Airport Operations Market Size To Reach USD 13.8 Billion at a CAGR of 6.3% by 2030 - Report by Market Research Future (MRFR)
Improved Airport Operations and Greater Transparency to Boost the Market Growth
New York, US, Dec. 07, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Airport Operations Market Research Report: Information by Operation Type, by Airport Size, by Region - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 13.8 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.3% during the assessment timeframe.
Airport Operations Market Key Players
Eminent market players profiled in the global airport operations market report include-
Collins Aerospace
FLIR Systems, Inc.
Fluke Corporation
Daifuku Co., Ltd.
Amadeus IT Group SA
SITA
Honeywell International Inc.
Siemens AG
Thales Group
SABRE GLBL INC.
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Airport Operations Market Report Scope:
Report Metric | Details |
Revenue forecast by 2030 | USD 13.8 Billion |
Airport Operations Market Growth Rate | CAGR of 6.3% from 2022 to 2030 |
Base Year | 2021 |
Study Period | 2022-2030 |
Key Market Opportunities | Increasing investment in infrastructure development. |
Key Market Drivers | The increasing focus of government across the world to promote energy efficient lighting. |
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Airport Operations Market Drivers
Improved Airport Operations and Greater Transparency to Spur Market Expansion
The industry is expanding as a result of rising demand for advanced airport operations as well as growing use of smart phones and other smart devices. The management of an airport usually ensures efficient operations. Reduced wait times and improved amenities are benefits of effective airport management. The management of an airport usually ensures efficient operations. Additionally, airport operation is integrated into IoT, which is anticipated to drive the global airport operation market to increase supply chain productivity and transparency.
Opportunities
Adoption of TAM Systems to offer Robust Opportunities
The use of total airport management (TAM) systems to manage air traffic will open up new opportunities for the market.
Restraints and Challenges
Data Breach Issues to act as Market Restraint
Data breach issues, cyber-attack threats, and fall in air passenger traffic may act as market restraints in the forecast period.
Airport Operations Market Segmentation
The global airport operations market has been bifurcated based on operation type and airport size.
By operation type, baggage screening will lead this market in the forecast period. Key airports are concentrating to reduce passenger wait times at the checkpoints while maintaining a high level of security. Airports are utilizing innovative and cutting-edge technology to enhance the screening of checked bags. The demand for sophisticated baggage screening technologies is primarily driven by rising air passenger volumes and threats to global security. In order to prevent terrorism & the transfer of illegal materials, new laws by regulatory bodies for airports require airports to install sophisticated technologies that can identify a variety of hazardous goods and substances.
By airport size, the class B segment will dominate the market in the forecast period. The desire of airports to expand and modernize their facilities has been greatly influenced by the rise in passenger traffic from smaller cities, which is why the size of the segment has increased.
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Airport Operations Market COVID-19 Analysis
Rapid & significant changes brought about via COVID-19 have had a significant impact on airport traffic and revenue. The COVID-19 pandemic caused a decrease in passenger travel all over the world. According to ACI, the issue first surfaced in Asia-Pacific, but due to the virus's quick spread and the containment measures that were implemented as a result, like government recommendations to stay at home and airport closures, air travel worldwide decreased. Practically all facets of the aviation & non-aviation industries have seen their revenue plateau as a direct result of a sharp decline in air traffic. Airlines' aeronautical revenue, which airports receive from the airlines in the likes of aircraft landing fees & security costs, decreases when they reduce capacity. When fewer people use those services, non-aviation revenue at airports such as that produced by duty-free shops, dining establishments, and parking lots declines.
Airport Operations Market Regional Analysis
APAC to Steer Airport Operations Market
It is anticipated that the Asia Pacific region will represent a sizable portion of the market during the forecast period. This takes place on account of the rising need from developing nations such as China & India for modernizing existing airports. The industry is also anticipated to develop due to the popularity of smartphone applications which support the internet of things (loT). By accounting for roughly two-fifths of the global airport operations market in terms of revenue in 2021, Asia-Pacific contributed the highest market share. By 2031, it is likely that it will continue to dominate the market. Additionally, this segment is anticipated to exhibit the fastest CAGR of 6.8% over the course of the forecast period. The increase in spending, living standards, and domestic travel in this region are blamed for this. According to estimates, the airport management systems market will see significant growth in the Asia Pacific region in the assessment period. It happens for the growing need for upgrading current airport management systems from emerging economies like China and India. Additionally, the market is expected to expand due to the rise of internet of things (IoT) enabled smartphone solutions.
North America to Have Admirable Growth in Airport Operations Market
Due to the presence of major players like Collins Aerospace, a Raytheon Technologies company, and IBM Corporation, as well as other key players, North America is anticipated to dominate the market throughout the forecast period. The market in the US is expanding as a result of the increasing demand for digital management at airports. The area with the most development is North America. One of the major factors influencing the development of this area is the increased use of technology by airlines and airports. The growth of the airport operations market in the area depends on the participation of major airports and market players.
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Industry Updates
London Luton Airport (LLA) in the United Kingdom announced on February 28, 2022, that it had implemented SITA's Airport Management Solution to modernize its daily operations at the airport. LLA also said that by using this technology, it was able to automate daily tasks at the airport, such as planning for weekly aircraft stands and bus schedules.
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