The global smart airport market is set to be driven by the rising preference of the masses for air travel. Besides, the expansion of the commercial aviation domain is set to affect the market positively in the coming years. This information is given by Fortune Business Insights™ in a recent report, titled, “Smart Airport Market Size, Share & Industry Analysis, By Platform (Hardware Systems, Data Management, Software Systems, and Others), Airport Model (Airport 2.0, Airport 3.0, and Airport 4.0), Airport Size (Small, Medium, and Large), Application (Airside, Landside, Terminal Side), Airport Operation (Aeronautical and Non-aeronautical), and Regional Forecasts, 2020- 2027.” The report further mentions that the global smart airport market size was USD 2.20 billion in 2019 and is projected to reach USD 6.70 billion by 2027, exhibiting a CAGR of 17.24% during the forecast period (2020–2027).
COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
This Report Answers the Following Questions-
- What are the market trends, opportunities, and challenges?
- How will the market be affected owing to the outbreak of Covid-19 pandemic?
- Which companies would generate the highest revenue in the near future?
- Which are the key strategies adopted by the organizations to intensify competition?
Market Drivers
Rising Installation of Advanced Systems in Airports to Drive Growth
The governments and other regulatory bodies of several countries across the globe are focusing on developing and creating smart airports by partnering up with industry giants. International, as well as domestic airports are being installed with technologically advanced systems to provide hassle-free traveling experience to the passengers.
Airport authorities are also replacing the aging equipment and systems with automated and highly unique systems for reducing the waiting time of passengers. Apart from that, the rising demand for eco-friendly systems would accelerate the demand for green and smart airports in the forthcoming years. However, owing to the expensive nature of such unique systems, several countries nowadays prefer outsourcing security services frm third-party companies. It may hamper the smart airport market growth in the coming years.
Segment-
Non-aeronautical Segment to Be Impacted Severely Owing to Covid-19 Pandemic
Based on airport operation, the market is divided into non-aeronautical and aeronautical. Out of these, the non-aeronautical segment is anticipated to grow rapidly throughout the forecast period by generating high smart airport share. It would occur as non-aeronautical revenue is considered to be the major source of revenue in numerous prominent airports in Asia Pacific. Approximately 45% of the region’s revenue comes from the non-aeronautical sector. Our research states that the outbreak of the Covid-19 pandemic has given rise to preventive measures, such as complete lockdown. It has further reduced the passenger traffic worldwide and is set to remain so for the first quarter for 2020. These revenues play a vital role as they solely cannot serve all capital costs and airport operations. The sudden decline in the number of passengers backed by the coronavirus infection is set to impact the ecosystem negatively. It comprises of service providers, suppliers, airlines, and airports.
Regional Analysis-
Rising Air Traffic to Bolster Growth in Asia Pacific
In 2019, North America held USD 1.28 billion revenue and is set to be the fastest-growing region in the coming years. This growth is attributable to the increasing expenditure on modernizing and upgrading the conventional systems in airports in the U.S. Apart from that, the presence of governing agencies such as Transportation Security Administration (TSA), as well as reputed manufacturers such as Raytheon Technologies and Honeywell International are set to augment the market growth in this region.
Europe, on the other hand, is expected to remain in the second position fueled by the rising demand for green and smart airports. Asia Pacific is anticipated to grow rapidly in the near future stoked by the increasing air traffic in countries, such as India, Singapore, and China. The Middle East and Africa would exhibit a significant CAGR on account of the increasing investments in the domestic airports located in Saudi Arabia and the U.A.E.
Competitive Landscape-
Key Players to Install Technologically Advanced Systems in Airports
The market houses a large number of companies that are persistently striving to provide the passengers with safe and efficient travel experience. To do so, they are joining hands with the airport authorities of several nations to design and implement innovative solutions for turning the conventional airports into smart airports.
Source: https://www.fortunebusinessinsights.com/industry-reports/smart-airport-market-101799
