Passenger Boarding Bridges Market worth $489 million by 2025
CHICAGO, Sept. 14, 2020 /PRNewswire/ -- According to the new market research report "Passenger Boarding Bridge Market By Elevation System (Hydraulic, Electro-mechanical), Foundation (Fixed, Moveable), Point of sale (OEM, Aftermarket), Product Type, Structure, Tunnel Type, Docking Type, Seaport-PBB and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Passenger Boarding Bridges Market size is projected to grow from USD 273 million in 2020 to USD 489 million by 2025, at a CAGR of 12.3% from 2020 to 2025. The market is driven by various factors, such as the growing demand for larger aircrafts, increasing number of greenfield and brownfield airport projects, and increased spending on airside infrastructure by airport operators.
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The passenger boarding bridges market includes major players ThyssenKrupp AG (Germany), John Bean Technologies Corp. (JBT) (US), CIMC Ltd. (China), FMT Aircraft AB (Sweden), and ADELTE Group (Spain). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect passenger boarding bridge production by 7–10% globally in 2020.
Increasing demand for larger aircrafts is driving the growth of movable PBBs
The movable PBB segment is expected to be the largest market by value. The growth of the movable PBB segment of the passenger boarding bridges market can be attributed to the growing demand for larger aircrafts with high passenger carrying capacity.
The over-the-wing bridge segment is projected to witness a higher CAGR during the forecast period
Based on product type, the over-the-wing segment is projected to be the highest CAGR rate for the passenger boarding bridges market during the forecast period. These bridges have recently picked up pace as demand for larger aircarfts have increased. Over-the-wing bridge is useful for aircrafts with multiple doors.
The electro-mechanical segment is projected to witness a higher CAGR during the forecast period
Based on elevation system, the electro-mechanical segment is projected to have the highest CAGR rate for the passenger boarding bridge market during the forecast period. The electro-mechanical passenger boarding bridge has witnessed major innovation as technology matures. Innovations in the field of motor have increased the efficiency and reliability of electro-mechanical passenger boarding bridges.
The intelligent PBB segment is projected to witness a higher CAGR during the forecast period
Based on docking type, the intelligent segment is projected to be the highest CAGR rate for the passenger boarding bridge market during the forecast period. By leveraging technology such as artificial intelligence and sensors, manufacturers of passenger boarding bridge have developed intelligent PBB. Intelligent PBBs are capable for automatic docking that has been introduced by various manufacturers including ShinMaywa Industries.
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The North America market is projected to contribute the largest share from 2020 to 2025
The passenger boarding bridges market in the North American region is expected to witness substantial growth during the forecast period due to increased demand for passenger boarding bridge from airports and seaports of these regions.
Several states in the US have passed regulations to reduce emissions from airports completely. As such, airports in these countries are opting for passenger boarding bridges instead of mobile passenger stairs. States such as California and Seattle have already implemented these regulations and airports in these states have overcome the barriers associated with inadequate infrastructure and input power.
The rapid growth of the passenger boarding bridge market in the Asia Pacific region can be attributed to rise in the number of air passenger and freight movements, which lead to the requirement for the upgradation and expansion of airports. For instance, in December 2018, the Civil Aviation Administration of China (CAAC) announced the construction of 216 new airports by 2035 to accommodate the growing number of air passengers.
Major players in the passenger boarding bridges market are ThyssenKrupp AG (Germany), John Bean Technologies Corp. (JBT) (US), CIMC Ltd. (China), FMT Aircraft AB (Sweden), and ADELTE Group (Spain), among others.
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