Tuesday, 30 April 2024
According to our latest market study on "Airport Infrastructure Market Forecast to 2030 — Global Analysis — by Airport Type and Infrastructure Type," the market was valued at US$ 77,853.08 million in 2022 and is expected to reach US$ 139,144.01 million by 2030; it is anticipated to record a CAGR of 7.5% from 2022 to 2030.
Governments of several countries across the globe have been taking initiatives to allow their respective military airports for commercial aircraft landings and operations to provide better convenience for managing rising passenger traffic across different regions until new commercial airports are operational. A few other initiatives include upgrading selective military airports to hybrid airports. For instance, several military airports in the US such as AF Plant 42, Palmdale, CA; Barter Island LRRS, Barter Island; AK Charleston AFB, Charleston, SC; Dover AFB, Dover, DE; Eglin AFB, Valparaiso, FL; Grissom AFB, Peru, IN; and Kelly/Lackland AFB, TX allow joint-use of these existing military airports when a civil sponsor wants to use the military airfield for its landing or takeoff operations. Thus, rising initiatives to upgrade military airbases for the use of commercial aviation are anticipated to fuel the growth of the airport infrastructure market size during the forecast period.
Airport Infrastructure Market Share — by Region, 2022
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Source: The Insight Partners Analysis
Based on infrastructure type, the market for airport infrastructure is segmented into terminal, control tower, taxiway and runway, hangar, and others. The terminal segment is leading the market in terms of market share, followed by the taxiway and runway segment. Increasing travelers' preference for air travel and rising convenience for international travel through smart airports is booting the growth of the airport infrastructure market globally.
Regional airports are an important part of the air transport system in the European Union (EU). Airports are the drivers of socio-economic development and improve accessibility to certain places, those that are remote or not well served by other means of transportation. Sustainability measures, encompassing eco-friendly designs and energy-efficient practices, underscore a commitment to environmental responsibility. Pressure is growing on regional airports to become more environmentally friendly, particularly in the context of the Paris Agreement. The agreement aimed to maintain or limit global warming to below 2°C, which is more than before industrialization, and the European Green Deal aimed to make Europe the first climate-neutral continent by 2050. Airport infrastructure development projects under construction include Son Sant Joan Mallorca Airport Redevelopment, which is expected to be completed by 2026. Hence, Europe's collective efforts in airport infrastructure expansion reflect a dedication to maintaining a competitive edge and ensuring seamless travel experiences amid evolving industry standards and passenger expectations. This factor is further anticipated to fuel the growth of the airport infrastructure market during the forecast period.
Hensel Phelps, AECOM, Turner Construction Company, Skanska, Austin Industries, PCL Constructors Inc, TAV Construction, BIC Contracting LLC, Hill International Inc., and Sundt Construction are among the key airport infrastructure market players profiled during this study. In addition, several other important airport infrastructure market players have been studied and analyzed during the study to get a holistic view of the airport infrastructure market and its ecosystem.
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