(I-BusinessNews.Com, July 10, 2021 ) Post COVID-19, the size of the Global Airport Operation Market is estimated to grow from USD 8.5 billion in 2020 and projected to reach USD 14.5 billion by 2025, at a CAGR of 11.0%. The current projection for 2025 is estimated to be lower than pre-COVID-19 estimates. Realistically, the market is expected to recover from mid-2021 and will be struggling with a (12.0) % growth rate from 2020 to 2021. Whereas optimistically speaking, the market is expected to recover from Q3 of 2020 owing to government funding for airport operations and a rise in cargo activity. A major factor driving the growth of the airport operation market is the increasing demand for smart passenger screening and management systems across the globe.
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ÂThe ongoing COVID-19 pandemic has led to the suspension of passenger flights, which has caused a setback for the ground support equipment sub-segment of the technology segment of this marketÂ
Ground support equipment on the ramp side of airports is responsible for the smooth and efficient loading and unloading of baggage and cargo from the aircraft as well as the disembarkation and boarding of passengers and crew. As per the IATA, more than 100 countries have implemented travel restrictions because of the COVID-19 crisis. As a result, the ground handlers say that they have lost 95% of their revenues in the Q1 of 2020. Orders for ground support equipment that were scheduled to be delivered in 2020 have also been cancelled.
ÂTravel bans leading to a loss in air traffic have had a substantially negative impact on the Asia Pacific regionÂ
Airports Council International (ACI) Asia-Pacific warns that the prolonged duration of the COVID-19 outbreak will prevent the regionÂs airports from achieving previously-forecasted growth prospects. The airport association urges regulators and governments to implement well-defined adjustments and relief measures tailored to suit local-level contexts. According to ACI World estimates, Asia Pacific is impacted the worst, with passenger traffic volumes down 24% for the first quarter of 2020 compared to forecasted traffic levels without COVID-19. Within the Asia Pacific region, mainland China, Hong Kong SAR, and the Republic of Korea remain widely affected by sizeable losses in traffic volumes. Meanwhile, there is a sharp spike in the number of COVID-19 cases in several countries in West Asia, which is expected to negatively impact traffic by -4.2% as travelers and airlines adjust their aircraft and seat offerings.
Key Market Players
The major players in the airport operations market are FLIR Systems (US), Honeywell (US), SITA (Switzerland), Collins Aerospace (US), Siemens AG (Germany), Fluke Corporation (US), Thales Group (France) Daifuku Co., Ltd. (Japan), Amadeus IT Group (Spain), among others. These players have adopted various growth strategies such as contracts, acquisitions, expansions, new product launches, and partnerships & agreements to expand their presence in the airport operations market further.
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Mr. Aashish Mehra