Future Market Insights (FMI), in its latest study, underlines the growth trail of passenger boarding bridge market for the foreseeable period 2019-2029. According to the report, passenger boarding bridge market witnessed sales of 1,549 units in 2018, equaling revenues worth ~US$ 600Mn. As innovation makes notable inroads in the aviation industry, manufacturers of passenger boarding bridge are under high-press to develop technologically-advanced and convenience-centric offerings.
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1. The global passenger boarding bridge market size in 2018 was valued at ~US 600 Mn.
2. The passenger boarding bridge market is anticipated to grow at a CAGR of ~6% during the forecast period of 2019-2029.
3. The mobile telescopic bridges segment is expected to remain as the most preferred product type segment in the passenger boarding bridge market.
• The growth of this particular segment can be primarily attributed to the global growth of the passenger boarding bridge market.
4. Collectively, Europe and North America are likely to account for more than half of the revenue shares in the passenger boarding bridge industry by the end of 2029.
• The East Asia market will continue to be a significant market for passenger boarding bridge manufacturers and distributors, owing to the increasing production and demand for boarding bridges in aeroplane.
5. The hydraulic system segment is likely to continue as the prominent drive system, which creates significant growth opportunities for passenger boarding bridge market players.
• The aerospace industry has witnessed significant growth over the recent past. The increasing disposable income of the higher and middle class population increases the demand for better services in the aerospace industry, which in turn, is expected to propel the demand for passenger boarding bridge.
• Noteworthy application potential of passenger boarding bridges has been identified to enhance the safety of passengers.
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Market Structure Analysis
• The global passenger boarding bridge market is a moderately competitive market. Tier-1 players hold approximately ~80% share in the market.
• Most of the key players sustain strategic focus on the adoption of new technologies, development of new products, and expansion of business through acquisition and merger activities in new regions and setup of the distribution network.
• Significant investments in research and development of new and durable products by companies are expected to exploit the passenger boarding bridge market growth prospects.
• Key players in the passenger boarding bridge market such as ShinMaywa Industries, Ltd., China International Marine Containers (Group) Company Ltd, JBT Corporation, Thyssenkrupp AG, PT Bukaka Teknik Utama Tbk, and FMT Sweden AB, are developing new products and are focusing on product innovations to sustain their positions in the market.
• International and regional market players have a prominent marketing network of distributors. Regional and global offices across tier 1 and tier 2 cities are providing support to its customers.
The study opines that as airports are increasingly shifting their objective towards providing a luxury experience to passengers, the demand for glass walled passenger boarding bridges has grown significantly. The aesthetic aspect of glass-walled passenger boarding bridges, which lies in the fact that these bridges make the experience of boarding the aircraft less confining has been pushing their adoption across an increased number of airports. As per the study, glass walled passenger boarding bridges accounted for ~65% market volume share in 2018.
Developing Regions – Hotbed of Opportunities for Stakeholders
In view of the growing lucrativeness of developing regions, such as Asia Pacific, leading players in the passenger boarding bridge market have placed their focus on securing contract for PBB supply in these countries. Asia’s proliferating commercial aviation sector has positioned the region as the largest and fastest growing market for airport infrastructure investments in the world. Several partakes have already shifted their goal coasts to Asia Pacific, and managed to obtain long-term supply contracts in the region. For instance, In September 2017, ADELTE landed in India with a contract for 12 airports, while seeking a long-term relationship to secure sales.
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A large number of market players in the Asia Pacific are constantly investing in technology to cope up with the growing passenger expectations related to convenience and ease. For instance, in January 2018, China International Marine Containers developed the world’s first automatic intelligent boarding bridge, which is likely to go functional in the Netherlands’ Schiphol Airport by 2019-end. Furthermore, the lucrativeness of the region will remain intact in line with the upcoming Olympics and international sports events to be held in the region, which are highly likely to push the tourists flow in the region.