According to a new report published by Fortune Business Insights™, in its latest report, titled, “Unit Load Device Market Size, Share & COVID-19 Impact Analysis, By Product Type (LD 3 Container, LD 6 Container, and LD 11 Container, M 1 Container, Pallets, and Others), By Application (Civil Air Transport, Cargo Air Transport, and Others), By Material Type (Composite, Metal, and Others), By Container Type (Normal Container, Cold Container, and Others) and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 2.15 billion in 2019 and is projected to exhibit a CAGR of 4.38% between 2020 and 2027. The unit load device market size is expected to gain momentum by reaching USD 2.67 billion by 2027 while exhibiting a CAGR of 4.38% between 2020 and 2027. This is attributable to the rising aviation sector and the growing adoption of advanced technologies such as the internet of things (IoT) that is likely to drive the demand for innovative unit load devices across the globe.
Suspended Operations across Aerospace Industry to Affect Growth amid COVID-19
The lockdown announced by government agencies across the globe has led to the suspension of several industrial activities globally. The aerospace industry is going through an economic downturn due to the suspension of manufacturing activities and the ban on international traveling to contain the widespread effect of the global pandemic. This is expected to affect the growth of the market in the near future. However, several companies such as CSafe Global, Cargo Composites, and ACL AIRSHOP have restarted their operational activity to provide efficient ULD solutions to propel the market growth during the forecast period.
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List of the Companies Profiled in the Global Unit Load Device Market:
- ACL AIRSHOP (The U.S.)
- Brambles Group (Australia)
- Cargo Composites (The U.S.)
- CSafe Global (The U.S.)
- Dokasch GmbH (Germany)
- Envirotainer AB (Sweden)
- Nordisk Aviation Products AS (Norway)
- Palnet GmbH Air Cargo Products (Germany)
- Satco, Inc. (The U.S.)
- TransDigm Group Incorporated (The U.S.)
- VRR Aviation (The Netherland)
- Zodiac Aerospace (France)
A ULD is either an aircraft container or a pallet that is widely adopted across the aviation sector to hold the cargo and baggage during a flight. ULDs allow larger quantities of baggage to be bundled in a single unit and aids in saving the time and effort of the ground crew. Additionally, each ULD consists of its packaging list to track its contents.Unit load devices primarily help in bundling a huge quantity of cargo into a single unit. In addition, it leads to few numbers of units to load; it primarily saves ground staffs efforts and time.
What does the Report Provide?
The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact the market. Furthermore, the report includes significant insights into the regional insights that include different regions contributing to the market growth during the forecast period. It includes the competitive landscape involving the leading companies and adopting strategies to introduce new products, announce partnerships, collaborate, and acquire other companies that will contribute to market growth.
Moreover, the research analyst has adopted several research methodologies such as PESTEL analysis to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Growing Adoption of IoT-enabled ULDs to Promote Growth
Advanced technologies such as the internet of things (IoT) provide a platform for the implementation of agile infrastructure. This enables the cargo companies to accelerate the cargo loading and unloading operations. In addition to this, the cargo assigned to the unit load device can be tracked accurately due to this technology that significantly saves time and effort of the ground staff while further preventing delayed flights. The rising aviation sector further fuels the demand for lightweight ULDs that have the lowest tare weight and showcase the highest strength-to-weight performance during cargo operations. Therefore, these factors are likely to boost the global unit load devices market growth during the forecast period.
Unit Load Device Market Segmentation:
Cold Container Segment to Hold a Significant Market Share
Based on container type, the cold container segment is expected to experience considerable growth due to the growing adoption of cold containers to deliver vital vaccines and medical aid amid the COVID-19 pandemic by the healthcare industry.
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North America to Remain Dominant; Increasing Focus on Product Development to Feed Growth
Among all the regions, North America is expected to dominate and hold the highest position in the global unit load device market during the forecast period. This dominance is attributable to the increasing focus of established companies to develop advanced unit load device management solutions and the growing procurement of ULDs in the region. North America stood at USD 0.84 billion in 2019.
The market in Europe is anticipated to showcase exponential growth in the forthcoming years. This is ascribable to factors such as the growing adoption of advanced temperature management solutions for cold chain applications in the region between 2020 and 2027.
Product Innovation by Eminent Companies to Maintain Their Dominance
The global unit load device market is segmented into several companies striving to gain a competitive edge over their rivals and further strengthen their positions. They are focusing on introducing innovative ULDs to cater to the growing demand from aviation, logistics, and healthcare sectors. Moreover, the adoption of organic and inorganic strategies by other key players to maintain their presence is expected to bode well for the growth of the global marketplace.
Key Industry Development:
March 2020: VRR unveils an updated design of its inflatable AKE container designed to increase the efficiency of the air cargo transportation services globally. The container, according to the company, increases the capacity utilization of the baggage and luggage services.
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