expected to dominate the overall market during the forecast period, as it is the highest adopter of airport stands equipment.
The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porter’s Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.
Segment Review
The global airport stands equipment market is segmented into type and region. Based on type, the market is divided into boarding bridges, preconditioned air units (PCA), ground power units, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global airport stands equipment market is dominated by key players such as 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.
Global Airport Stands Equipment Market
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Global Airport Stands Equipment Market by Type
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Global Airport Stands Equipment Market by Region
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Top Impacting Factors
The airport stands equipment market growth is expected to be driven by continuous rise in global freight and passenger traffic, modernization of airports, and high demand for new aircraft. However, long shelf life of airport stand equipment and dearth of skilled workforce are expected to negatively impact the market growth during the forecast period.
Rise in Global Freight and Passenger Traffic
The demand for airport stand equipment is on an increase since the past few years due to constant increase in global freight and passenger traffic throughout the world. Moreover, growth in international tourism has led to the construction of new airports and expansion of existing ones. For instance, according to the International Air Transport Association (IATA), the global air freight market measured in freight ton kilometers (FTKs) grew by 9.0%, which was more than double the 3.6% annual growth recorded in 2016.
Modernization of Airports
Upgrading airport infrastructure is expected to fuel the demand for airport stand equipment during the forecast period. Moreover, increase in international passenger traffic has enforced government agencies around the world to make substantial investments to expand their transportation networks so as to accommodate high volume of visitors. In addition, government agencies have taken proactive measures to support airport infrastructure, which is opportunistic for the market.
High Demand for New Aircraft
Surge in demand for new aircrafts 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 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 a 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 increase in support from private participants.
Key Benefits
Key Market Players
Airport stand equipment are the predetermined stands used at airports during arrival and departure of flights. The demand for airport stands equipment is on an increase due to the rise in demand for aviation services throughout the world. Moreover, continuous rise in international tourists has grown significantly. Due to which government of many countries are making substantial investments to their transportation network to accommodate high number of passengers. In addition, growth of international tourism has led to construction of new airports and expansion of existing airports, which is expected to drive the demand for the global airport stands equipment market.
Moreover, rise in energy efficient projects and increase in focus on non-aviation related revenue are expected to provide potential growth opportunities for the market. Some of the key players operating in the airport stands 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. The market players have adopted various growth strategies to enhance their product portfolio and market penetration, as well as they are launching new products to increase their customer base and to cater to the growing demands of the consumers. For instance, in 2015 Cavotec SA launched Series 2500+ ground power unit, which meets the power load requirements of passenger aircraft. Furthermore, factors such as rapid development and expansion of airports in the developing countries such as India and China creates numerous opportunities for the market growth in Asia-Pacific.
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