Airport Service industry expected to be valued worth USD 218.5 billion by 2026 projecting a CAGR of 5.1 percent in the forecast period
Published | 27 January 2020
The Global Airport Services industry is expected to be valued worth USD 218.5 billion by 2026 and is expected to grow at a CAGR of 5.1 percent in the forecast period 2020-2026. The growth of the market can be attributed to factors such as the opening of new airports, expansion of new domestic and regional routes in the aviation market, and air passenger traffic. Global airport service deals in providing support services ranging from passenger handling, ramp and loading, operations, and other services within its airport network provided at a certain distance from the airport’s facilities. The airport service market caters to industry segments such as businesses that operate internationally, operators that support airports, national or civil airports or public flying fields, air traffic control services, cargo handling services, baggage handling services, and other services.
Increasing
operation and maintenance of airports and runways, rising need for air traffic
control and aircraft refueling to drive the growth of the market
The emerging trends which have been hugely impacting the
expansion of the global airport service market include the introduction of
green gates to reduce emissions, increasing trends of artificial intelligence
in the air transport industry, the introduction of virtual technology to
support customer service and growing use of smartphone apps to help the
passenger for schedule planning. Other key factors impacting the growth of the
market include increasing operation and maintenance of airports and runways,
rising need for air traffic control, aircraft refueling services and taxi and
parking slots services at airports along with baggage and cargo handling
services.
Over the forecasted period, the global airport service
market is expected to show tremendous growth due to rising levels of airline
passenger traffic, having enabled airports to earn significant revenue through
passenger levied charges and support services provided directly to airlines.
Additionally, ground-level transportation at the airport, increased global
consumer spending has encouraged higher spending on non-aeronautical industry
services such as duty-free retail stores, which in turn are boosting industry
profit margins. Improvement in economic conditions has increased corporate
profits and fueled global manufacturing activity, causing airlines to operate
more flights to transport greater quantities of cargo, henceforth helping the
overall market to grow at a robust margin.
Hospitality
Event Services, Aircraft Handling and Cargo Handling accounted for the largest
share to the Global Airport Service Market
As per service type, the Global Airport Service Market by
Hospitality Event Services further divided as Special passenger care services,
catering services, passenger parking field, training, security services, retail
and duty-free and baggage handling segments, Cargo Handling Services further
segmented as Cargo operations and baggage handling segments, aircraft handling
and its related services including operation of fueling, Runway Maintenance,
Ramp Services, Aircraft de-icing and Others. In 2019, Hospitality event
services, aircraft handling, and cargo handling had been the major services
segment contributing the largest share to the Global Airport Service Market and
were expected to dominate the market in the forecasted period.
Europe
contributed the largest share to the global airport service market in 2019
North America, Europe, Asia-Pacific, South America, and
the Middle East and Africa are few of the key regions where the presence of the
global airport service market can be witnessed. In 2019, Europe contributed the
largest share to the global airport service market owing to factors such as
open skies regulations, ensuring more flights in and out of Europe, removal of
air-service limitations between the countries, helping to drive tourism and
remove air-service limitations between countries. Asia-Pacific is expected to
emerge as a key region in the global airport service market in the forecasted
period due to factors such as rising passenger traffic, new international and
domestic airport openings, and government regulations supporting the services
at the airport.
The in-depth analysis of the report provides the growth
potential, upcoming trends, and statistics of Airport Service market size &
forecast. The report promises to provide state-of-the-art technology of Airport
Service production and industry insights help decision-makers to take
sound strategic decisions. Furthermore, the report also analyzes the market
drivers and challenges and competitive analysis of the market.
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