The aircraft ground support equipment industry in Korea is poised for substantial growth up to 2034, with the adoption of this solution in both the South Gyeongsang and North Jeolla regions anticipated to show a CAGR of 5.9% through 2034.
The demand for aircraft ground support equipment in Korea has evolved into a mainstream industry, and this trajectory is set to drive the sector to an estimated valuation of approximately USD 117.7 million in 2024. With a promising outlook and consumers' growing reliance on online shopping platforms, the projected demand for aircraft ground support equipment in Korea is expected to reach an impressive USD 208.6 million by 2034.
| Attributes | Details |
|---|---|
| Industry Size (2024) | USD 117.7 million |
| Forecasted Industry Size (2034) | USD 208.6 million |
| CAGR Estimation (2024 to 2034) | 5.9% |
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The aviation sector in South Gyeongsang stands as a testament to robust government investments aimed at both the maintenance and expansive growth of airport infrastructure, particularly in the military air sector. The substantial government spending underscores a dedicated approach to fortifying the aviation industry. This investment bolsters existing infrastructure and facilitates the integration of advanced ground support equipment for enhanced operational efficiency.
The anticipated steady growth in the ground support equipment industry in North Jeolla is intricately tied to the region expanding aviation infrastructure. The rising number of airlines and airports underscores the demand for robust GSE solutions, essential for ensuring efficient and seamless operations. Beyond enhancing aviation sector prosperity, the GSE industry growth catalyzes broader economic development, fostering increased employment opportunities in North Jeolla. This aligns seamlessly with the region vision for a robust and competitive aviation industry. As North Jeolla continues to attract international interest and investment, the GSE sector emerges as a pivotal player, poised to shape the future trajectory of aviation in the region.
The table below highlights how airport service and non-electric power are likely to lead the equipment and power system in 2024.
| Category | Industrial Share in 2024 |
|---|---|
| Airport Service | 41.1% |
| Non-electric Power | 48% |
The projected substantial industrial share of 41.1% in the airport service category signifies the paramount role played by this sector in the industrial landscape. This dominance is attributed to the escalating demand for air travel globally. Investments in advanced ground support equipment, passenger services, and airport logistical operations are pivotal to ensuring seamless operations and enhancing the overall passenger experience. The significant share also underscores the industry's commitment to technological advancements, focusing on smart solutions, automated processes, and sustainable practices. The emphasis on sustainability aligns with environmental goals, reflecting the aviation sector's responsibility to reduce its ecological footprint and contribute to a greener future.
The use of non-electric power plays a crucial role in ensuring versatile and reliable ground handling operations. Many GSE units, such as baggage carts, aircraft tugs, and cargo handling equipment, are designed to operate using alternative power sources such as hydraulic systems, diesel engines, or compressed air. These non-electric power solutions provide essential flexibility in situations where access to electric power may be limited or impractical on the tarmac. Non-electric power systems contribute to the industry commitment to environmental sustainability by offering energy-efficient alternatives that reduce the overall carbon footprint of ground support operations at airports. The diversified approach underscores the aircraft ground support equipment industry adaptability and resilience to meet airports diverse operational needs and enhance overall efficiency.
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The competitive landscape for aircraft ground support equipment in Korea is driven by strategies focused on innovation, cost-effectiveness, and environmental sustainability. Industry players are emphasizing the development of cutting-edge GSE technologies to meet the evolving needs of the aviation sector. Efforts are directed toward providing efficient and reliable solutions to reduce operational costs. Additionally, a commitment to environmentally friendly practices is evident, with a focus on the adoption of sustainable GSE options. Collaborations and partnerships with key stakeholders in the aviation industry are key strategies to ensure a strong industry presence and satisfy the growing demand for advanced GSE solutions.
Recent Developments Observed in the Aircraft Ground Support Equipment in Korea
| Attribute | Details |
|---|---|
| Estimated Industry Size in 2024 | USD 117.7 million |
| Projected Industry Size by 2034 | USD 208.6 million |
| Anticipated CAGR between 2024 to 2034 | 5.9% CAGR |
| Demand Forecast for the Aircraft Ground Support Equipment in Korea | 2024 to 2034 |
| Report Coverage | Industry Size, Industry Trends, Analysis of key factors influencing the adoption of Aircraft Ground Support Equipment in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers |
| Key Provinces Analyzed | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
| Key Companies Profiled | Hankook Samgong Co., Ltd.; TBD Korea Co., Ltd.; Incheon Airport Aviation Industry Co., Ltd.; Korean Air Aerospace Division; Daeyang Electric Co., Ltd.; Gaussin Korea Co., Ltd. |
The estimated valuation of the industry is USD 117.7 million in 2024.
The anticipated CAGR for the industry through 2034 is 5.9%.
Demand for the industry in Korea is likely to surpass USD 208.6 million by 2034.
The airport service is estimated to surpass the valuation of the cargo loading soon.
Non-electric is projected to remain a key contributor in Korea.
1. Executive Summary 2. Market Overview 3. Market Background 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Equipment 5.1. Airport Service 5.1.1. Air Start Unit 5.1.2. De/anti-icing Vehicle 5.1.3. Ground Power Unit 5.1.4. Lavatory Service Vehicle 5.1.5. Refuelers 5.1.6. Rescue & Firefighting 5.1.7. Tugs & Tractors 5.1.8. Others 5.2. Cargo Loading 5.2.1. Belt Loaders 5.2.2. Cargo Dollies 5.2.3. Cargo Transporter 5.2.4. Catering Vehicle 5.2.5. Container Loader 5.3. Passenger Services 5.3.1. Airport Buses & Transport 5.3.2. Bed/Chair Lifts 5.3.3. Boarding Steps & Stairs 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Ownership 6.1. Leased GSE 6.2. Owned GSE 6.3. Rental GSE 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Power 7.1. Electric 7.2. Hybrid 7.3. Non-Electric 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application 8.1. Commercial 8.2. Defense 9. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. South Gyeongsang 9.2. North Jeolla 9.3. South Jeolla 9.4. Jeju 9.5. Rest of Korea 10. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 11. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 12. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 13. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 14. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 15. Market Structure Analysis 16. Competition Analysis 16.1. HanilAero 16.2. YOUYANG GROUND SUPPORT EQUIMENT INC. 16.3. Hanjin Kal 16.4. Aeromaster 16.5. JBT Corporation 16.6. Air T, Inc. 16.7. Textron, Inc. 16.8. China International Marine Containers (Group) Co., Ltd 16.9. Weihai Guangtai Airport Equipment Co., Ltd. 16.10. Cavotec SA 16.11. ALVEST Group 16.12. Mulag Fahrzeugwerk Heinz Wössner GmbH u. Co. KG 16.13. Tronair, Inc. 16.14. Lektro Inc 17. Assumptions & Acronyms Used 18. Research Methodology
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Aircraft Ground Support Equipment Industry Analysis in Korea
