New York,US, Nov. 04, 2022 (GLOBE NEWSWIRE) — Airport Services Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Airport Services Market Information by Service Type, Airport Type, and Region – Forecast till 2030”, the market is expected to reach USD 241.07 Billion By 2030, while clinching CAGR Of 18% between 2022 and 2030.
Airport services can be described as a host of services that are offered by airports to all passengers as well as aircraft operators. Some of the key services include security, air traffic control, immigration, customs, ground transportation, and baggage handling.
Air traffic control ensures the efficient and safe movement of all aircraft inside the airport’s airspace. Security can be accredited for the security and safety of passengers, property, and staff. Customs and immigration, on the other hand, help process goods as well as passengers entering and then leaving the area or country, or region.
Baggage handling ensures efficient and safe handling of luggage belonging to the passengers. Ground transportation facilitates the smooth movement of luggage and passengers to and from the airport.
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|2030 Market Size||2030: 241.07 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Service Type, Airport Type, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Increasing long-range flights demands|
|Rapidly Increasing People’s Purchasing Power Are Other Major Growth Driving Factors|
Market Competitive Landscape:
The important vendors in the airport services industry include
- 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
In October 2022, Delta Air Lines deepened its dedication to accelerating the growth of the aviation sector, by becoming a part of a multi-market, multi-year operational and commercial partnership with Joby Aviation Inc. to deliver a variety of home-to-airport transportation services to Delta customers. The services will be launched in New York as well as Los Angeles. The companies are focused on integrating a Joby-based service into Delta-owned customer-facing channels, offering the customers traveling with Delta via New York and Los Angeles the option to reserve a ticket for zero-operating-emission, seamless short-range journeys from and to city airports.
Market USP Covered:
The worldwide airport service industry is brimming with a lot of promise, with a host of opportunities lying in cargo handling, aircraft handling and hospitality event services. The market is striving to reach greater heights on the back of surging air passenger traffic, upcoming new airports, along with the widening of new domestic and regional routes within the aviation sector.
Some of the top trends that can shape the dynamics of the airport service industry include the mounting use of artificial intelligence in the air transport industry, emergence of green gates to curb emissions, introduction of virtual technology to enhance customer service, and growing usage of smartphone apps among passengers for schedule planning.
Other prominent factors are stimulating market growth are new airports cropping up in developing regions, modernization of current airports, advancements in commercial aviation, and the surge in green initiatives by governments. The airport services are offered in order to enhance the systems as well as processes that function digitally. Over the years, there have been a number of developments as well as commercialization of modern technologies undertaken by airport service providers. These developments have boosted services like machine-driven arrival, baggage and document checks and flight booking management.
Browse In-depth Market Research Report (110 Pages) on Airport Services: https://www.marketresearchfuture.com/reports/airport-services-market-8395
The air traffic management market faces a series of challenges in the form of understaffed airports and the lack of funds for adopting the latest technologies in a few underdeveloped countries. Other than this, the surge in cyber threats also negatively affects the worldwide market.
COVID 19 Analysis
The COVID-19 outbreak and the eventual lockdown brutally impacted the airline industry, with the temporary shutdown of manufacturing facilities as well as the reduction in passenger traffic. Airlines faced revenue losses owing to the pandemic in light of travel bans and the economic downfall worldwide.
However, with the lockdown now being lifted up and a major focus on curbing the spread of the pandemic, companies are now able to continue with their business and also concentrate on strengthening their supply chains. This can mean a quicker recovery for the airport services industry in the upcoming period.
By Service Type
Considering the service type, the market has been narrowed down to hospitality event services, cargo handling services and aircraft handling and related services. The aircraft handling and related services segment consists of runway maintenance, ramp services, and others. Further, the hospitality event services segment comprises passenger parking fields, catering services, baggage handling services, and others. Also, the cargo handling services segment covers ground support and cargo operations services. Among all these, the hospitality event services segment led the market in the year 2018 and has the potential to achieve the highest growth rate in the years to come.
By Airport Type
Depending on the airport type, the airport services market caters to military/federal government airports, private airports and civil airports. In the year 2018, the civil airport segment was at the top position in the worldwide market and is touted to attain the maximum CAGR during the given timeframe.
In 2018, the most profitable market for airport services had been North America, thanks to the soaring demand for smart airports, especially in the United States (US) and Canada. High disposable income of the people in the region has given a boost to the air passenger traffic, which is prompting leading airport services vendors to come up with advanced airport technologies.
The APAC market for airport services, on the other hand, can note strong growth over the review period. The region boasts of a large number of illustrious companies like Japan Airport Terminal Co., Ltd. among others that are striving to give stiff competition to their rivals in the market. Rapidly growing air traffic in China also works in favor of the market in the region. Similarly, the booming aviation industry in India coupled with the rising entry of various aircraft also benefits the market. The International Air Transport Authority (IATA) estimates that India stands as the ninth-largest aviation industry in the world and is expected to grow further in the coming years.
The MEA market for airport services is believed to observe strong growth in the near future, on account of the increasing aircraft deliveries and the surge in the disposable income of people in the region.
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