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Airport Supply Chain Management Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033
Airport Supply Chain Management Market Growth
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According to The Business Research Company's, The airport supply chain management market size has grown rapidly in recent years. It will grow from $21.56 billion in 2023 to $24.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to regulatory changes, globalization, security concerns, economic trends, environmental concerns.
The airport supply chain management market size is expected to see rapid growth in the next few years. It will grow to $36.88 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to e-commerce growth, sustainable practices, big data and analytics, collaborative supply chains, resilience planning. Major trends in the forecast period include digital transformation, supply chain resilience, collaborative planning, automation and robotics, eco-friendly and sustainable practices.
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Market Drivers and Trends:
The increasing air traffic is expected to propel the growth of the airport supply chain management market going forward. Air traffic refers to the movement of aircraft in the airspace, including the takeoff, landing, and en-route phases of flight. Airport supply chain management plays a crucial role in optimizing logistics, ensuring efficient flow of goods, and enhancing overall operational performance, contributing to the seamless and timely handling of air traffic and passenger services in airports. For instance, in March 2023, according to a report published by the Bureau of Transportation Statistics, a US-based government agency, In 2022, US airlines experienced a 30% increase, transporting an additional 194 million passengers compared to 2021. The total number of passengers handled by US airlines from January to December 2022 reached 853 million, a significant rise from 658 million in 2021 and 388 million in 2020. Therefore, the increasing air traffic is driving the growth of the airport supply chain management market.
Technological advancement is a key trend in the airport supply chain management market. Major companies operating in the airport supply chain management market are integrating new technologies into the supply chain management system to modernise the airports and sustain their position in the market. For instance, in September 2021, Huawei Technologies Co., Ltd., a China-based technology company, launched the Airport Cloud-Network Solution. The solution is designed to help airports improve operational efficiency and enhance security and the passenger experience. The solution uses AirEngine Wi-Fi 6 to develop a gigabit wireless access network that provides constant coverage throughout the airport terminal building. Additionally, the technique removes blind areas and extends coverage by 20%. The solution creates a centralized backbone network for numerous services using IPv6+ technology. This makes it possible for the backbone network to fully support various services like security checks, retail, and ground handling.
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Major Key Players of the Market:
International Business Machines Corporation, Cisco Systems Inc., Siemens AG, Honeywell International Inc., Raytheon Company, QinetiQ Group plc, Amadeus IT Group SA, Sita, Rockwell Collins Inc., Inform GmbH, Dassault Systèmes SE, Vanguard Software Corporation, Coupa Software Inc., Verizon Connect Inc., Ultra Electronics Holdings plc, Unisys Corporation, Lockheed Martin Corporation, Indra Sistemas S.A., TAV IT, L3Harris Technologies Inc., Thales Group, Collins Aerospace, Sabre Corporation, GE Aviation, Capgemini, Bollore Transport & Logistics, Panalpina World Transport Holding Ltd., Ceva Logistics AG, Geodis
Airport Supply Chain Management Market 2024 Key Insights:
• The airport supply chain management market size is expected to see rapid growth in the next few years. It will grow to $36.88 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• The Expansion Of E-Commerce Propels The Growth Of Airport Supply Chain Management
• Airport Supply Chain Management Embraces Technological Advancements
• North America was the largest region in the airport supply chain management market share in 2023
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