Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Airport Baggage Handling Systems Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The latest industry analysis on the airport baggage handling systems market forecasts an optimistic growth trend, with projections for the market to reach a valuation of USD 3.00 billion by 2028. This expansion reflects a robust compound annual growth rate (CAGR) of 12.88% from the current valuation of USD 1.64 billion in 2023.
Expansion in Air Passenger Traffic Drives Market Growth
With air passenger traffic escalating in recent years, the market for airport baggage handling systems is witnessing a surging demand driven by the need for operational efficiency and technological upgrades at airports. The market's trajectory is further fueled by investments in new airports and renovations aimed at enhancing passenger and baggage processing experiences.
Technological Advancements Propel Development
Technological innovations such as the employment of robots in the baggage handling process and the implementation of advanced tracking systems are poised to redefine the market. The pressing need for improved baggage tracking methods, partly inspired by the IATA's Resolution 753, has led to reduced baggage mishandling cases and further stimulated investments in the sector.
Market Segment Expecting Remarkable Growth
The 'above 40 million' passenger handling capacity segment is anticipated to witness notable growth during the forecast period. Large airports within this category are investing heavily in increasing efficiency and capacity to address growing passenger volumes and mitigate operational delays.
Prominent Growth in Asia-Pacific Region
The Asia-Pacific region is expected to experience significant market growth due to substantial airport infrastructure investment accommodating the surge in air traffic. China, India, Japan, and South Korea are earmarked as key contributors to this trend, with ambitious airport expansion and construction plans in place to handle the anticipated air passenger demand.
Competitive Landscape
The airport baggage handling systems industry presents a moderately consolidated market landscape, with leading players such as Siemens AG, SITA, Beumer Group, Vanderlande Industries, and Leonardo SpA dominating the sector. These entities are leveraging strategic partnerships with airport authorities and airlines to solidify their market positions. Recent developments include the December 2022 initiation of the high-tech baggage handling system at Denver International Airport by TSA, which represents a significant investment in airport security and efficiency.
- Increase in Airport Construction and Expansion Projects
- Technological Investments to Meet IATA Resolution 753 Requirements
- Asia-Pacific Enhancement of Airport Capacities
- Growth of Air Passenger Traffic Globally
This analysis is poised to provide insights and support to stakeholders in the airport baggage handling systems market, encompassing growth trends, forecasts, and a competitive analysis of the industry players.
Note to Editors and Journalists
This comprehensive market analysis is a crucial resource for understanding the dynamics influencing the airport baggage handling systems market. For more insights and detailed information, please refer to the newly published report on our official website.
A selection of companies mentioned in this report includes
- Alstef Group
- Ansir Systems
- BEUMER Group
- CIMC TianDa Holdings Co. Ltd
- Daifuku Co. Ltd
- G&S Airport Conveyer
- Leonardo SpA
- Siemens AG
- SITA
- Vanderlande Industries Holding BV
For more information about this report visit https://www.researchandmarkets.com/r/1u2sba
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Attachments
- Airport Baggage Handling System Market Airport Baggage Handling Systems Market By Type C A G R 2022 2027
- Airport Baggage Handling System Market Airport Baggage Handling Systems Market Growth Rate By Region 2022 2027
