International Airport Asset Tracking Market Growth Forecast 2021 with 13.1% CAGR by 2027 – Undagrid BV, Targa Telematics SpA, GeotabInc, indoo.rs
According to our latest market research on ‘Airport Asset Tracking Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Offer (Hardware and Software); and the type of asset (fixed assets, portable assets and mobile assets); Geography â, the market was valued at US $ 349.3 million in 2019 and is expected to reach US $ 892.2 billion by 2027; it is expected to grow at a CAGR of 13.1% from 2020 to 2027.
Over the past few years, an increasing number of companies have designed and developed asset tracking and management solutions that can be used to track airport assets and improve the efficiency of ground handling operations and maintenance routines. Airport assets come in many sizes and shapes. Tractors and tugs are the mobile assets used to move equipment such as bag carts, pneumatic starters, mobile air conditioning units, and toilet carts. Other assets include belt loaders, container loaders, pushbacks, passenger boarding stairs and airport buses. Other types of assets found at airports are de-icing / anti-icing vehicles, portable tankers, restroom service vehicles, and catering vehicles.
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Impact of COVID-19 on the airport asset tracking market
According to the World Health Organization (WHO) report, the United States, Brazil, India and Russia are among the countries most affected due to the COVID-19 epidemic. Due to the COVID-19 pandemic, the entire aviation industry has experienced an unplanned shutdown around the world in recent months. The suspension of passenger air transport by governments and airport authorities has shocked several associated industries. In addition, the development of airport infrastructure around the world has been interrupted. Thus, the rate of adoption of asset tracking solutions for various airport assets is expected to remain slow over the next two years.
Other examples of non-motorized equipment include chocks and carts. The carts are used for bulk baggage, cargo pallets and unit loading devices. All of these types of assets require asset tracking and management solutions to monitor their locations and condition in real time. Additionally, all of these mobile assets are outdoor equipment and are typically integrated with GPS solutions for real-time tracking. The use of different and numerous mobile assets in the airport will help drive the growth of the market. Global mobile assets are expected to reach $ 217.1 million by 2022, which is expected to create significant global demand for airport asset tracking for a wide range of mobile assets.
The airport asset tracking market involves players offering various types of benefits, ranging from exclusive airport asset tracking solutions to global solutions for the aviation industry; it also includes several players in general telematics. Some of the recent developments in the airport asset tracking market are listed below:
2020: Geotab announces a collaboration with Deloitte. According to the partnership, Deloitte would offer Geotab’s award-winning product portfolio as well as consulting and integration services to its current clients based in Canada and Latin America.
2019: Adveez has entered into a partnership with Sabena Technics for the development of a new interior and exterior tracking module in order to locate the right equipment for the proper functioning of the aircraft. The accuracy of the tracking module is of the order of 3 to 5 meters.
2018: Asset Fusion Limited has partnered with Smart Asset Manager Ltd for the development of the asset tracking platform for all vehicle tracking devices.
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