Press Release / Airport Services Market
Airport Services Market to be Worth USD 440.63 Billion by 2030; Redevelopment of Airport Structure and Increasing Air Traffic to Spur Growth
October 05, 2023 | Aerospace & DefenseThe global airport services market size was valued at USD 158.71 billion in 2022. The market is projected to grow from USD 179.75 billion in 2023 to USD 440.63 billion by 2030, exhibiting a CAGR of 13.67% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Airport Services Market Size, Share & COVID-19 Impact Analysis, By Airport Type (International and Domestic), By Application (Aeronautical Services and Non-Aeronautical Services), By Infrastructure Type (Greenfield Airport and Brownfield Airport), and Regional Forecast, 2023– 2030”.
Artificial intelligence is integrated into various areas of the travel industry. Several airports have implemented robots driven by artificial intelligence and machine learning. For instance, in December 2021, around USD 3007.5 million approx. were said to be invested by the Airports Authority of India toward the development and expansion of airports. These initiatives are anticipated to increase the airport services market share.
Aviation Industry Suffers Severe Setback During Pandemic due to Widespread Closures
The pandemic's impact on the aviation industry was severe, leading to widespread closures of airports and travel restrictions. The aviation and airport services industry witnessed a significant decline in demand during the COVID-19 pandemic, with over 60% of international airlines suspended and one million jobs lost. Air connections were reduced by more than 50% in 2020, resulting in a decrease of 60.2% in flights and a loss of USD 126 billion in industrial aviation.
Enhancing Efficiency and Passenger Freight Services with Comprehensive Ground Handling Solutions
Hainan Airlines unveiled a contract for ramp handling to Worldwide Flight Services (WFS) at Seattle-Tacoma International Airport. WFS’s preliminary work for the Chinese airlines is unloading and loading 3-5 weekly passenger freighter services. Additionally, GPU services, crew shuttle, water, and lavatory are other things WFS will offer.
Improvements in Airport Infrastructure to Progress Market
Airports are focused on redeveloping and improving their infrastructure to enhance customer experience. For instance, a third runway is expected to be ready by 2026 in Heathrow, the busiest airport in Europe, located in the U.K. The air terminal is expected to introduce its new pilot component tracking system to achieve its aim.
However, a lack of support for appropriate services and infrastructure may hamper the airport services market growth.
Competitive Landscape
Modernization and Expansion by Major Players to Augment Growth
Major air terminals are focused on investments in airports for refurbishment and collaborations to maintain long-term relationships. Moreover, strategic partnerships and space expansion are prioritized by key players to hold a dominant position in the global market.
Notable Industry Development:
- March 2022 - FGC OPS, a subsidiary of Flight Consulting Group, announced a whole range of ground and cargo handling services in Romania and Poland. The array was launched as an initiative under their company’s strategic goals of 2022 to provide high-quality service by certified staff across 50 airports in 28 countries that constitute the network of FCG OPS in Europe.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/airport-services-market-102855
List of Key Players Profiled in the Report:
- Beijing Capital International Airport Co. Ltd. (China)
- Fraport AG Frankfurt Airport Services Worldwide (Germany)
- Air General Inc. (U.S.)
- dnata (UAE)
- Worldwide Flight Services (France)
- S.A.S. Services Group, Inc. (U.S.)
- LHR Airports Limited (U.K.)
- Acciona (Spain)
- Signature Aviation plc (U.K.)
- Tokyo International Air Terminal Corporation (Japan)
- Çelebi Aviation (Turkey)
- Airports de Paris SA (France)
Further Report Findings:
- North America dominates the market due to the presence of major airports in the region. The region’s market valuation was USD 46.70 billion in 2022. Significant passenger traffic from the region accounts for the market’s growth.
- Growing airport infrastructure in countries, such as France, Germany, and the U.K, is contributing to the market growth of Europe. Additionally, Frankfurt Airport Services Worldwide, Worldwide Flight Services, LHR Airport, and Fraport AG are the major service providers in the region.
- The airport type segment is divided into international and domestic, with the international segment expected to grow rapidly due to rising domestic demand, increasing business, and tourism developments.
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 13.67% from 2023 to 2030 |
Unit | Value (USD Billion) |
Segmentation | By Airport Type
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By Application
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By Infrastructure Type
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By Geography
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- 2023
- 2019-2022
- 200
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