Airports possess a wide range of assets, including several ground support equipment used for aircraft service between flights. For many years, a growing number of players have launched various tracking solutions used for keeping a track of these assets, thereby enhancing the productivity of ground-handling operations as well as maintenance practices. Generally, airport assets are categorized into motorized (ground service equipment) and non-motorized equipment. Airport asset tracking and management solutions enable operators to have a graphical illustration of ground handling processes as well as obtain status and location of fleet assets historically and in real-time.
According to our latest market study on “Airport Asset Tracking Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Offering (Hardware and Software); and Asset Type (Fixed Assets, Portable Assets, and Mobile Assets); Geography” 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.
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Impact of COVID-19 Pandemic on Airport Asset TrackingMarket
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. However, as the businesses and airports have started operating gradually, the adverse impact of this pandemic is expected to reduce on the aviation industry in the coming months. Looking into the current scenario, the adoption rate of asset tracking solutions for various airport assets is expected to remain slow over the next couple of years, thus hampering the growth of airport asset tracking market.
Europe holds the second-largest share in the global airport asset tracking market. The growth of the airport asset tracking market in this region is attributed to the presence of numerous software developers providing asset tracking solutions for airport applications. According to ACI Europe, the region has an investment gap of ~US$ 13.5 billion in European airports and strives for more investment on the grounds that are essential for ‘decarbonization’. This gap is anticipated to add to a 12% deficit between needed as well as realized airport investment since 2013. This signifies the requirement of additional funding to enhance the region’s airport infrastructure.
Strategic Insights
The airport asset tracking market involves players offering diverse types of benefits, ranging from solutions for the exclusive tracking of airport assets to all-inclusive solutions for the aviation industry; it also includes several general telematics players. A few of the recent developments in the airport asset tracking market are listed below:
2020: Geotab announced a collaboration with Deloitte. As per the partnership, Deloitte would offer Geotab’s award-winning product portfolio as well as consultation and integration services to its current customers based across Canada and Latin America.
2019: Adveez completed the partnership with Sabena Technics for developing new indoor and outdoor tracking module to locate the right equipment for the right aircraft operation. The accuracy of the tracking module is in the range of 3–5 meters.
2018: Asset Fusion Limited partnered with Smart Asset Manager Ltd for the development of the asset tracking platform for all vehicle tracking devices.
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