According to a recent report published by Allied Market Research, titled, “Airport Stands Equipment Market by Stand and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global airport stands equipment market was valued at $3.97 billion in 2020, and is projected to reach $7.22 billion by 2030, registering a CAGR of 6.4%.
North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. U.S. dominated the global airport stand equipment market share in North America in 2020, owing to increase in R&D activities, technological developments by key players, and rapid adoption of innovative technologies in making reliable airport stand equipment. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in air traffic across several Asian nations, for instance, China, India, Japan, and South Korea.
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By stands the airport stands equipment market is segregated into engine access, landing gear access, wheel, aircraft entry, cabin interior, and others. The aircraft entry segment accounted for the highest revenue in 2020, owing to increase in demand for airport stands equipment that are used for various applications at the airports.
Depending on application, the airport stands equipment market is segmented into aircraft operations and maintenance, repair, & overhaul (MRO). The aircraft operations segment was the highest revenue contributor in 2020, owing to increase in demand for airport stands equipment, which are used for numerous operations at the airport.
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Key Findings Of The Study
- By stand, the others segment, is expected to register a significant growth during the forecast period.
- Depending on application, the maintenance, repair, & overhaul (MRO) segment is anticipated to exhibit significant growth in future.
- Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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The key players that operate in the global airport stands equipment market include Aero Specialities, Dedienne Aerospace, Fabrication Authorities International, Inc., HHI Corporation, Hydro System KG, JETechnologies Solutions Inc. (JSI), OEM Group Pty Ltd., Semmco Ltd., Waag Aircraft, and Wildeck, Inc
Moreover, surge in international tourism has led to the construction of new airports and expansion of existing ones. Furthermore, according to the International Civil Aviation Organization (ICAO), by 2035, passenger traffic and freight volume will double. Factors such as rise in disposal income of the middle-class population and the emergence of low-cost airlines have led to increase in number of airline passengers. With surge in number of airline passengers, the demand for new aircraft and number of flights have increased at a significant rate. Such increase in demand for aircraft & flights propels the growth of the airport stand equipment market.
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