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Airport Technologies Market Elevates with Strong Growth and Technological Adoption
Airport Technologies Market Analysis
The airport technologies market has witnessed robust expansion, surging from $13.02 billion in 2023 to a projected $13.74 billion in 2024, showcasing a compound annual growth rate (CAGR) of 5.5%. This growth trajectory is expected to persist, propelling the market to $16.71 billion in 2028 at a CAGR of 5.0%.
Curbing Illegal Immigration Drives Technology Adoption
The rise in illegal immigration is a pivotal factor propelling the airport technologies market forward. Notably, irregular border crossings in Europe surged to 331,400 in 2022, prompting a 66% increase compared to 2021. Advanced airport technologies, including facial recognition, Mobile Passport Control (MPC), and radio-frequency identification (RFID) solutions, have been deployed to address this concern. MPC technology, approved by the U.S. Customs and Border Protection, allows expedited entry for U.S. citizens and Canadian visitors.
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Rising Air Passenger Traffic Fuels Market Growth
The airport technologies market is set to experience substantial growth driven by the escalating number of air passengers globally. The International Civil Aviation Organization (ICAO) reported a 47% increase in total air passengers in 2022 compared to 2021, with a remarkable 70% surge in revenue passenger kilometers (RPKs). Advanced technologies play a crucial role in managing increased air traffic efficiently and enhancing various airport processes, contributing to a seamless passenger experience.
Automated Baggage Handling Systems Enhance Efficiency
A notable trend in the airport technologies market is the implementation of automated baggage handling systems. These systems, utilizing small robotic vehicles, streamline the baggage journey from the conveyor belt to the aircraft carrier, reducing the risk of lost baggage. For example, Stansted Airport in the UK completed a £70 million upgrade, incorporating 180 automated carts and 2.4 km of conveyor belts for enhanced efficiency.
Cutting-Edge Aviation Solutions Transform Operations
Major companies in the airport technology market are investing in advanced software solutions to revolutionize airport operations. The NAVITAS software suite, launched by Honeywell International, leverages artificial intelligence, machine learning, cybersecurity, and big data to automate air traffic services. This cutting-edge solution optimizes ground movement, airside control, air traffic management, and specialized systems, enhancing various aspects of airport operations.
Global Dynamics and Segment Overview
Asia-Pacific led the airport technologies market in 2023, with the region expected to maintain its position as the fastest-growing during the forecast period.
The airport technologies market covered in this report is segmented -
1) By Type: Airport Digital Signage Systems, Car Parking Systems, Airport Communications, Landing Aids, Guidance and Lighting, Passenger, Baggage and Cargo Handling Control Systems, Airport Management Software
2) By Airport Size: Small, Medium, Large
3) By Application: Domestic Airport, International Airport
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Airport Technologies Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Airport Technologies Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on airport technologies market size, airport technologies market drivers and trends, airport technologies market major players, competitors' revenues, airport technologies market positioning, and airport technologies market growth across geographies. The airport technologies market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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