According to a recent report published by Allied Market Research, titled, "ASEAN Ground Support Equipment Market by Equipment Type, Type, and Power Source: Regional Opportunity Analysis and Industry Forecast, 2020–2027,"
The ASEAN ground support equipment (GSE) market was valued at $674.2 million in 2018, and is projected to reach $1,192.2 million by 2027, registering a CAGR of 9.8% from 2020 to 2027.
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Presently, Indonesia dominates the ASEAN ground support equipment market, followed by the Philippines and Malaysia. However, Vietnam is expected to grow at a higher CAGR during the forecast period. Factors, such as increase in air traffic & cargo, rise in focus of airports on enhancing operational efficiency, high service standards, and leasing of ground support equipment, supplement the growth of the ASEAN ground support equipment market. However, high initial investments required for purchasing the ground support equipment are expected to impede the market growth. Further, rise in focus on procurement of greener GSE, outsourcing of maintenance, repair, & overhaul (MRO) to third party, and increase in use of wireless technology are expected to create numerous opportunities for the key players operating in the ASEAN ground support equipment market.
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Huge capital expenditure is required to deploy ground support equipment. For instance, in May 2017, Air India SATS Airport Services invested $0.77 million on India's first automated aircraft cleaning machine. This automated aircraft exterior cleaning system is installed at Indira Gandhi International Airport (IGI), New Delhi, and carried out by Nordic Dino II, an automated purpose-built system. In addition, it would be challenging for those players that have constrained working capital and tight margins. Moreover, it involves huge amount of maintenance cost, which is expected to hamper the growth of the ASEAN ground support equipment market.
Further, the cost required to acquire, maintain, and operate a fleet of aircraft GSE is substantially very high. Therefore, GSE fleet owners and managers are continuously looking to monitor and control such costs. Furthermore, wireless is emerging as a growing tool to address these ongoing challenges. Use of wireless technology in GSE would not only help to optimize GSE maintenance management but also increase security, safety, productivity, and fleet allocation. The wireless choices include "closed loop" long-range RFID-based systems and general packet radio service (GPRS) mobile data system or "Wi-Fi" system. It is necessary for GSE fleet managers and owners to decide the best technology based on their requirements. Therefore, emerging use of wireless technology is opportunistic for the market expansion.
COVID-19 impact analysis
COVID-19 virus has spread worldwide without acknowledging borders. It has impacted all industries, sectors, and aspects of lives with devastating economic & financial losses and significant uncertainties.The growth of the ground support equipment market is directly linked to the aviation industry, which was the first one to undergo complete shutdown as it became the carrier of coronavirus across borders, unknowingly.Decline of operations at the terminals is expected to have a far-reaching impact on the market. Companies running on contracts are banking on government-backed funds to relieve them as the aviation industry came to a halt.The change in the behavior of passengers following the COVID-19 crisis, travel restrictions, and the ensuing economic crisis resulted in a dramatic drop in demand for airline services.
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Key Findings Of The Study
By power source, the electric segment is expected to register a significant growth rate in the ASEAN ground support equipment market analysis during the forecast period.Vietnam is anticipated to exhibit the highest CAGR during the forecast period. This study includes analytical depiction of the market along with current trends and future estimations to determine the imminent investment pockets.In 2018, Indonesia led the market in the ASEAN region.The leading companies listed in the market report expect high revenue from the ASEAN ground support equipment market returns.
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The key players profiled in the ASEAN ground support equipment market include Adelte Group S.L, Avia Equipment Pte Ltd, Cavotec SA, Guangta, IMAI Aero-Equipment MFG. CO. LTD., ITW GSE, JBT Corporation, Textron Ground Support Equipment INC, TLD, and Tronair.
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