Global Airport Construction Market to Reach $1.4 Trillion by 2026

SAN FRANCISCO, April 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Airport Construction - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 7; Released: February 2022
Executive Pool: 2479
Companies: 58 - Players covered include AECOM; Austin Industries; Bechtel Corporation; Fluor Corporation; Hensel Phelps Construction Company; Hill International, Inc.; GMR Group; Jacobs Engineering Group; L&T Construction; McCarthy Holdings, Inc.; PCL Constructors, Inc.; Skanska USA, Inc.; Suffolk Construction; Sundt Construction; TAV Construction; The Walsh Group; Turner Construction Company and Others.
Coverage: All major geographies and key segments
Segments: Segment (Greenfield Construction, Airport Replacement, Brownfield Expansions, Airport Conversion)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Airport Construction Market to Reach $1.4 Trillion by 2026

Airport, an aviation facility mainly intended for commercial air transport, consists of a landing area with a runway and lighting infrastructure, aircraft parking and maintenance facilities, control towers, terminals and hangars. While these are basic features in an airport, larger airports may also have additional features such as air traffic control centers, taxiway bridges, airport aprons, emergency service facilities, and passenger facilities such as lounges and cafeteria. As airport basically serves as a hub for aircraft movement and air passenger visits, the design and construction of entire airport solely focuses on making a better environment for aircraft and passengers, and smooth and efficient functioning of aerodrome. Amid the COVID-19 crisis, the global market for Airport Construction market estimated at US$1.2 Trillion in the year 2022, is projected to reach a revised size of US$1.4 Trillion by 2026, registering a compounded annual growth rate (CAGR) of 3.8% over the analysis period. Japanese market is projected to reach US$135.2 Billion by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.5% over the analysis period.

In the post pandemic period, anticipated recovery in air traffic and the need to address congestion problems will lead the air transport industry to focus on establishing new airports and expand existing airports. A significant proportion of airport capital investment will be designed to address the rapidly growing passenger and cargo activity, with the remaining used for maintaining airports. Besides addressing the growing air traffic demand, the need to upgrade aging infrastructure constitutes a key factor fueling growth in airport construction market, specifically in developed economies. With airport operators coming under intense pressure due to expanding passenger traffic and growing fleet of aircrafts, they are looking towards projects for modernization and improvement of existing airports. Airport construction activity will be impacted by major industry developments such as the increasing investments in airport infrastructure, conversion of military airports for civilian usage, growing use of larger size aircrafts, emergence of smart airports, and the trend towards privatization of airports. For instance, the advent of larger sized aircrafts, such as the Airbus A380 and Boeing 747-8 have led to greater demand for additional space owing to the increase in fuselage length, weight, and wingspan, necessitating airports to take up expansion projects. Privatization of airports is one of the vital aspects of attracting investments into airport infrastructure development.

The move to privatize airports has been successfully used as a strategy to attract investments in major aviation markets of Europe, Brazil, Australia, India, China and Brazil. Meanwhile in the US, state or local governments support activities of most airports in the country and hence receive little support from direct taxpayer funding. Consequently, US airports are required to be self-sustaining, thus attracting private sector participation. The upcoming years will also witness greater role of technologies in airport construction projects. Asia-Pacific represents a promising regional market for airport construction market. Booming aviation industry and consequent growth in demand for air transportation in developing nations such as India and China, supported by favorable economic conditions, is driving investments into new airports and expansion projects. There will be growth in both Greenfield constructions and Brownfield expansion initiatives in developing economies, as governments make efforts to increase inter-region connectivity for their citizens particularly in view of the growing mobility of the population. Meanwhile, Middle East is one of the most promising markets for airport expansion projects. With the region at the crossroads of air travel, Middle Eastern countries are pumping in billions of dollars in a number of airport expansions projects that will address the rise in air passenger traffic and increase in airline fleets in operation. Dubai International Airport, Kuwait International Airport, Hamad International Doha, Muscat International Airport, Bahrain International Airport and King Abdulaziz International Airport are among the leading expansion projects in the Middle East. On the other hand, the focus of developed economies in North America and Europe will be mainly on upgrading and improving existing airports, for instance through projects such as elevated terminals, lighting and passenger amenities, and advanced taxiways and runways. More

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SOURCE Global Industry Analysts, Inc.