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Increase in the number of travelers using the airways is a key factor driving market revenue growth
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VANCOUVER, BC, CANADA, June 12, 2023/EINPresswire.com/ — The global baggage handling system market size was USD Billion 8.50 in 2022 and is expected to register a revenue CAGR of 6.6% during the forecast period, according to the latest analysis by Emergen Research. Increasing investment by major companies and rising development in infrastructural plans across the globe are projected to support market revenue growth between 2021 and 2030. For instance, on 17 August 2021, recent improvements to the baggage handling system at Stansted Airport in the U.K. costing USD 70 million included the installation of 180 automated carts, 2.4 km of conveyor belts, and a track. This technology and other advancements in automated luggage handling are covered in our report. The challenge facing airports is largely unchanged from back then. Manually transporting luggage from the airport terminal to the airplane is labor-intensive, time-consuming, and expensive. It has been demonstrated that automating baggage screening, check-in conveyors, sorting, make-up, and reclamation increases process effectiveness, passenger satisfaction, and safety.
The report is equipped with a vivid description of the current trends of the global baggage handling system market. It holds an unbiased perspective of the leading market players, intense competition, the major regions/countries, end-use industries, and a broad continuum of products available in this market. Therefore, the market intelligence report offers a 360° view of the global baggage handling system industry and provides significant information pertinent to the various growth-inducing and growth-restraining factors in detail. The latest study unravels the unfavorable impacts of the COVID-19 pandemic on the global baggage handling system business sector. According to our expert team, the coronavirus outbreak has had an overwhelming impact on the global economic landscape, and consequently, on this business vertical. The pandemic is expected to contribute to the potential downturn of the baggage handling system industry substantially.
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Some Key Highlights From the Report
The Radio Frequency Identification (RFID) segment is expected to register largest revenue CAGR during the forecast period. Airlines can successfully track luggage through all airport procedures thanks to the information provided by RFID for baggage tracking. Since IATA Resolution 753, airlines have started adopting luggage tracking. A shared system for handling airline luggage is called the Individual Carrier System (ICS).
The airport segment is expected to register largest revenue CAGR during the forecast period. The effectiveness and comfort of an airport’s baggage handling system are among the most critical elements that define the airport’s capacity to draw new airlines or maintain its status as a major airline hub.
Market in Asia Pacific accounted for the second largest revenue share and is expected to register rapid growth rate due to a significant increase in airport infrastructural development to accommodate the region’s expanding airline passenger numbers over recent years. The number of passengers using airports in countries such as China, India, India, and South Korea has increased exponentially.
On 10 August 2021, Siemens Logistics introduced a cutting-edge product line for airports at inter-airport Europe. This makes it possible for airports and airlines to take advantage of cutting-edge IoT technologies, data analytics, and artificial intelligence in addition to efficient and dependable baggage handling systems. Airport stakeholders can plan and optimize the use of their human capital due to this program. According to Siemens, the solution uses cloud technology to offer more Internet of Things (IoT) features and predictions based on Artificial Intelligence (AI). Siemens open IoT operating system, MindSphere, forms the foundation of the software.
The leading contenders in the global Baggage Handling System market are listed below:
Siemens, Vanderlande Industries B.V., Daifuku Co., Ltd., Beumer Group, Conveyor & Automation Technologies, Inc., KieTek.com, Ross & Baruzzini, Omega Aviation Inc., TechnipFMC plc, Dalmec S.p.A
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Baggage Handling System Market Segmentation:
Technology Outlook (Revenue, USD Billion; 2019–2032)
Barcode System
Radio Frequency Identification (RFID)
Type Outlook (Revenue, USD Billion; 2019–2032)
Conveyor
Destination-Coded Vehicle (DCV)
Service Outlook (Revenue, USD Billion; 2019–2032)
Assisted Service
Self Service
Regional Outlook of the Baggage Handling System Market
The global Baggage Handling System market has been categorized into several important geographical regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In this section, authors of the report have studied the presence of the global Baggage Handling System market across major geographies. Moreover, the estimated market share, market size, revenue contribution, sales network and distribution channel, and other crucial elements of each regional segment have been detailed in the report.
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Key reasons to buy the Global Baggage Handling System Market report:
The latest report comprehensively studies the global Baggage Handling System market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
The report also provides an extensive analysis of the key market elements, such as drivers, constraints, opportunities, limitations, threats, and micro and macro-economic factors. The exhaustive SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis included in the report are intended to help the reader tactfully formulate business growth strategies. Strategic recommendations for the established market players assist them in fortifying their financial positions in the market.
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