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Global Airport Services Market to Grow at a CAGR of 17.20% During 2022-2027, Aided by the Increasing Passenger Traffic

According to a new report by EMR titled, ‘Global Airport Services Market Report and Forecast 2022-2027’, the global market for airport services attained a value of about USD 193 billion in 2021. The industry is further expected to grow at a CAGR of 17.20% in the forecast period of 2022-2027 to reach USD 241.07 billion by 2027.

The increasing passenger traffic owing to the rapid globalisation and improving living standards is driving the global market for airport services. This can be attributed to the growing tourism industry, fuelled by the increased consumer expenditure on leisure activities. In addition, the rapid development of airport infrastructure and the formation of new air routes are further projected to support the market growth. This can be associated with the growing government initiatives aimed at generating revenue by providing high-quality airport services to attract more passengers and tourists. Moreover, the rapid technological advancements such as the integration of artificial intelligence, biometrics, automated gates, and the growing investments in research and development activities by the key industry players are expected to aid the market in the forecast period.

Several companies are competing and collaborating to escalate their market potential by introducing technologies and innovative solutions, which is predicted to support the market growth. For instance, in January 2022, American Airlines Group, Inc. (NASDAQ: AAL) and British Airways, a subsidiary of International Consolidated Airlines Group S.A. (OTCMKTS: ICAGY), announced their plans to redevelop and expand the John F Kennedy International Airport’s Terminal 8 to provide seamless customer experience. In addition, they introduced three custom lounges that can seat 1000 customers and offer them elevated experience. Moreover, Delta Air Lines Inc. (NYSE: DAL), in October 2021, brought forward their partnership with Transportation Security Administration (TSA) to streamline check-in to offer customers a more efficient way to navigate the airport without showing any physical documents. The face recognition technology enables the customers to get their bags checked and board the flight with just one look. These developments are expected to invigorate the airport services industry in the forecast period.

Market Analysis by Type, Application, Infrastructure Type, and Region:

  • The airport services industry, on the basis of type, is bifurcated into international and domestic.
  • Based on application, the market can be divided into aeronautical services and non-aeronautical services.
  • On the basis of infrastructure type, the market is segregated into greenfield airport and brownfield airport.
  • The regional markets for airport services include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for airport services is being driven by the increasing air passenger traffic.
  • The growing focus of the governing bodies of airports to provide improved airport services is further augmenting the market growth.
  • The rising government initiatives to construct more airports and develop new air routes are bolstering the market growth.
  • The rapid technological advancements and the investments in research and development activities by the key industry players are expected to propel the market in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for airport services for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the types, applications, infrastructure types, and major regions of airport services.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global airport services market are Fraport AG, Beijing Capital International Airport Co Ltd, Air General Inc., Emirates Group, WFS Global S.A.S., S.A.S. Services Group, LHR Airports Limited, and Acciona, S.A., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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