New York, USA, March 09, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global airport stands equipment market is anticipated to register a revenue of $1,732.5 million at a CAGR of 5.5%, increasing from $1,128.9 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Global airport stands equipment market is projected to grow due to the rise in the number of air passengers and increasing standards of airport across the globe. This growth is attributed to the improvement of airport infrastructure, which is projected to drive the demand for airport stands equipment over the projected time period.
With the upgradation and advantages, airport stands equipment requires expert workers for successful operations. The unavailability of skilled labor is expected to be the major restraint of the market.
The rising green field and brownfield airport projects are predicted to create several investment opportunities for the growth of airport stands equipment market in the upcoming years.
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Segments of the Market
The report has divided the market based on product and regional analysis.
Preconditioned Air Units Sub-segment to be the Most Profitable
The preconditioned air unit is anticipated to grow at a significant rate during the forecast period and account for $549.2 million by 2026. The main attributor behind the growth of this segment is the initiatives taken by the airport authorities to control the carbon pollutants.
North America Predicted to Dominate the Market
North America market is estimated to reach $563.1 million, growing at a CAGR of 4.2% during the forecast period. The construction of new airports and renovation of old airports in the developed countries such as US, Canada, and Mexico are directly impacting the airport stands equipment market in the region.
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Key Players of the Market
As per the report, the key players of the global airport stands equipment market include -
- Airport Equipment
- JBT Corporation
- HDT Global
- Textron Inc.
- Aero Specialties Inc.
- ShinMaywa Industries Ltd.
- Cavotec SA
- FMT Aircraft Gate Support Systems AB
- ThyssenKrupp AG
- ADELTE Group S.L.
These players are focusing on research and development, product launches, collaborations and partnerships to sustain the growth of the market.
In January 2020, Kempegowda International Airport (BLR) completed the acquisition of Disabled Aircraft Recovery Equipment (DARE). The acquisition took place after an agreement between Bangalore International Airport Ltd. (BIAL) and KUNZ GmbH for the manufacture, supply, commission and maintenance of the specialized equipment. The implementation of DARE at the airport aims to enhance operational capabilities and reduce downtime during runway emergencies.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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