The growing necessity for low-cost airlines owing to the rise in air passengers will positively impact industry growth during the forecast period. The boom in domestic flights and massive investment in airport infrastructure will promote the healthy growth of the industry in the foreseeable future. The prosperous travel and tourism industry is likely to uplift the global airport services industry share. Additionally, the rising urbanization and frequent air travelers can potentially boost the industry growth in the forthcoming years. Similarly, the escalation in the terminal capacity of passengers at airports will significantly create new opportunities for the industry in the forthcoming years.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Rapid Development of Airport Infrastructure to Propel Industry 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 industry 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.
Worldwide Industry Demand Analysis- CAGR of 16.66%
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 2021-2027. The flourishing projections of the aviation industry can be a vital factor that will enable speedy growth of the industry 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 industry in the forthcoming years, In a report, titled “Airport Services Industry 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 industry size stood at USD 172.19 billion in 2019.
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Worldwide Companies List in 2022
The Report Lists the Key Companies in the Airport Services Industry include 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) and others
Global Tourism to Contribute Impetus to Airport Services
For instance, Hardeep Singh Puri, 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, development of Greenfield airports, and private investment in joint venture airports. 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.
Key Development in Few Years-
September 2019: PrimeFlight Aviation Services announced the acquisition of Global Aviation Services, LLC. The new development will enable PrimeFlight Aviation Services to serve customers with ground support equipment (GSE) maintenance services at more than 80 airports in the U.S.
