Airport Baggage Handling System Market to Reach $14.51 Bn, Globally, by 2025 at 6.7% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 12, 2018 /PRNewswire/ —
Upsurge in air travel, technological advancements in baggage handling systems, and modernization of existing airports would drive the growth of the global airport baggage handling system market.
Allied Market Research published a report, titled, Airport Baggage Handling System Market by Airport Class (Class A, Class B, and Class C), Service (Self-Service and Assisted Service), Type (Conveyors, Destination Coded, And Vehicles), and Technology (Barcode and RFID): Global Opportunity and Forecast, 2018–2025. The report offers detailed insights on the top winning strategies, industry dynamics, market size & forecast, major market segments, and competitive landscape. According to the report, 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.
Rise in travelling among baby boomers and modernization of existing airports drive the growth of the market. However, high initial and maintenance cost of baggage handling system (BHS) and unfavorable consequences of system failure hinder the market growth. Conversely, implementation of robotics at airports would create new opportunities to the market.
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Class A airports segment to lead through 2025 in terms of revenue
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, Class B airports segment would register the highest CAGR of 7.7% from 2018 to 2025, owing to rise in the number of domestic airports. The Class C airports segment is projected to grow at a steady rate during the forecast period.
Assisted service segment to dominate through 2025
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 large number of self-service counters.
Conveyors segment to remain dominant by 2025
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 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.
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Barcode segment to maintain its lead position during the forecast period
Barcode segment contributed more than three-fourths share of the total revenue in 2017, owing to their widespread implementation worldwide. This segment would continue its dominance during the forecast period. However, 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.
North America to maintain its dominant position by 2025
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 the large number of airports in the region and modernization of existing airports. However, LAMEA region would grow the highest CAGR of 9.6% from 2018 to 2025, owing to increase in developments and modernization of airports.
Leading market players
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.