Green Airport Market Share to Reach $12 Billion by 2032

By energy type, the solar energy segment dominated the global market in 2022, in terms of revenue. The bioenergy segment is expected to lead the market throughout the forecast period. By airport type, the civil segment accounted for a major share in 2022. Based on airport class, the class C segment is anticipated to witness lucrative growth over the forecast timeframe. At present, North America is the highest revenue contributor, followed by Europe.

According to a new report published by Allied Market Research, titled, "Green Airport Market," The green airport market was valued at $4.6 billion in 2022, and is estimated to reach $12 billion by 2032, growing at a CAGR of 10.2% from 2023 to 2032.

The increased awareness among the public regarding environmental issues, encompassing climate change and pollution, plays a pivotal role in shaping consumer preferences. Travelers increasingly favor airports that actively engage with environmental concerns, compelling these facilities to embrace more eco-friendly practices. Recognizing the significance of demonstrating corporate social responsibility (CSR), businesses, including airports, acknowledge the importance of addressing environmental issues. The adoption of green initiatives allows airports to harmonize with societal values and meet expectations related to sustainability.

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This surge in awareness and concerns related to environmental issues not only influences consumer choices but also drives airports to prioritize corporate responsibility, comply with regulations, improve public perception, attract sustainable businesses, and align with broader global environmental initiatives, ultimately contributing to the advancement of the green airport market.

There is a rise in the advancement in technologies that is expected to present numerous opportunities for the growth of the market. The incorporation of IoT (Internet of Things) devices and sensors facilitates continuous monitoring and optimization of energy usage in real-time, resulting in a diminished environmental footprint and operational cost savings. There is surge in the design and development of eco-friendly building materials that help airports align with environmental sustainability goals. Moreover, the continuous progress in electric vehicle (EV) technologies contributes to the widespread adoption of electrified ground transportation within airport premises. Furthermore, the development and adoption of autonomous vehicles and robotics into airport operations is expected to increase efficiency and reduce resource utilization.

Civil airports include aviation facilities that primarily serve scheduled passenger and cargo flights conducted by commercial airlines. Commercial airports in the green airport industry are centered on incorporating eco-friendly practices and initiatives within airports primarily catering to commercial air travel. This category encompasses a range of strategies and technologies designed to decrease the environmental impact, decrease resource usage, and improve overall environmental performance.

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Commercial airports embrace eco-friendly measures and evolve into green airports by implementing diverse initiatives and strategies focused on bolstering sustainability, mitigating environmental effects, and fostering environmentally conscious operations. This includes integrating renewable energy sources like solar and wind power into airport operations, reducing dependence on traditional energy and decreasing carbon emissions.

Moreover, there is a rise in the construction projects at commercial airports that place a significant focus on environmental sustainability. For instance, in 2022, the Indianapolis Airport Authority (IAA) announced a major construction project at the Indianapolis International Airport (IND) known as the Runway 5R-23L and Taxiway D Strengthening and Capacity Enhancement. This project, designed with innovative construction methods and sustainability measures, is aimed at providing the airport with long-term stability and sustainability for future growth. Furthermore, the deployment of energy-efficient technologies, encompassing LED lighting, intelligent building systems, and efficient HVAC systems, is prioritized to curtail energy usage and enhance overall energy efficiency.

Military airports are aviation facilities operated by the armed forces of a country. These airports are specifically dedicated to military aviation activities. Military airbases are increasingly considering incorporating renewable energy sources such as solar and wind power to decrease dependency on conventional energy and minimize their carbon footprint. They can adopt strategies aimed at reducing emissions and fuel consumption in relation to military aviation operations, potentially including the utilization of alternative fuels and the adoption of more fuel-efficient aircraft and ground support equipment. Moreover, surge in the collaboration with defense contractors to develop and acquire equipment and technologies that align with environmentally friendly practices is expected to drive the growth of the market.

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Impact of Russia-Ukraine war

On February 24, 2022, Russia commenced an invasion of Ukraine, escalating the long-standing Russo-Ukrainian War that began in 2014. This event has the capacity to disrupt global economies, impacting investor confidence and financial markets. The resulting economic instabilities pose challenges in obtaining funding for infrastructure projects, particularly those focused on sustainability in airports. During periods of geopolitical unrest, governments may shift their priorities and regulatory emphasis, potentially affecting support for eco-friendly initiatives in the aviation sector.

KEY FINDINGS OF THE STUDY

By energy type, the bioenergy segment is anticipated to exhibit significant growth in the near future.
By airport type, the civil segment is anticipated to exhibit significant growth in the near future.
By airport class, the class C segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Key players operating in the global green airport market include SITA, TKH Airport Solutions, ABB, Schnieder Electric, Acciona, Collins Aerospace, Honeywell International Inc., IBM Corporation, Siemens AG, and Thales Group. The companies are adopting strategies such as contract, collaboration, agreement, and others to improve their market positioning.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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This release was published on openPR.