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Airport Construction Market Analysis & Opportunities 2024-2033
Airport Construction Market Analysis
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According to The Business Research Company's, The airport construction market size has grown steadily in recent years. It will grow from $1190.24 billion in 2023 to $1214.67 billion in 2024 at a compound annual growth rate (CAGR) of 2.1%. The growth in the historic period can be attributed to globalization and increased travel, air traffic growth, modernization and upgrading, government investments, security upgrades, tourism industry growth.
The airport construction market size is expected to see steady growth in the next few years. It will grow to $1351.85 billion in 2028 at a compound annual growth rate (CAGR) of 2.7%. The growth in the forecast period can be attributed to emerging markets expansion, environmental considerations, infrastructure resilience, urban air mobility, capacity expansion. Major trends in the forecast period include remote and regional connectivity, technological integration for smart airports, upgrades in air traffic management systems, modular construction techniques, public-private partnerships (PPPs) for funding.
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Market Drivers and Trends:
The growing air traffic is expected to drive the growth of the airport construction market going forward. Air traffic refers to the procedure or technique by which ground personnel coordinates radio communications with pilots to monitor and control aircraft movements. With airport operators and airlines expanding capacity, the airport construction market is undergoing significant expansion. For instance, according to the report by International Civil Aviation Organization, a US-based agency that coordinates international air navigation, in May 2022, shows that when compared to the same period in 2021, the global number of passengers carried by air climbed by 65% from January to April 2022, while the number of aircraft departures increases by 30%. Airline seat capacity increased by 32% over the same period. Therefore, the surge in air traffic will benefit the airport construction market in the forecasting period.
Technology advancements in new airport terminal projects are a key trend gaining popularity in the airport construction market. Major companies in the airport construction market are advancing in their new technologies and development, to gain market share. For instance, in June 2022, ADB Safegate, a US-based provider in airfield, gate, airport systems, and tower solutions provider introduced a unique Safedock X Advanced Visual Docking Guidance System (A-VDGS), bringing completely automated airport apron management one step closer to reality by combining innovative surveillance technologies, contemporary display capabilities, and superior integration to assure safe docking in all-weather situations. The new display is a critical component in supporting airport collaborative decision making (A-CDM), assisting in reducing delays and shortening gate rotations because it can provide more information to meet any apron management task. A transportable operator panel gives ground employees more situational awareness and flexibility, while Safedock X can accommodate independent displays for aircrew and ground crew.
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Major Key Players of the Market:
China State Construction Engineering Corporation, Actividades de Construcción y Servicios S.A, Vinci Construction, Hochtief AG, TAV Construction, Larsen & Toubro Limited, Bechtel Corporation, Turner Construction Company, Jacobs Engineering Group, Fluor Corporation, AECOM Technology Corporation, Balfour Beatty, Ferrovial SA, Skanska USA Inc., Gilbane Building Company, Hensel Phelps Construction Company, Amadeus It Group, PCL Constructors Inc., Parsons Corporation, McCarthy Holdings Inc., Granite Construction Inc., Mace Group, Austin Industries Inc., Shikun & Binui Ltd., Mott MacDonald, Walsh Group, Crossland Construction, GMR Group, Hill International Inc., GVK Industries Limited d/b/a., Bouygues Construction, SNC-Lavalin Group Inc., Bechtel Corporation, Turner Construction Company, OHL Group, Kier Group plc
Airport Construction Market 2024 Key Insights:
• The airport construction market size is expected to see steady growth in the next few years. It will grow to $1351.85 billion in 2028 at a compound annual growth rate (CAGR) of 2.7%.
• Growing Air Traffic Propels Expansion In The Airport Construction Market
• Advanced Technologies Reshape Airport Construction Market
• Asia-Pacific was the largest region in the airport construction market in 2023
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