The "Airport Asset Tracking Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Offering (Hardware and Software), Asset Type (Fixed Assets, Portable Assets, and Mobile Assets), and Geography" report has been added to ResearchAndMarkets.com's offering.
According to this report the market was valued at US$ 349.3 million in 2019 and is projected to reach US$ 892.2 billion by 2027; it is expected to grow at a CAGR of 13.1% from 2020 to 2027.The report highlights the key factors driving the market growth, and prominent players and their developments in the market.
In the last few years, a rising number of companies have designed and developed asset tracking and management solutions that can be utilized to keep a track of airport assets and enhance efficiency of the ground handling operations and maintenance routines. Airport assets come in several sizes and shapes. Tractors and tugs are the mobile assets utilized to move equipment such as bag carts, air starters, mobile air conditioning units, and lavatory carts. Other assets include, belt loaders, container loaders, pushbacks, passenger boarding stairs, and airport buses. Additional asset types found on airports are de/anti-icing vehicles, portable water trucks, lavatory service vehicles, and catering vehicles.
Further examples of non-powered equipment comprise chocks and dollies. Dollies are used for loose baggage, cargo pallets, and unit load devices. All these types of assets require asset tracking and management solutions for monitoring their locations and status in real-time. Moreover, all these mobile assets are outdoor equipment and are usually integrated with GPS solutions for real-time tracking. Use of different and numerous mobile assets in airport will assist in boosting the market growth. The global mobile assets are expected to reach US$217.1 million by 2022, which is expected to create significant global demand for airport asset tracking for broad array of mobile assets.
COVID-19 Impact on Airport Asset Tracking Market
According to the World Health Organization (WHO) report, the US, Brazil, India, and Russia are among the worst affected countries due to the outbreak of COVID-19. Due to COVID-19 pandemic, the entire aviation industry has come to an unscheduled halt across the world in last few months. The suspension of passenger air transport by the governments and airport authorities has shocked several associated industries. Also, there was halt in airport infrastructure development worldwide. Thus, the adoption rate of asset tracking solutions for various airport assets is expected to remain slow over the next couple of years.
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The key findings and recommendations highlight crucial progressive industry trends in the global airport asset tracking market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Adoption of Unified Platform for Numerous Asset Tracking Tasks
Rising Number of Airports Worldwide owing to Increasing Air Traffic
Lack of Significant Investments on Airports in Developed Countries
Surging Partnerships among Ecosystem Players
Rising Construction of Smart Airports
Emergence of Low-Power Wide-Area Networks
Targa Telematics S.p.A
Tri-Logical Technologies Ltd
Unilode Aviation Solutions
Radiant RFID, LLC
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201028005680/en/
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