LONDON–(BUSINESS WIRE)–#AirportSmartBaggageHandlingSolutionsMarket–The new airport smart baggage handling solutions market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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“One of the primary growth drivers for this market is the development of smart airports”, says a senior analyst for the Industrials industry at Technavio.
Airport operators worldwide are increasingly adopting the latest technologies to increase efficiency and profitability. Besides, the rising popularity of Airport 2.0 and growing investments have increased the number of smart airports. This is creating new opportunities for vendors operating in the airport smart baggage handling solutions market. As the markets recover Technavio expects the airport smart baggage handling solutions market size to grow by USD 1.15 billion during the period 2020-2024.
Airport Smart Baggage Handling Solutions MarketSegment Highlights for 2020
- The airport smart baggage handling solutions market is expected to post a year-over-year growth rate of 4.75%.
- The global airport smart baggage handling solutions market saw the maximum demand for smart baggage and tracking devices in 2019. This is due to the introduction of new products with innovative features by vendors.
- The growth of the market will be significant in the smart baggage and tracking devices segment during the forecast period.
- 40% of the growth will originate from the APAC region.
- The growth of the market in APAC is driven by factors such as rising passenger traffic and the increasing number of airport projects.
- China and Japan are the key markets for airport smart baggage handling solutions in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The airport smart baggage handling solutions market size is expected to accelerate at a CAGR of over 6% during the forecast period.
- The airport smart baggage handling solutions market is segmented Product (Smart baggage and tracking devices and Smart baggage screening devices) and Geography (APAC, North America, Europe, MEA, and South America).
- The market is concentrated due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Babcock International Group Plc, BEUMER Group GmbH & Co. KG, CIMC Tianda Holdings Co. Ltd., Daifuku Co. Ltd., G&S Airport Conveyor, Leonardo Spa, Siemens AG, SITA, Vanderlande Industries BV, and WFS Global SAS
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