The global airport services market size is predicted to reach USD 232.88 billion by 2027, exhibiting a CAGR of 16.66% during the forecast period. The flourishing projections of the aviation industry can be a vital factor that will enable the speedy growth of the market during the forecast period. Moreover, the surge in air traffic passengers will incite the progression of airport services, which in turn, will aid the expansion of the market in the forthcoming years, states Fortune Business Insights in a report, titled “Airport Services Market Size, Share & Industry Analysis, By Type (International, and Domestic), By Application (Aeronautical Services, Non-Aeronautical Services), By Infrastructure Type (Greenfield Airport, Brownfield Airport), and Regional Forecast, 2020-2027” the market size stood at USD 172.19 billion in 2019.
Russia-Ukraine War Implication
The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
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The Report Lists the Key Companies in the Airport Services Market:
- Beijing Capital International Airport Co Ltd (China)
- Fraport AG Frankfurt Airport Services Worldwide (Germany)
- Air General Inc. (The U.S.)
- dnata (Dubai)
- Worldwide Flight Services (France)
- A.S. Services Group, Inc. (The U.S.)
- LHR Airports Limited (The U.K.)
- Acciona (Spain)
- Signature Aviation plc (The U.K.)
- Tokyo International Air Terminal Corporation (Japan)
- Çelebi Aviation (Turkey)
- Airports de Paris SA (France)
Global Tourism to Contribute Impetus to Airport Services
The growing necessity for low-cost airlines owing to the rise in air passengers will positively impact market growth during the forecast period. The boom in domestic flights and massive investment in airport infrastructure will promote the healthy growth of the market in the foreseeable future. For instance, Hardeep Singh Puri, the civil aviation ministry announced the investment of Rs 1 lakh crore in the airport infrastructure sector in the next five years. The agenda sets for Rs 95,178 crore for creating new terminals, the development of greenfield airports, and private investment in joint venture airports. The prosperous travel and tourism industry is likely to uplift the global airport services market share. Additionally, the rising urbanization and frequent air travelers can potentially boost market growth in the forthcoming years. Similarly, the escalation in the terminal capacity of passengers at airports will significantly create new opportunities for the market in the forthcoming years. For instance, The Airport Authority of India (AAI) has an annual terminal capacity of 155 million passengers which intends to raise to 300 million by 2026-2.
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Key information from the Research Report:
- Extensive information on factors estimated to affect the market growth and share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects of the market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the market, underlining the growth rate and opportunities offered in the business.
Rapid Development of Airport Infrastructure to Propel Market in Asia Pacific
North America generated a revenue of USD 48.73 billion in 2019 and is likely to remain dominant during the forecast period. The growth in the region is attributed to the well-established aviation industry. The rising passenger air traffic in the US and Canada will subsequently bolster the healthy growth of the market in the region. According to ICAO’s preliminary compilation of annual global statistics, the total number of passengers carried on scheduled services rose to 4.3 billion in 2018, which is 6.4 percent higher than the previous year, while the number of departures reached 37.8 million in 2018, a 3.5 percent increase. Asia Pacific is likely to witness massive growth during the forecast period due to the perpetual development of airport infrastructure in emerging nations such as India and China. However, the COVID outbreak is likely to impede economic development, simultaneously impacting the aviation industry. Europe is predicted to grow rapidly in the forthcoming years owing to the surge in student travelers and migrant workers in the region.
Key Players Assessment in this Research:
- The report offers a detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in this market
- A comprehensive overview of each company including the company profile generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers, and acquisitions related to mentioned key players are provided in the market report.
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