According to the Astute Analytica study on the globalBaggage Handling Systems Market, is anticipated to grow at a compound annual growth rate of more than 7% during the forecast period 2021-2027.
The segmentation section of the report focuses on every segment, along with highlighting the ones having a strong impact on the global Baggage Handling Systems Market. The segmentation served as the foundation for finding businesses and examining their financial standings, product portfolios, and future growth potential. The second step entailed evaluating the core competencies and market shares of top firms in order to predict the degree of competition. A bottom-up method was used to assess the markets overall size.
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Factors Influencing the Market
Favorable regulatory standards for tax breaks for infrastructure ventures are primarily driving the growth of the global Baggage Handling Systems Market. In addition, other factors like the rapidly growing urban population, technological advancements, and growing RD activities will offer lucrative growth opportunities for market growth.
However, risks associated with equipment handling and high machine costs are expected to stymie the growth of the Baggage Handling Systems Market. This report on the global Baggage Handling Systems Marketoutlines every subject impacting the market. The report offers both qualitative and quantitative analysis based on every segment.
COVID-19 Impact Analysis
Following the coronavirus pandemic, the Baggage Handling Systems Market experienced a sharp decline in terms of revenue. The COVID-19 pandemic forced the imposition of a lockdown to reduce infection among the population across countries. Moreover, manufacturing companies rely heavily on the supply of raw materials and components from other countries around the world, which was halted during the pandemic. Thus, the negatively affected the global Baggage Handling Systems Market.
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 Type
- Conveyor
- Destination Coded Vehicle (DCV)
By Solution
- Check-in, Screening, and Loading
- Conveying and Sorting
- Unloading and Reclaim
By Mode of Transport
- Airport
- Railway
- Marine
By Tracking Technology
- Barcode System
- RFID System
By Check-in Service Type
- Assisted Service
- Self-Service
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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$200 billion, respectively.
Competitive Landscape of the Global Baggage Handling Systems Market
Babcock International Group PLC, B2A Group, Beumer Group, Daifuku Co. Ltd., Fives Group, GS Airport Conveyor, Glidepath Group, Grenzebach Group, Logplan LLC, Pteris Global Limited (CIMC Group), Smiths Detection Group Ltd., Siemens AG, SITA, and Vanderlande Industries B.V. among others are profiled in the research study under various heads such as company business overview, Company Details (Key Executive, Employee count, Trading stock, Year of Establishment), Financial Overview, Business Strategies Adopted and SWOT analysis. Companies in the market have adopted various competitive strategies such as product launch, business expansion, mergers acquisitions, agreement, partnership, and others to offer better and competitive products and services to customers in the global baggage handling systems industry.
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Regional Analysis
North America is expected to grow at a moderate rate, closely followed by Europe due to the well-developed infrastructure of these regions. Furthermore, the presence of various safety standards such as quiet operation, low emission, and others will contribute to the growth of the market.
The presence of developing economies such as India, China, etc., will drive the Asia-Pacific Baggage Handling Systems Market forward. It is majorly attributable to the growing urbanization and industrialization in the region. Further, the availability of cheap labor and raw materials has increased factory setup in the region. According to Invest India, the Parliament passed a bill with the aim to develop National Bank for Financing Infrastructure and Development (NaBFID) in order to invest in infrastructure projects in the country. Moreover, the same source estimates that infrastructure activities held a 13% share of the total FDI inflows of US$ 81.72 billion in In FY21.
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