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Global Baggage Handling Systems Market is anticipated to grow at a compound annual growth rate of more than 7% during the forecast period 2021-2027. The market growth is driven by various driving factors such as the growth of air-travel and maritime tourism industry, increase in passenger and cargo traffic, the rising rate in development of smart cities, increasing investment in the development of airports and technological advancements. Whereas high initial and maintenance costs and system failures may restrain the overall industrial growth over the forecast period.
Growth of air-travel and maritime tourism industry
Trends in population growth, global aging and middle-class growth in Africa and Asia-Pacific are expected to have a major impact on the airline industry. The industry is expected to record increase in number of passengers over the coming years, as more travellers are expected from non-traditional markets, due to rise in the mid-income group population along with increase in per capita income and growing affordability.
Developing economies are majorly contributing to the air-travel and maritime tourism industry. For instance, India's domestic aviation market accounted as the third-largest market in the world and is anticipated to surpass the UK aviation market by 2024. As per the India Brand Equity Foundation, in FY19, passenger traffic at Indian airports accounted for 344.70 million from 308.75 million in 2017-18. The growth of the Indian aviation market is majorly driven by the increasing working-class population and widening middle-class demography.
The rapid and high growth in the Indian aviation industry opens-up lucrative opportunities that support the overall infrastructural development and opening of new airports with advanced technologies such as smart operations and efficient baggage handling systems. The participation of regional government majorly encourages the participation from the private sector. Over the period, India has witnessed an allowance of foreign investment up to 49% under automatic route in scheduled air transport service, regional air transport service and domestic scheduled passenger.
Segmentation Overview of the Global Baggage Handling Systems Market
The global baggage handling system market is categorized based on type, solution, mode of transport, tracking technology and check-in service type. These major market segments are sub-segmented in several categories to study the market in detail.
By Mode of Transport
By Tracking Technology
By Check-in Service Type
Regional Overview of the Global Baggage Handling Systems Market
This market research study report studies the global baggage handling systems market size in key regions like North America, Europe, Asia Pacific, Middle East & Africa and South America. As per the regional studies, the Asia-Pacific baggage handling systems market holds the largest market share, owing to various growth factors such as growing air passenger volume, developing economies of countries, growth in government industries in railway, airport projects, marine and other key industries. Moreover, the Middle East and Africa and Asia-Pacific are witnessing high investment in the expansion and construction of airports with mega projects worth US$170 billion and US$200 billion, respectively.
Competitive Landscape of the Global Baggage Handling Systems Market
Babcock International Group PLC, B2A Group, Beumer Group, Daifuku Co. Ltd., Fives Group, G&S Airport Conveyor, Glidepath Group, Grenzebach Group, Logplan LLC, Pteris Global Limited (CIMC Group), Smiths Detection Group Ltd., Siemens AG, SITA and Vanderlande Industries B.V. among others are profiled in the research study under various heads such as company business overview, Company Details (Key Executive, Employee count, Trading stock, Year of Establishment), Financial Overview, Business Strategies Adopted and SWOT analysis. Companies in the market have adopted various competitive strategies such as product launch, business expansion, mergers & acquisitions, agreement, partnership and others to offer better and competitive products and services to customers in the global baggage handling systems industry.
Airport operators and airport authorities are keenly focusing on overcoming the pertinent challenges faced when it comes to planning, engineering, assembling, installing, operating and maintenance of the baggage handling system while incorporating automation and technology to stay competitive and efficient. Baggage handling systems are a critical part of airport operations that require an optimum level of performance for efficient operations and satisfactory customer experience.