Description
Airports play an integral role in the facilitation of fast movement for both cargoes as well as transportation of people. An airport infrastructure comprises three key segments, i.e. the airside, and the landside. The airside segment comprises a runway and other integral infrastructural segments which facilitate the movement of an aircraft. The landside segment of an airport comprises commercial establishments and waiting rooms that add to the revenue associated with an airport.
An Airport can also be referred to as an economic engine. The introduction of an airport within a region generates direct, indirect as well as induced employment. Therefore, according to the multiplier effect, the growth in airport infrastructure promotes the overall expansion in the percentage of skilled labor within an economy. Increased employment opportunities lead to an increased GDP expenditure for a given vertical. This is major because of the rise in purchasing power amongst the population.
The global airport infrastructure market is segmented based on region, airport type, and infrastructure type. On a regional basis, the market is segmented by North America, Europe, APAC, the Middle East, and the RoW. Based on airport type, the market is further segmented by the commercial airport, military airport, and general aviation airport. Based on infrastructure, the airport vertical is categorized by the terminal, control tower, taxiway, runway, apron, hangar, etc. The overall growth dynamics associated with this market is a direct translation of the growth in aviation infrastructure across the global markets.
The key trend that is driving the airport infrastructure market is to increase the customer experience at airports. The airport operator is now making use of technologies to increase the customer level satisfaction rating. The key technologies which are adopted at airports are biometric-based access, walk-through security check-in, and unmanned boarding gate. Apart from this, some airport operators also track passenger movements within the airport to maximize the revenue potential. Another key trend in airport infrastructure is the increase of non-aeronautical revenue. The retail revenue spent per passenger in airports like Dubai and Paris is much higher than the passenger spent in Asian airports. The key reason for this could be the lack of an attractive retail outlet apart from the overall passenger spending capacity.
The Global air traffic passenger market was around 4 Billion in the year 2020. The market is expected to grow with a CAGR of 3% by the year 2030. The increase in passenger numbers is one of the key drivers for this market. Most of the BRIC countries are now expanding their airport infrastructure. In the case of India, it is expected that the airports would increase from 125 airports in 2020 to 200 airports in 2040. This massive increase would open up market opportunities for companies in airport designing, engineering, baggage screening providers, communication systems, and airport lighting to name a few. A similar trend can be seen across countries like China, Russia, and Brazil.
