Friday, 5 June 2020

Airport Services Market Size to Reach USD 232.88 Billion by 2027

Well-heeled Aviation Industry to Brighten Business Possibilities, States Fortune Business Insights

                           Key companies profiled are Beijing Capital International Airport Co Ltd, Fraport AG Frankfurt Airport Services Worldwide, Air General Inc., dnata, Worldwide Flight Services, S.A.S. Services Group, Inc., LHR Airports Limited, Acciona, Signature Aviation plc., Tokyo International Air Terminal Corporation, among others.

                           The global airport services market size is predicted to reach USD 232.88 billion by 2027, exhibiting a CAGR of 16.66% during the forecast period. The flourishing projections of the aviation industry can be a vital factor that will enable speedy growth of the market during the forecast period. Moreover, the surge in air traffic passengers will incite the progression of airport services, which in turn, will aid the expansion of the market in the forthcoming years, states Fortune Business Insights in a report, titled "Airport Services Market Size, Share & COVID-19 Impact Analysis, By Type (International, and Domestic), By Application (Aeronautical Services, Non-Aeronautical Services), By Infrastructure Type (Greenfield Airport, Brownfield Airport), and Regional Forecast, 2020-2027" the market size stood at USD 172.19 billion in 2019.

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COVID-19 Impact Analysis:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Global Tourism to Contribute Impetus to Airport Services

The growing necessity for low-cost airlines owing to the rise in air passengers will positively impact market growth during the forecast period. The boom in domestic flights and massive investment in airport infrastructure will promote the healthy growth of the market in the foreseeable future. For instance, Hardeep Singh Puri, civil aviation ministry announced the investment of Rs 1 lakh crore in the airport infrastructure sector in the next five years. The agenda sets for Rs 95,178 crore for creating new terminals, development of greenfield airports, and private investment in joint venture airports. The prosperous travel and tourism industry is likely to uplift the global airport services market share.

Additionally, the rising urbanization and frequent air travellers can potentially boost the market growth in the forthcoming years. Similarly, the escalation in the terminal capacity of passengers at airports will significantly create new opportunities for the market in the forthcoming years. For instance, The Airport Authority of India (AAI) has an annual terminal capacity of 155 million passengers which intends to raise to 300 million by 2026.

Regional Analysis:

Rapid Development of Airport Infrastructure to Propel Market in Asia Pacific

North America generated a revenue of USD 48.73 billion in 2019 and is likely to remain dominant during the forecast period. The growth in the region is attributed to the well-established aviation industry. The rising passenger air traffic in the US and Canada will subsequently bolster the healthy growth of the market in the region. According to ICAO's preliminary compilation of annual global statistics, the total number of passengers carried on scheduled services rose to 4.3 billion in 2018, which is 6.4 percent higher than the previous year, while the number of departures reached 37.8 million in 2018, a 3.5 percent increase.

Asia Pacific is likely to witness massive growth during the forecast period due to the perpetual development of airport infrastructure in emerging nations such as India and China. However, the COVID-19 outbreak is likely to impede economic development, simultaneously impacting the aviation industry. Europe is predicted to grow rapidly in the forthcoming years owing to the surge in student travellers and migrant workers in the region.

List of the Key Companies Operating in the Airport Services Market are:

Beijing Capital International Airport Co Ltd (China)
Fraport AG Frankfurt Airport Services Worldwide (Germany)
Air General Inc. (The U.S.)
dnata (Dubai)
Worldwide Flight Services (France)
S.A.S. Services Group, Inc. (The U.S.)
LHR Airports Limited (The U.K.)
Acciona (Spain)
Signature Aviation plc (The U.K.)
Tokyo International Air Terminal Corporation (Japan)
Çelebi Aviation (Turkey)
Airports de Paris SA (France)

Detailed Table of Content:

Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Industry Developments – Contracts & Agreements, Mergers, Acquisitions and Partnerships
Latest technological Advancements
Porters Five Forces Analysis
Supply Chain Analysis
Global Airport Services Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Market Analysis, Insights and Forecast – By Application
 Aeronautical Services
Aircraft Ground Handling Services
Aircraft Maintenance Services
Passenger Service
 Non-Aeronautical Services
Baggage Handling Services
Car Rental Service
Car Parking Service
Food and Beverages Service
Retail Service
Market Analysis, Insights and Forecast – By Infrastructure Type
 Greenfield Airport
Brownfield Airport
Market Analysis, Insights and Forecast – By Region
North America
Asia pacific
Rest of the world
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