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Airside Services Global Market Set to Skyrocket to $7.21 Billion By 2028 with an Impressive CAGR 9.8%
Airside Services Global Market
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According to The Business Research Company's, The airside services market size has grown rapidly in recent years. It will grow from $4.47 billion in 2023 to $4.95 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increased air travel, expansion of airport infrastructure, rising demand for airside services, expansion of low-cost carriers and globalization, security concerns and regulations.
The airside services market size is expected to see strong growth in the next few years. It will grow to $7.21 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to evolving air travel trends, focus on sustainability and environmental regulations, integration of artificial intelligence (ai) and automation, e-commerce and drone cargo logistics, expansion of emerging markets. Major trends in the forecast period include strategic collaborations, automation and robotics, real-time data analytics and ai, green and sustainable technologies, biometric technologies.
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Market Drivers and Trends:
The growth of the commercial aviation industry is expected to propel the growth of the airside services market going forward. Commercial aviation refers to the aviation industry sector that involves the operation of aircraft for commercial purposes, primarily for transporting passengers and cargo in exchange for monetary compensation. Airside services are crucial for the smooth functioning of commercial aviation, which ensures the safety, efficiency, and timely operation of aircraft, supporting the overall passenger and cargo transportation process at the airport's ground level. For instance, in March 2023, according to the Bureau of Transportation Statistics report, a US-based government agency, in 2022, US airlines transported 194 million more passengers than in 2021, a 30% increase yearly. Further, from January to December 2022, US airlines handled 853 million passengers (unadjusted), up from 658 million in 2021 and 388 million in 2020. Therefore, the growth of the commercial aviation industry is driving the growth of the airside services market.
Advancements in technology are a key trend gaining popularity in the airside services market. Major companies operating in the airside services market are adopting new technologies to sustain their position in the market. For instance, in May 2023, Honeywell International Inc., a US-based technology and manufacturing company, launched an updated suite of airside solutions, including the NAVITAS Smart Visual Docking system and integrated ramp management system. Combining an integrated ramp management system and cyber-secure airfield solutions improves arrival preparedness, docking process support, turnaround, and departure management. A smart visual docking system enables more precise and informed gate operation decision-making. These solutions aid in optimizing gate operations and improving situational awareness for pilots and airside operations teams, leading to shorter aircraft turnaround times.
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Major Key Players of the Market:
United Aviation Services, Honeywell International Inc., Aeromexico Servicios, Collins Aerospace, Acciona S.A., Worldwide Flight Services (WFS), Dnata, Aviapartner Holding NV, BBA Aviation plc, Singapore Airport Terminal Services Ltd, DAL Global Services LLC, Menzies Aviation Limited, John Menzies Plc., SATS Ltd., PrimeFlight Aviation Services, Flughafen München GmbH, Saudi Ground Services Company, NAS Airport Services Limited, Celebi Aviation Holding, Aviator Airport Alliance AB, Sky Handling Partner, JetEx Flight Support, Aircraft Service International Group Inc., Transworld Aviation FZE, Universal Aviation Corporation, SAS Ground Handling, Aloha Group, Alitalia Airlines, Servisair, Aero Ground Handling (AGH).
Airside Services Market 2024 Key Insights:
• The airside services market size is expected to see strong growth in the next few years. It will grow to $7.21 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Surge In Commercial Aviation Is Anticipated To Fuel The Airside Services Market
• Technological Advancements Reshapes The Airside Services Market
• North America was the largest region in the airside services market in 2023
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