PUBLISHER: Polaris Market Research | PRODUCT CODE: 1238753
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1238753
The global ground support equipment market size is expected to reach USD 8,082.14 million by 2032, according to a new study by Polaris Market Research. The report "Ground Support Equipment Market Share, Size, Trends, Industry Analysis Report, By Power Source (Non-Electric, Electric, Hybrid, Fuel Cell Vehicle, and Advanced GSE); By Ownership; By Platform; By Type; By Region; Segment Forecast, 2023 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Globally, there has been considerable growth in the number of air passengers and cargo flights, which is likely to grow continuously throughout the coming years, which results in higher adoption of advanced GSE and is expected to boost the growth of the global market. Moreover, several airports across the globe are undertaking significant upgrades to their system to improve operational efficiency and shorten turnaround times. Increased operation effectiveness has numerous advantages, including lowering operating costs and raising profit margins fueling market expansion.
For instance, in October 2022, UL Solutions, a global safety science company, introduced its new service and standard for evaluating lithium-ion battery-powered electric ground equipment at airports. UL 5840 provides higher safety standards that address the risk of electric shock, fire, and explosion hazards and further help to mitigate several issues related to those batteries in GSE.
The rapidly increasing warehouse operations, coupled with the constant modernization and development activities like the establishment of new terminals, gates, and passenger service equipment, are gaining high traction and are likely to impact the market during the forecast period positively. Along with this, the rising environmental consciousness that has led governments of many countries to invest considerably in greener equipment and the introduction of collaborative decision-making tools will create new market growth opportunities at a significant pace.
Polaris Market Research has segmented the ground support equipment market report based on power source, ownership, platform, type, and region: