Pune, India, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global airport services market size was valued at USD 158.71 billion in 2022 and is projected to grow from USD 179.75 billion in 2023 to USD 440.63 billion by 2030, exhibiting a CAGR of 13.67% during the forecast period.
Substantial growth is anticipated in the airport services sector due to passenger traffic, infrastructure development, and congestion in developing countries. The increasing number of airports and growth in airport refurbishment are anticipated to boost the airport services industry share during the forecast period. Fortune Business Insights presents this information in their report titled "Airport Services Market, 2023–2030."
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List of Key Players Profiled in the Airport Services Market Report:
- Beijing Capital International Airport Co. Ltd. (China)
- Fraport AG Frankfurt Airport Services Worldwide (Germany)
- Air General Inc. (U.S.)
- dnata (UAE)
- Worldwide Flight Services (France)
- S.A.S. Services Group, Inc. (U.S.)
- LHR Airports Limited (U.K.)
- Acciona (Spain)
- Signature Aviation plc (U.K.)
- Tokyo International Air Terminal Corporation (Japan)
- Çelebi Aviation (Turkey)
- Airports de Paris SA (France)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 13.67% |
| 2030 Value Projection | USD 440.63 billion |
| Market Size in 2023 | USD 179.75 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Airport Services Market Growth Drivers | High Investment and Increasing Population to Accentuate Market Growth |
| Development of Advanced Airport Services and Infrastructure to Bolster Growth |
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COVID-19 Impact:
The Pandemic Devastated the Airport Service Industry Due to the Suspension of Airlines
The COVID-19 pandemic led to a significant decline in demand for airport services, with over 60% of international airlines suspended at the peak of the outbreak. The aviation and airport services industry suffered losses, with one million jobs lost and industrial aviation losses amounting to USD 126 billion.
Segments:
Increasing Number of Domestic Passengers to Push the Domestic Segment Forward
The market is classified into international and domestic based on airport type. The domestic segment is poised to lead the market during the forecast period, driven by increased travel spending by middle-class customers in developing countries and growing demand for domestic flights due to business and tourism development.
Aircraft Maintenance Services Propel Market Growth as Expanding Active Fleet Size Boosts Demand
According to application, the market is segmented into aeronautical services and non-aeronautical services. The aeronautical services is further classified into aircraft ground handling services, aircraft maintenance services, and passenger services. Non-aeronautical services include car rental, parking, food, beverage, retail, and baggage handling services. Aircraft maintenance services, including inspections and repairs, drive market growth due to the increased active fleet size of aircraft by various operators.
New Airport Projects Drive the Surge in Greenfield Airport Developments Globally
Based on infrastructure type, the market is bifurcated into greenfield airport and brownfield airport. The market for greenfield airports is expected to experience substantial growth, driven by increasing investments in new airport projects worldwide, leading to a high CAGR during the forecast period.
Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
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Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Rise in Population and Heavy Investments to Augur Market Growth
Growth in disposable incomes, high net worth, and increasing government initiatives are the factors contributing to the increase in the airport services market share. For instance, Jyotiraditya Scindia, the Indian Civil Aviation Minister, announced in April 2022 that in the coming years, they will invest around USD 21.6 billion in near future. These investments are aimed at expanding airports and adding 200 new airports in India.
However, airports globally have various regulations that may impede the airport services market growth.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of COVID-19 Pandemic on Global Airport Services Market
- Global Airport Services Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Airport Type
- International
- Domestic
- Market Analysis, Insights and Forecast – By Application
- Aeronautical Services
- Aircraft Ground Handling Services
- Aircraft Maintenance Service
- Passenger Service
- Non-Aeronautical Services
- Baggage Handling Services
- Car Rental Service
- Car Parking Service
- Food and Beverage Service
- Retail Service
- Others
- Aeronautical Services
- Market Analysis, Insights and Forecast – By Infrastructure Type
- Greenfield Airport
- Brownfield Airport
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the world
TOC Continued…!
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Regional Insights
North America Dominates the Market due to High Passenger Traffic
North America dominated the market with a valuation of USD 46.70 billion in 2022. Air General Inc. and S.A.S. Services Group, Inc. are the major players contributing to the market growth. After pandemic, the region accounted for the highest passenger traffic. These factors are anticipated to increase the market’s share.
Europe is anticipated to witness significant growth. Rising infrastructure in countries, such as Germany, France, and the U.K, is the key reason for the market development.
Competitive Landscape
Major Airports Focus on New Strategies to Sustain their Position
Collaborations and expansion strategies used by key players to maintain their position in the market. Fraport AG Frankfurt Airport Services Worldwide and LHR Airports Ltd. are the largest airports globally. To build long-term relationships with Maintenance, Reports, and Overhauls (MROs), aircraft systems OEMs, and airlines, and airports are focusing on building strong partnerships.
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Key Industry Development:
- April 2022 - dnata expanded its European operations by acquiring Wisskirchen Handling Services, a Germany-based service provider. This acquisition is anticipated to develop Dnata’s position as a global cargo service provider.
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