The global airport baggage handling system market generated $8.50 billion in 2017 and is expected to reach $14.51 billion by 2025, registering a CAGR of 6.7% from 2018 to 2025.
The key market players analyzed in the report include Siemens AG, Beumer Group, G&S Airport Conveyor, Vanderlande Industries B.V., Daifuku Co. Ltd., Pteris Global Limited, Fives Group, Grenzebach Group, Logplan LLC, and Glidepath Group. These market players have adopted several strategies including partnership, expansion, collaboration, joint ventures, and others to gain a stronghold in the industry.
North America accounted for more than one-third share of the total revenue in 2017 and is expected to maintain its dominant position by 2025. This is due to a large number of airports in the region and modernization of existing airports. However, the LAMEA region would grow the highest CAGR of 9.6% from 2018 to 2025, owing to an increase in developments and modernization of airports.
A rise in traveling among baby boomers and modernization of existing airports drive the growth of the market. However, high initial and maintenance costs of the baggage handling system (BHS) and unfavorable consequences of system failure hinder the market growth. Conversely, the implementation of robotics at airports would create new opportunities to the market.
Conveyors segment contributed more than two-thirds share of the total revenue in 2017, as it is the most commonly used traditional method of carrying the baggage of various sizes and shapes. This segment would maintain its lead by 2025. However, destination coded vehicles segment would contribute the highest CAGR of 7.8% from 2018 to 2025, owing to higher accuracy and lower baggage mishandling cases as compared to conveyors.
The barcode segment contributed more than the three-fourths share of the total revenue in 2017, owing to its widespread implementation worldwide. This segment would continue its dominance during the forecast period. However, the RFID technology segment would grow at the highest CAGR of 8.7% from 2018 to 2025, owing to its high baggage tracking accuracy and technological advancements in this technology.
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The assisted service segment accounted for the highest share, i.e. nearly 90% of the total revenue in 2017, as it is a globally adopted method of assist passengers, especially non-frequent flyers. This segment would continue to dominate the global market throughout the forecast period. However, the self-service segment would grow at the fastest CAGR of 8.3% from 2018 to 2025 due to high efficiency, less waiting time, and a large number of self-service counters.
Class A airports segment generated nearly half of the total market revenue in 2017, owing to the high preference for this class. This segment would maintain its lead position during the forecast period. However, the Class B airports segment would register the highest CAGR of 7.7% from 2018 to 2025, owing to a rise in the number of domestic airports. The Class C airports segment is projected to grow at a steady rate during the forecast period.
Top Impacting Factors Such as -
- Anticipated growth in air travel
- Renewal of Airports
- Technological Advancements
- High upfront and maintenance cost of baggage handling system (BHS)
- Utilization of robotization in the airports
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