Pune, India -- (SBWIRE) -- 09/30/2020 -- Ground Support Equipment Market will exhibit a CAGR of 4.22% during the forecast period, 2020-2027 and reach USD 6,640.7 million by the end of 2027, and the market value as per 2019 was USD 5,279.5 million.

Fortune Business Insights™ in a recently published report, titled, "Ground Support Equipment Market Size, Share and Global Trend by Type (Mobile GSE, and Fixed GSE) By Power Source (Non-Electric GSE, Electric GSE, and Hybrid GSE) By Application (Commercial, and Military), By Component (Equipment, and Maintenance) and Regional Forecasts, 2020-2027."

Ground Support Equipment Market Drivers and Restraint :
Increase in Air Traffic and Cargo Transportation is Propelling Market Growth
An increase in the overall air traffic and cargo transportation has contributed to the growth of the market. Furthermore, an increase in the adoption of advanced GSE by airports drives the market across the globe. According to the data released by the International Air Transport Association (IATA), 52.2 million metric tons of cargo were transported in 2015 and are expected to increase at a CAGR of 4.1% for the next five years.

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List of Significant Manufacturers Ground Support Equipment Market are:
- Cavotec SA (Switzerland)
- Curtis Instruments, Inc. (The U.S.)
- GATE (Germany)
- Guangtai (China)
- ITW GSE (The U.S.)
- JBT Corporation (The U.S.)
- Kalmar Motor AB (Sweden)
- Mallaghan (Ireland)
- Rheinmetall AG (Germany)
- Textron Ground Support Equipment Inc. (The U.S.)
- TLD (France)
- Tronair (The U.S.)

Company Mergers are a Growing Trend Among Major Businesses
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the demand for technologically advanced products, several companies are looking to adopt strategies that will help them establish a strong position in the market. In March 2020, Cavotec announced that it has signed two major ground support equipment contracts with Chengdu Tianfu International Airport and Beijing Capital International Airport. The contract is estimated to be worth USD 3.29 million. Through this contract, the company will supply a range of fueling and electrical power connection systems. The company possesses an excellent range of products and this contract will help the company generate substantial market revenue in the coming years. Cavotec's latest contract will not just benefit the company but will emerge in favor of growth of the market in the coming years.

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North America to Hold the Highest Share; Increasing Demand for Electric and Hybrid GSE Will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in North America is projected to emerge dominant in the coming years. The increasing demand for electric and hybrid ground support equipment in this region will aid the growth of the regional market. The presence of several large scale international airports will create a subsequent demand for the product in this region. Moreover the presence of several large scale companies will contribute to the growth of the market. As of 2019, the market in North America was worth USD 1697.3 million and this value is projected to increase further in the coming years.

Some of the key industry developments in the Ground Support Equipment Market Include:
September 2019: Swissport International announced that it has bagged a license for ground services from October 1, 2019, for 15 airports in Morocco. Through this license, Swissport will convert most of its fleet of ground support equipment at Marrakesh airport to electric propulsion.

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