According to a recent report published by Allied Market Research, titled,"Airport Baggage Handling Systems Market by Airport Class, Service, Type, and Technology: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global airport baggage handling systems market was valued at $8,504.2 million in 2017, and is projected to reach $14,509.9 million by 2025, growing at a CAGR of 6.7% from 2018 to 2025.
At present, North America dominates the market, followed by Europe. In 2017, the U.S. dominated the North America market, and UK led the overall market in Europe. On the other hand, in the Asia-Pacific region, China dominates the market.
Increase in air travel, modernization of airports, and technological advancements, such as RFID tags and NFC, drive the growth of the global airport baggage handling systems market. However, high upfront & maintenance cost of baggage handling systems and high consequences of system failure impede the market growth. On the contrary, utilization of robotization in the airports baggage handling process is expected to create lucrative opportunities for the key players operating in this market
Key Findings of the Airport Baggage Handling Systems Market:
- Based on airport class, the class A segment led the global airport baggage handling systems market in 2017. However, the class B segment is anticipated to grow at the highest CAGR during the forecast period.
- North America held a major market share in 2017.
- By technology, the barcode segment dominated the global airport baggage handling systems market in 2017.
- LAMEA is anticipated to exhibit the highest CAGR in the near future.