Airport Baggage Handling Systems - Global Market Outlook to 2024: A $65.67 Billion Opportunity - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Mar 19, 2019--The “Airport Baggage Handling Systems Market (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The airport baggage handling systems market was valued at USD 47.85 billion in 2018, and it is expected to reach USD 65.67 billion by 2024, while recording a CAGR of 5.26% during the forecast period, 2019-2024.
Worldwide air travel has grown at a historically sharp pace over the past two decades, with year-over-year passenger travel growth for the past five years averaging at 6.2%.
Low air fares, growing living standards, and a growing middle class in large emerging markets, such as China and India, are major contributors to increased air travel. The increased traffic growth in the Asia-Pacific region is leading to an increased demand for more efficient airport baggage-handling systems in the region, and this is expected to help the market during the forecast period.
The increasing emphasis on airport security, as well as advanced technologies, in terms of passenger baggage screening, is expected to lead to the growth in the market in the years to come.
Establishing of new airports, as well as terminal expansion, is expected to provide growth opportunities for the market in the years to come.
Key Market Trends
Airport Capacity Segment in Between 25 to 40 million is Projected to Grow at a High Pace
Currently, the airport capacity segment in between 25 to 40 million is projected to have the largest share out of all the segments. Airports with a passenger handling capacity of 25-40 million have grown, with new airports entering this segment from the 15-25 million segment.
The growing air travel demand, especially in Asia-Pacific, has forced several smaller airports to increase their passenger handling capacities. Chongqing Airport, Seoul Gimpo Airport, and Tokyo Narita Airport were among the top airports with passenger handling capacities of almost 40 million by the end of 2017. Earlier in March 2017, Narita International Airport introduced a new self-check-in baggage machine at the airport. Thus, the focus is currently on this segment, which is the reason for its expected high CAGR.
South America is Expected to Experience the Highest Growth
In the airport baggage handling system market, regionally, Asia-Pacific is generating the highest revenue currently. Brazil and Argentina are the largest markets for baggage handling systems in South America. The South American aviation industry improved in 2016 and 2017, after a difficult year in 2015, when the aviation industry had to incur significant losses, due to the economic crisis in Brazil, which led to adverse currency fluctuations and weak commodity prices.
With the introduction of the smart airport concept, airports, globally, are shifting toward automation. As the airports are being modernized in Argentina, demand is expected to be generated for new baggage handling systems that can increase the efficiency of airport terminal operation, thus having a positive impact on the growth of the market.
Major players, like Siemens, SITA, Vanderlande Industries, and Beumer Group accounted for the major market revenue share in 2018, in the airport baggage handling systems market, while over a dozen companies accounted for the remaining share of the market revenue, globally.
The industry saw a lot of market consolidation in 2016, due to the increased spending in software and IT solutions. Various contracts received by the players in the recent past have helped the companies to strengthen their market presence.
For example, in March 2018, The Airports Authority of India (AAI) expanded its agreement with SITA, which is expected to allow the company to install its baggage management solution, BagManager, at 15 airports across India. Once installed, BagManager is likely to provide the airports with real-time data on the status of passengers’ baggage, hence reducing the possibility of baggage mishandling.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter’s Five Forces Analysis
5 Market Segmentation
5.1 By Airport Capacity
5.1.1 Up to 15 million
5.1.2 15 - 25 million
5.1.3 25 - 40 million
5.1.4 40 million +
5.2.1 North America
5.2.2 South America
5.2.5 Middle East & Africa
6 Competitive Landscape
6.1 Vendor Market Share
6.2 Mergers & Acquisitions
6.3 Company Profiles
6.3.1 Daifuku Co. Ltd.
6.3.2 Glidepath LLC
6.3.3 Siemens AG
6.3.4 Pteris Global Limited
6.3.5 Vanderlande Industries B.V.
6.3.6 BEUMER Group AS
6.3.7 G&S Airport Conveyor
6.3.8 Ansir Systems
6.3.9 Logplan LLC
6.3.10 Babcock International Group PLC
6.3.11 SITA Enterprises Ltd.
6.3.12 Siemens AG
6.3.14 Beumer Group AG
6.3.15 Loglplan LLC
6.3.16 Vanderlande Industries BV
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/qpk7cv/airport_baggage?w=4
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SOURCE: Research and Markets
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PUB: 03/19/2019 05:48 AM/DISC: 03/19/2019 05:48 AM