Allied Market Research recently published a report, titled, “Airport Stand Equipment Market by Stand (Engine Access, Landing Gear Access, Wheel, Aircraft Entry, Cabin Interior, and Others) and Application (Aircraft Operations and Maintenance, Repair, & Overhaul (MRO)): Global Opportunity Analysis and Industry Forecast, 2021–2030″ As per the report, the global airport stand equipment industry was accounted for $3.97 billion in 2020, and is expected to reach $7.22 billion by 2030, growing at a CAGR of 6.4% from 2021 to 2030.
Major determinants of the market growth
Increase in the global freight and passenger traffic and modernization of airports have boosted the growth of the global airport stand equipment market. However, long shelf life of airport stand equipment hinders the market growth. On the contrary, surge in focus on non-aviation-related revenue would open new opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic forced several governments to closed their international airports and implement strict regulations regarding import-export. This negatively affected the demand for airport stand equipment.
- The pandemic disrupted the supply chain and created shortage of raw materials. Moreover, the pandemic led to closure of manufacturing facilities.
The aircraft entry segment dominated the market
By stands, the aircraft entry segment held the largest share in 2020, accounting for nearly one-fourth of the global airport stand equipment market, owing to rise in demand for airport stands equipment for several applications at the airports. However, the cabin interior segment is estimated to register the highest CAGR of 8.2% during the forecast period.
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The maintenance, repair and overhaul (MRO) segment to portray the highest CAGR through 2030
By application, the maintenance, repair and overhaul (MRO) segment is projected to manifest the highest CAGR of 7.8% from 2021 to 2030, due to rise in demand for aircraft maintenance services. However, the aircraft operations segment held the largest share in 2020, accounting for more than four-fifths of the global airport stand equipment market, owing to rise in demand for airport stands equipment for different operations.
North America held the lion’s share
By region, the global airport stand equipment market across North America dominated in 2020, accounting for more than two-fifths of the market, owing to rise in R&D activities, rapid adoption of innovative technologies, and technological developments. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 8.2% during the forecast period, owing to rise in air traffic across various Asian countries including China, India, Japan, and South Korea.
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Major market players
- Aero Specialities
- Fabrication Authorities International, Inc.
- Dedienne Aerospace
- Hydro System KG
- HHI Corporation
- OEM Group Pty Ltd.
- JETechnologies Solutions Inc. (JSI)
- Waag Aircraft
- Semmco Ltd.
- Wildeck, Inc.
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