GSE market projected to see 3.9% growth from 2024 to 2029

GSE market projected to see 3.9% growth from 2024 to 2029
Thought to be leading this growth is the sector's electrification drive (Image credit: Adobe Stock)

The global ground support equipment (GSE) market could be set to grow by US$1.3bn between 2024 and 2029, research has revealed.

A new report by the market research firm MarketsandMarkets projects a CAGR (compound annual growth rate) of 3.9 per cent to the end of the forecast period.

The market is predicted to see an increase in the number of units of GSE from almost 38,600 this year to more than 44,750 by 2029.

According to MarketsandMarkets, the growth of emerging markets – especially in regions undergoing rapid urbanisation and economic development – presents significant opportunities for GSE manufacturers and service providers to expand their reach.

The report comes as the aviation industry anticipates a huge boom in air travel demand as passenger numbers begin to recover to 2019 levels.

Thought to be leading this growth across aviation is the industry’s focus on meeting sustainability pledges – and the global GSE sector’s electrification drive.

Electric GSE is expected to grow highest during the forecast period due to lower operating costs compared to diesel counterparts, the report hints.

Battery-powered equipment boast higher energy efficiency and demand less maintenance, which leads to decreased fuel consumption and upkeep expenses throughout the equipment’s lifecycle.

As airports prioritise operational cost optimisation, particularly as operators continue to balance the books post-pandemic, the “cost-effectiveness of electric GSE emerges as an appealing proposition”, according to the new research.

Meanwhile, North America is expected to hold the highest market share in 2024, despite some projections for growth in newer aviation markets – which include the Middle East, Africa and Southeast Asia – in the next few years.

The report states North America’s “robust economic growth, consumer spending and thriving business activity sustain strong air travel demand, driving ongoing investments in airport infrastructure and ground support equipment procurement”.

Oshkosh, TCR, Weihai Guangtai and Textron GSE are all expected to contribute to growth in the GSE space through the forecast period,