With 17.24% CAGR, Smart Airport Market to Hit USD 6.70 Billion by 2027 | Fortune Business Insights™
June 23, 2022
Companies Covered in Smart Airport Market Raytheon Technologies Inc., Siemens AG, Thales Group, Daifuku Co., LTD., T-Systems, Wipro Limited, Smart Airport Systems (SAS), Infax, Inc., IBM Corporation, Honeywell International Inc., SITA, Huawei Technologies Co., LTD. and Other key players
/EIN News/ -- Pune, India, June 23, 2022 (GLOBE NEWSWIRE) -- The global smart airport market size is set to be driven by the rising preference of the masses for air travel. Besides, the expansion of the commercial aviation domain is set to affect the market positively in the coming years. This information is given by Fortune Business Insights™ in a recent report, titled, “Smart Airport Market Size, Share & Industry Analysis, and Regional Forecasts, 2020-2027.” The report further mentions that the global smart airport market size was USD 2.20 billion in 2019 and is projected to reach USD 6.70 billion by 2027, exhibiting a CAGR of 17.24% during the forecast period (2020–2027).
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.
Major Impacting Factor:
- Increase in use of renewable energy sources in airport, development of advanced airports, and rise in stringent regulations related to minimizing pollution are the major factors that drive the growth of the smart airport market.
- High initial infrastructure setup costs, and lack of skilled labor hinder the growth of the smart airport market.
- Increase in modernization of existing airports & developments in commercial aviation, and stringent regulations related to reducing pollution offer opportunities for the growth of the smart airport market.
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Report Scope & Segmentation:
|Market size value in 2019||USD 2.20 Billion|
|Revenue forecast in 2027||USD 6.70 Billion|
|Growth Rate||CAGR of almost 17.24% during 2020-2027|
|Forecast Years||2020- 2027|
|Segments Covered||By Source, By Type, By Distribution Channel and By Geography|
|Forecast Units||Value (USD Million), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World|
|Countries Covered||Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||Raytheon Technologies Inc., Siemens AG, Thales Group, Daifuku Co., LTD., T-Systems, Wipro Limited, Smart Airport Systems (SAS), Infax, Inc., IBM Corporation, Honeywell International Inc., SITA, Huawei Technologies Co., LTD. and Other key players|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Browse Summary of this Research Report:
Drivers & Restraints-
Rising Installation of Advanced Systems in Airports to Drive Growth
The governments and other regulatory bodies of several countries across the globe are focusing on developing and creating smart airports by partnering up with industry giants. International, as well as domestic airports are being installed with technologically advanced systems to provide hassle-free traveling experience to the passengers. Airport authorities are also replacing the aging equipment and systems with automated and highly unique systems for reducing the waiting time of passengers. Apart from that, the rising demand for eco-friendly systems would accelerate the demand for green and smart airports in the forthcoming years. However, owing to the expensive nature of such unique systems, several countries nowadays prefer outsourcing the security services from third-party companies. It may hamper the smart airport market growth in the coming years.
Non-aeronautical Segment to Be Impacted Severely Owing to Covid-19 Pandemic
Based on airport operation, the market is divided into non-aeronautical and aeronautical. Out of these, the non-aeronautical segment is anticipated to grow rapidly throughout the forecast period by generating high smart airport share. It would occur as non-aeronautical revenue is considered to be the major source of revenue in numerous prominent airports in Asia Pacific. Approximately 45% of the region’s revenue comes from the non-aeronautical sector.
Our research states that the outbreak of the Covid-19 pandemic has given rise to preventive measures, such as complete lockdown. It has further reduced the passenger traffic worldwide and is set to remain so for the first quarter for 2020. These revenues play a vital role as they solely cannot serve all capital costs and airport operations. The sudden decline in the number of passengers backed by the coronavirus infection is set to impact the ecosystem negatively. It comprises of service providers, suppliers, airlines, and airports.
Rising Air Traffic to Bolster Growth in Asia Pacific
In 2019, North America held USD 1.28 billion revenue and is set to be the fastest-growing region in the coming years. This growth is attributable to the increasing expenditure on modernizing and upgrading the conventional systems in airports in the U.S. Apart from that, the presence of governing agencies such as Transportation Security Administration (TSA), as well as reputed manufacturers such as Raytheon Technologies and Honeywell International are set to augment the market growth in this region.
Europe, on the other hand, is expected to remain in the second position fueled by the rising demand for green and smart airports. Asia Pacific is anticipated to grow rapidly in the near future stoked by the increasing air traffic in countries, such as India, Singapore, and China. The Middle East and Africa would exhibit a significant CAGR on account of the increasing investments in the domestic airports located in Saudi Arabia and the U.A.E.
List of Key Players Profiled in the Report
- Raytheon Technologies Inc. (The U.S.)
- Siemens AG (Germany)
- Thales Group (France)
- Daifuku Co., LTD. (Japan)
- T-Systems (Germany)
- Wipro Limited (India)
- Smart Airport Systems (SAS) (France)
- Infax, Inc. (The U.S.)
- IBM Corporation (The U.S.)
- Honeywell International Inc. (The U.S.)
- SITA (Switzerland)
- Huawei Technologies Co., LTD. (China)
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Industry Developments –Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
Global Smart Airport Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Platform
- Hardware Systems
- Data Management
- Software Systems
Key Players to Install Technologically Advanced Systems in Airports
The market houses a large number of companies that are persistently striving to provide the passengers with safe and efficient travel experience. To do so, they are joining hands with the airport authorities of several nations to design and implement innovative solutions for turning conventional airports into smart airports.
Below are a couple of the latest industry developments:
- October 2019: Japan Airlines (JAL) declared its new plan to unveil facial recognition technology and self-service bag drop machines at Narita Airport, Tokyo. It would lower the time required to board a flight. It is included in the ‘JAL Smart Airport’ concept. It would involve the usage of IT and human services to provide a smooth check-in process.
- July 2019: Dennis Levinson, the Atlantic County Executive stated that a USEDA i6 Challenge grant awarded $750,000 to the Atlantic County Economic Alliance (ACEA). It would enable ACEA to support the development of aviation technology in southern New Jersey.
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