Baggage Handling System Market 2025: Top Companies, Trends and Future Prospects Details for Business Development and CAGR of 7.28%
The baggage handling system market is projected to grow at a CAGR of 7.28%, from USD 8.4 billion in 2018 to USD 13.7 billion by 2025. The increasing focus on improving operational efficiency at airports, growing air passenger volume, and significant developments in intermodal transport are the major factors which will drive the market.
411013(firmenpresse) - According to the new market research report Baggage Handling System Market is projected to grow at a CAGR of 7.28%, from USD 8.4 billion in 2018 to USD 13.7 billion by 2025. The increasing focus on improving operational efficiency at airports, growing air passenger volume, and significant developments in intermodal transport are the major factors which will drive the market.
The growing focus on improving air connectivity and the development of intermodal transport will drive the baggage handling system market. Additionally, the rising smart city projects and growing maritime industry are also expected to drive the demand for baggage handling systems. Factors such as complex architecture and high level of initial investments are restricting the growth of this market. However, an increase in passenger and cargo traffic with a limited airport space provides new growth opportunities for the market players.
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The baggage handling system market is dominated by few global players and comprises several regional players as well. The key players in the baggage handling system market are Siemens (Germany), Vanderlande Industries (Netherlands), Daifuku (Japan), Pteris Global Limited (Singapore), BEUMER (Germany), and SITA (Switzerland).
Conveying and sorting to be the largest segment, by solution.
The conveying and sorting segment is projected to lead the baggage handling system market, by solution. According to primary insights, sorting is the heart of the total baggage handling system. The exponential increase in air and marine passenger volume for domestic and international travels worldwide has encouraged baggage handling system manufacturers to find ways to improve existing baggage handling technologies with automated sorting. According to Société Internationale de Télécommunications Aéronautiques (SITA), with a rise in automation reflected in increasing use of conveyor systems, the rate of baggage mishandling reduced in 2018 compared to 2017.
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RFID system to be the fastest growing segment for baggage handling system market, by tracking technology.
The airline industry is a customer service oriented industry, which leads to immense competition. Today, the key challenge for the airport industry is to reduce baggage mishandling. Baggage mishandling can lead to customer dissatisfaction. According to the Ministry of Civil Aviation, between November 2016 and June 2018, domestic Indian airlines received 763 grievances related to baggage—the fourth highest after complaints about flight delays, ticket fares, and check-in and boarding. In response to that, companies and authorities are focusing on the development of an effective baggage handling system. For instance, the International Air Transport Association (IATA) has been working toward ‘Resolution 753’. RFID systems have a better coverage area than barcode systems and do not need to be positioned in the line of sight for scanning. The RFID system segment is expected to show strong growth in the coming years, with Resolution 753 mandates. However, according to primary insights, Resolution 753 will never discard barcode systems completely
Asia Oceania to be the largest market for baggage handling systems.
Asia Oceania is expected to provide lucrative opportunities in the baggage handling system market. Factors such as strong economic growth, increasing focus on development of smart cities, and favorable government policies for improving air connectivity have triggered the demand for baggage handling systems in the region. Due to the ever-growing air passenger traffic, China accounts for the highest market share of the total Asia Oceania baggage handling system market. Additionally, with a significant focus of the government on development of new airports, India is expected to play a key role in the baggage handling system industry in the Asia Oceania region. For instance, the Indian government plans to construct 100 new airports with an investment of about USD 60 billion in the next 10–15 years. On the other hand, Europe and the Americas have matured markets for the baggage handling systems.
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