Smart Baggage Handling System Market to See Incredible Growth During 2025
Posted: Nov 28, 2017
The global smart baggage handling system market features a competitive vendor landscape with the dominance of a few large companies that operate globally, says Transparency Market Research (TMR) in a new report. In the upcoming years, the market is expected to witness the entry of significant solution providers to further intensify the competition."Collaboration is a key growth strategy that players in this market are hard-focused on to expand their outreach and to accelerate their pace of gains," says a TMR analyst. This, along with technological innovations will favor these players to establish a strong foothold globally, adds the report.
Some of the key participants in the global smart baggage handling system market are Daifuku Web Seimens Group, Vanderlande Industries, Pteris Global Limited, Alstef Automation S.A., Fives Group, SITA, Beumer Group, G&S Airport Conveyor, and Scarabee Systems & Technology B.V.As per estimates of a report by Transparency Market Research, the global smart baggage handling system market will clock an impressive 19.3% CAGR for the forecast period between 2017 and 2025, for the market to attain a value of US$7,210.8 mn by the end of 2025. The market stood at a valuation of US$1,508.6 mn in 2016.
Powered by the U.S., North America to Display Significant Growth Rate through 2025
The radio frequency identification (RFID) technology segment led the overall market in terms of revenue share in 2016. RFID allows the system to scan the baggage tags with negligible probability of issues that helps generate good revenue.By type of transport, the airport segment is expected to account for a significant revenue contribution to the global smart baggage handling system market over the forecast period. Going forward, the airport segment is expected to clock a significant growth rate between 2017 and 2025. North America followed by Asia Pacific stood as the key segments in in the global market in 2016 in terms of revenue.
Constriction of State-of-the-art Airports Make Asia Pacific Prominent Market
The growth of the smart baggage handling system market across the world is driven by a number of factors which include modernization of existing airports, growth in the number of airports and air travelers, and improved accuracy in baggage handling system.The emerging economies of Asia Pacific and developing regions such as Middle East and Africa are witnessing the construction of new airports for the increasing number of air travelers in these regions. These new airports are equipped with state-of-the-art technology from baggage scanning to passenger check-in to security check to flight arrivals and departures for overall efficiency and easy movement of passengers. The installation of smart baggage handling system is an important component of the newly built airports for easy tracking and handling of large volume of baggage.
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Not only developing regions, the developed economies of North America and Western Europe hold significance for the global smart baggage handling system market. Countries such as the U.S. and the U.K. are expected to witness an increasing adoption of IoT in the aviation sector in the upcoming years. This includes adoption of IoT based systems and processes such as smart baggage handling system for sorting, conveying, tracking, tracing, and diverting baggage that are critical activities for air transport.
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