DUBLIN, March 5, 2024 /PRNewswire/ — The “Airport Construction Global Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
The airport construction market size has grown steadily in recent years, from $1190.24 billion in 2023 to $1214.67 billion in 2024 at a compound annual growth rate (CAGR) of 2.1%. Historical growth can be attributed to globalization’s impact on increased travel, the surge in air traffic, efforts in modernization and upgrades, government investments, enhanced security measures, and the growth of the tourism industry. It will further grow to $1351.85 billion in 2028 at a compound annual growth rate (CAGR) of 2.7%.
Forecasted growth is driven by the expansion of emerging markets, heightened focus on environmental concerns, infrastructure resilience, the rise of urban air mobility, and capacity expansion initiatives. Key trends in this period include enhancements in remote and regional connectivity, technological integration for smart airports, upgrades in air traffic management systems, adoption of modular construction techniques, and the promotion of public-private partnerships (PPPs) for funding infrastructure projects.
The anticipated growth in air traffic is poised to be a significant driver propelling the expansion of the airport construction market in the foreseeable future. Air traffic involves the coordinated communication between ground personnel and pilots to manage and supervise aircraft movements. As airport operators and airlines seek to enhance and expand their capacities, the airport construction market is undergoing substantial growth. For instance, data from the International Civil Aviation Organization (ICAO), a US-based agency overseeing international air navigation, reported a substantial surge in global air passenger numbers from January to April 2022, exhibiting a 65% increase compared to the same period in 2021. Concurrently, the number of aircraft departures rose by 30%, while airline seat capacity witnessed a significant uptick of 32% within the same timeframe. This surge in air traffic signals a heightened demand for airport facilities and infrastructure, thereby fostering opportunities and growth within the airport construction market in the forthcoming forecast period.
The anticipated increase in population is poised to significantly drive the growth of the airport construction market in the foreseeable future. Population growth signifies a rise in the overall number of individuals residing in a particular area, region, or nation, leading to demographic expansion. Airport construction plays a pivotal role in accommodating this demographic surge by fostering economic development, enabling global connectivity, and serving as a magnet for businesses, tourism, and investments. This, in turn, contributes to urbanization and the overall demographic expansion of regions.
For instance, data from the United Nations, a US-based intergovernmental organization, projects a substantial global population increase of nearly 2 billion individuals over the next 30 years. This surge is expected to elevate the world’s population from the current 8 billion to an estimated 9.7 billion by the year 2050. Consequently, this burgeoning population growth serves as a driving force behind the expansion and development of the airport construction market, as increased populations necessitate improved and expanded airport infrastructure to accommodate rising travel demands and enhance global connectivity.
The adoption of technological advancements in new airport terminal projects stands out as a significant trend gaining traction within the airport construction market. Major companies operating within this domain are actively investing in cutting-edge technologies and advancements to bolster their market positions. An exemplary illustration occurred in June 2022, when ADB Safegate, a US-based provider specializing in airfield, gate, airport systems, and tower solutions, unveiled the Safedock X Advanced Visual Docking Guidance System (A-VDGS). This innovative system marks a notable step forward in achieving fully automated airport apron management by integrating progressive surveillance technologies, modern display capabilities, and seamless integration, ensuring safe docking operations in all weather conditions. The introduction of this new display holds pivotal importance in supporting Airport Collaborative Decision Making (A-CDM) by offering enhanced information, thereby aiding in the reduction of delays and optimizing gate rotations. Additionally, a portable operator panel incorporated into the system enhances situational awareness and flexibility for ground personnel. The Safedock X system further accommodates independent displays tailored for both aircrew and ground crew, exemplifying ADB Safegate’s commitment to advancing airport terminal technologies to enhance operational efficiency and safety within the airport construction market.
Prominent companies within the airport construction market are intensifying their efforts to introduce smart airport solutions as a means to gain a competitive advantage in the industry. Smart airport solutions encompass a range of advanced technologies and integrated systems aimed at enhancing operational efficiency, security measures, and overall passenger experiences within airport facilities. An exemplar of this approach unfolded in November 2023, when Huawei Technologies Co. Ltd., a China-based technology company, unveiled a series of cutting-edge smart airport solutions tailored for international markets. Presented at the Airports Innovate Exhibition in Muscat, Oman, these solutions comprise the Fully Connected Fiber Network Solution, Smart Airport Perimeter Security with Fiber, Airport Cloud, and panoramic smart airport solutions. Crafted to cater to global customers, these innovative solutions are strategically designed to enhance and elevate the overall airport experience by leveraging advanced technology and integrated systems for improved efficiency, security, and passenger satisfaction.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Report Scope
Markets Covered:
- By Technology: Security Systems; Communication Systems; Passenger, Cargo and Baggage Ground Handling Control; Air or Ground Traffic Control
- By Location: Landside; Airside; Terminal Side
- By Applications: Defense and Military; Commercial and Civil
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Companies Profiled
- China State Construction Engineering Corporation
- Actividades de Construccion y Servicios S.A
- Vinci Construction
- Hochtief AG
- TAV Construction
- Larsen & Toubro Limited
- Bechtel Corporation
- Turner Construction Company
- Jacobs Engineering Group
- Fluor Corporation
- AECOM Technology Corporation
- Balfour Beatty
- Ferrovial SA
- Skanska USA Inc.
- Gilbane Building Company
- Hensel Phelps Construction Company
- Amadeus It Group
- PCL Constructors Inc.
- Parsons Corporation
- McCarthy Holdings Inc.
- Granite Construction Inc.
- Mace Group
- Austin Industries Inc.
- Shikun & Binui Ltd.
- Mott MacDonald
- Walsh Group
- Crossland Construction
- GMR Group
- Hill International Inc.
- GVK Industries Limited d/b/a.
- Bouygues Construction
- SNC-Lavalin Group Inc.
- Bechtel Corporation
- Turner Construction Company
- OHL Group
- Kier Group plc
For more information about this report visit https://www.researchandmarkets.com/r/wy2fjr
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