Pune, May 20, 2020 (GLOBE NEWSWIRE) -- The global Baggage Handling System market size is projected to reach USD 14.79 billion by 2027, exhibiting a CAGR of 7.2% during the forecast period. increasing air travel around the world will bolster the prospects of this market, states Fortune Business Insights™ in its new report, titled “Baggage Handling System Market Size, Share & Industry Analysis, By Type (Destination coded vehicle (DCV), Conveyor), By Technology (Radio-Frequency Identification (RFID), Barcode), By Application (Airport, Railway, Marine), and Regional Forecast, 2020-2027”.
According to the data analyzed by the International Civil Aviation Organization (ICAO), the number of air travelers rose sharply by 6.4% from 2017 levels, reaching 4.3 billion in 2018. Moreover, the number of departures increased by 3.5%, hitting 37.8 million in 2018. The highest growth was seen in Asia-Pacific, which registered a spike of 9.5% in 2018, accounting for 34.8% of world air traffic. One of the main reasons for this impressive rise in air travel is the proliferation of low-cost carriers, which, the ICAO notes, carried around 1.3 billion passengers in 2018. Thus, escalating demand for air travel, further fueled by increasing disposable income, is set to accelerate the growth of this market in the foreseeable future.
The report states that the market value stood at USD 8.55 billion in 2019. The other highlights of the report include:
- Valuable insights into the impact of the COVID-19 outbreak on the market;
- Panoramic overview of the general aviation industry trends;
- Comprehensive analysis of the various factors driving and restraining the market growth;
- Exhaustive evaluation of all market segments; and
- Careful study of the competitive dynamics and regional developments influencing the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Market Restraint
Outbreak of the Coronavirus to Truncate Market Growth
The eruption of the COVID-19 contagion has virtually destroyed the travel and tourism industry as countries have imposed stringent travel bans. The UN World Tourism Organization (UNWTO) estimates that the international tourism industry is expecting revenue decline between USD 300 billion and 400 billion in 2020, since 96% of the world’s tourist destinations are sealed off. Similarly, the International Air Transport Association (IATA) projects a 48% fall in revenue in 2020 for the aviation industry. Furthermore, according to the Indian railway ministry, the railway sector reported an approximate loss of INR 80.94crores per day since March 2020. This dramatic fall in revenues for the travel and associated industries will be further punctuated by the grim world economy forecast of the International Monetary Fund (IMF), which states that the COVID-19 outbreak will contract the global GDP by 3% in 2020. The cumulative negative effect of these developments will, therefore, be seen on the Baggage Handling System growth in the immediate future.
Regional Analysis
Extensive Investment in Airport Renovation to Augment the Market in Asia-Pacific
Having generated USD 3.06 billion in revenue in 2019, Asia-Pacific is poised to dominate the Baggage Handling System market share in the forthcoming years as governments in the region have undertaken massive airport renovation and modernization projects. For instance, the Airport Authority of India (AAI) upgraded baggage screening systems across nine airports in the country. Moreover, rapid economic development in India and China has spiked the number of air travelers in the region, fueling the market further.
Frequent instances of baggage mishandling have heightened the demand for efficient luggage management systems in North America, which bodes well for the market in this region. Europe is foreseen to display steady growth on account of strong presence of baggage handler manufacturers in the region and their increasing involvement in airport up-gradation projects across the continent.
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Competitive Landscape
Government-Private Sector Collaborations to be the Hallmark of Market Competition
The competition in this market is intense and key players are formulating strategies which will put them in a leading position. To achieve that, many competitors are entering into partnerships with government authorities to enlarge their footprint in the market and position themselves to expand globally.
Industry Developments:
- December 2019: Pteris Global Limited, subsidiary of the Hong Kong-based CMIC Tianda, secured the contract for the baggage handling project initiated at the Chennai International Airport in Tamil Nadu, India. At an estimated worth of 360 million Yuan, the order is India’s largest state-owned baggage system project currently.
- May 2019: The Netherlands-based Vanderlande Industries inked a deal with the Brussels Airport Company to modernize the baggage handling system at the Brussels Airport. Under the 20-year-long contract, the company will provide services to upgrade and optimize operational procedures.
List of Players Covered in the Baggage Handling System Market Report:
- Logplan
- G&S Airport Conveyer
- Babcock International Group PLC
- SITA
- BEUMER GROUP
- Siemens
- B2A Group
- Smiths Detection Group Ltd.
- Pteris Global Limited
- Daifuku Co., Ltd.
- Vanderlande Industries
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Impact of Covid-19 on the Market
- Global Baggage Handling System Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Destination coded vehicle (DCV)
- Conveyor
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Radio-Frequency Identification (RFID)
- Barcode
- Market Sizing Estimations and Forecasts – By Application (Value)
- Airport
- Railway
- Marine
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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