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Automation Components Market Size, Market Competitive Landscape, Business Growth, Share, And Forecast To 2033
Automation Components Market
According to The Business Research Company's, The airport logistics system market size has grown rapidly in recent years. It will grow from $6.05 billion in 2023 to $6.66 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to globalization and trade, regulatory changes, customer expectations, and environmental concerns.
The airport logistics system market size is expected to see rapid growth in the next few years. It will grow to $9.91 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to e-commerce growth, automation and robotics, data analytics and AI, urbanization and population growth, and sustainability initiatives. Major trends in the forecast period include the integration of IoT, multi-modal solutions, collaborative logistics networks, and security enhancements.
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Market Drivers and Trends:
An increasing number of air passengers is expected to drive the growth of the airport logistics system market going forward. Air passengers are individuals who travel via aircraft for various purposes, such as business, leisure, or personal reasons. The increasing number of air passengers is due to economic growth, affordability, and globalization. Airport logistics systems are crucial in managing cargo operations, including freight handling, warehousing, customs clearance, and ground transportation. For instance, in February 2023, according to the International Civil Aviation Organization, a Canada-based specialized agency of the United Nations, the number of air passengers carried in 2022 increased by an estimated 47% compared to 2021, while revenue passenger kilometers (RPK's) increased by around 70% over the same period. Therefore, the increasing number of air passengers is expected to propel the growth of the airport logistics system market.
Major companies operating in the airport logistics system market are developing advanced aerospace services to optimize efficiency and enhance passenger experience. The advanced aerospace services enhance efficiency and reliability in airport logistics systems through optimized air traffic management, precision navigation, and cargo handling technologies. For instance, in October 2023, Sterling Global Aviation Logistics, a US-based company specializing in aviation logistics handling, launched a new aerospace logistics service to accelerate the delivery of vital aircraft components. Seasoned aerospace logistics experts manage it and boasts a specialized team of drivers and a fleet of dedicated vehicles. This setup prioritizes the early stages of transportation, effectively reducing risks at the beginning of each shipment.
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Major Key Players of the Market:
Siemens Logistics GmbH, International Business Machines Corporation, Honeywell International Inc., BCS Group, CIMC-TianDa Airport Support Ltd., Babcock International Group PLC, Daifuku Co. Ltd., Swissport International AG, Vanderlande Industries BV, Fives Group, Unisys Corporation, SITA NV, Beumer Group GmbH & Co. KG, Grenzebach Group, Materna Information and Communications SE, ALSTEF Automation SA, Lodige Industries GmbH, Transnorm System GmbH, Glidepath Group, Logplan LLC
Airport Logistics System Market 2024 Key Insights:
• The airport logistics system market size is expected to see rapid growth in the next few years. It will grow to $9.91 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• The Impact Of Increasing Air Passenger Numbers On Airport Logistics Systems
• Innovative Aerospace Services Driving Efficiency And Passenger Experience In Airport Logistics Systems
• North America was the largest region in the airport logistics system market in 2023
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