Airport Services Market Overview
Airport Services Market Size Anticipated Reach at a USD 241.07 Billion By 2030, with CAGR Of 18% By 2022-2030
Act as the hub where a commercial relationship between airlines and flyers takes place. The revenue generated from airports comes from two key sources, namely aeronautic services and non-aeronautic services. The airport service industry acts as the aviation attainable backbone that helps airports effectively function and deliver quality services. In the 21st century, the global airport services market is considered a highly promising market that simplifies the mobility of people and cargo from one location to another.
The Global Airport Services Market is estimated to register a CAGR of nearly 6.5% during the forecast period of 2019 to 2025.A diverse range of factors could contribute to the global airport services market growth, such as the increase in passenger traffic, infrastructural development, and development of the aviation sector. According to the International Air Transport Association (IATA), 35 % and 25 % of passenger and cargo traffic in the Asia Pacific and North America regions, respectively. It could play a major role in influencing the performance of the airport services industry at the global level. A detailed evaluation of the global airport services market has been conducted to determine its potential for growth in the future. A diverse range of market variables has been identified, such as opportunities, restraints, threats, and challenges. Since each of these elements has the potential to influence market performance, they have been examined comprehensively.
COVID 19 analysis
Due to stringent social distancing guidelines and lockdown norms, the COVID 19 pandemic has adversely affected the global airport services market's performance. It has further hampered the growth and profitability of the airport services market at the global level. However, the market is expected to recover and witness a strong performance during the forecasted period due to eased restrictions.
Chief variables existing in the market
Some of the main drivers that positively impact the global airport services Industry include the transformation and upgradation of airports, the establishment of new airports, the rising demand for real-time data, and development in the commercial aviation arena. The rise in green initiatives by airports could also act as a chief market driver and positively influence its performance. During the forecasted period, these factors could serve as catalysts and help the market to witness growth.
Several challenges arise in the airport services global market that could hamper its growth potential. A major challenge that has affected the industry and its performance is the decline in airs traffic due to the ongoing COVID 19 pandemic. However, the severity of the challenge is expected to diminish during the forecasted period. Another challenge that could arise in the market revolves around the evolving preferences and expectations of customers. The businesses would have to regularly keep a tab on their requirements and align their services accordingly.
A wide range of opportunities exists in the global airport services Industry, such as integrating new technologies to improve the quality of airport services delivered to the end-users and forming an alliance to stand out in the competitive market setting. These opportunities need to be exploited by the key market players so that the airport services global market revenue could increase in the future.
Several restraining factors exist in the global airport services industry that diminishes its attractiveness. The key restraints that could hamper the airport services market growth during the forecasted period include complications associated with data collaboration and the existence of stringent government rules and guidelines. The market players must deploy suitable strategies to address these aspects so that industrial performance can be enhanced in the future.
Cumulative evaluation of the market
A diverse range of airport services market trends has been identified in the report that could influence the industry's growth in the future. Based on the global airport services market analysis, various elements have been identified that could influence the market in many ways. Some of the chief factors that could positively impact the market by giving rise to growth opportunities include increased air traffic and the creation and modernization of airports. However, several elements could also come into play and restrict the market performance, such as strict guidelines and regulations by the government. While operating in the global airport services market setting, operational businesses would have to implement appropriate strategic measures to sustain themselves in the market.
Overview of the main market segments
Based on the service type, the global airport services market can be categorized into hospitality event services, aircraft handling and related services, and cargo handling services. The hospitality event services category can be divided into baggage handling, catering, passenger parking fields, etc. Similarly, the aircraft handling and related services segment can be sub-segmented into ramp services, runway maintenance, and others. The cargo handling services category can be further categorized into cargo operations and ground support services. In recent years, the hospitality event services segment has played an influential role in boosting the global airport services market revenue. It is expected to maintain its strong position in the market during the forecasted period as well.
The global airport services market can be segmented into civil, military, or federal government and private airports based on airport type. In the past few years, the civil airport segment has been playing a major role in expanding the airport services market size at the global level. It is projected to expand further in the future due to the rise in air traffic.
The airport services global market can be segmented into several geographical divisions: North America, Europe, Latin America, the Middle East, Africa, and the Asia Pacific. The North American segment is expected to take the leadership position and influence the global airport services market growth during the forecasted period. The chief factor that could favor the region is the modernization and transformation of existing airports. The rising demand for smart airports in nations like the U.S.A. and Canada could also influence the airport services market growth of the specific regional segment. The Asia Pacific region is also likely to display commendable performance in the future, owing to some of the key market players.
Competitive intensity in the industry
The existence of a diverse range of market players in the airport services market increases the competitive intensity at the global level. The businesses implement varying strategic approaches to gain a competitive edge and expand the captured global airport services market share. Some of the main market participants that intensify the competition in the market are listed below:
- Fraport Frankfurt Airport Services
- Japan Airport Terminal Co., Ltd
- B.B.A. Aviation Plc
- Auckland International Limited
- Aeroports De Paris Sa
- Sats Ltd
- Flughafen Wein Ag
- Malaysia Airports Holdings Berhad
Recent market developments
- New technologies such as Artificial Intelligence, Robotics, and Machine Learning are being used by businesses in the airport services market to improve the satisfaction level of the customers.
- Fraport Frankfurt Airport Services has introduced a new attraction at the airport where customers can explore around 30 interactive and innovative exhibits and explore the latest aviation hub of Germany uniquely.
The exhaustive airport services global market analysis has helped to forecast its growth potential in the future. Various factors exist in the market that gives rise to opportunities and complexities in the market landscape. Some of the main strategic tools that have been used to investigate the market include the SWOT analytical framework, PESTLE model, and Porter's Five Force model. Since the airport services industry forecasts are based on an in-depth investigation, the richness of the market report is high. Apart from identifying the market variables, the competitive landscape and regional analysis have also been integrated into the airport services global market outlook report.
Key Industrial segments
By Service Type
Hospitality Event Services
- Baggage Handling Services
- Catering Services
- Passenger Parking Fields
Aircraft Handling and Related Services
- Ramp Services
- Runway Maintenance
Cargo Handling Services
- Cargo Operations
- Ground Support Services
By Airport Type
- Civil Airports
- Military or Federal Government Airports
- Private Airports
Frequently Asked Questions (FAQ) :
Airport Services Market Size Is Expected To Reach USD 241.07 Billion By 2030. At A CAGR Of 18% By 2022-2030
Japan Airport Terminal Co., Ltd (Japan), Flughafen Wien AG (Austria), Aeroports de Paris SA (France), Japan Airport Terminal Co., Ltd (Japan) are some of the established key players of the global airport services market.
Development in commercial aviation, modernization of existing airports, and establishment of new airports are estimated to be the most significant factors driving the global airport services market.
Europe is projected to record the highest CAGR during the forecast period.
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