Ground support equipment market worth USD19bn by 2021

MarketsandMarkets has published “Ground Support Equipment Market by Application, Type and by Region – Global Forecast to 2021” projecting the ground support equipment market to reach USD 19.44 billion by 2021, at a CAGR of 9.72 percent, the company said.

The company said a number of factors, such as rise in air traffic and increasing focus by airports towards enhancing their operational efficiency are expected to drive the growth of the GSE market.

Passenger service segment is expected to dominate the ground support equipment market. This segment dominates the studied market, and is expected to continue its dominance over the next five years, primarily driven by the increase in passenger traffic and airports continually striving to cater to the subsequent demand for passenger service equipment.

The electric ground service equipment segment is expected to grow the highest during the forecast period. The global ground support equipment market has been segmented and analyzed in terms of three types of equipment, which include non-electric, electric, and hybrid wherein, the electric segment dominates the overall market, and is expected to exhibit a similar trend during the next five years. This market for ground support equipment is expected to be mainly driven by the increasing spending by aviation authorities towards adopting more eco-friendly GSE, which conform to the latest emission norms.

MarketsandMarkets serves 1700 global fortune enterprises with more than 1200 premium studies in a year, catering to a multitude of clients across eight different industrial verticals. The company specializes in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications.