Airport Terminal Operations Market to Reach $12.6 Billion, Globally, by 2033 at 7.6% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Airport Terminal Operations Market by Operation Type (Passenger Handling Service, Aircraft Handling Services, Retail and Commercial Services and Others), Airport Category (Class A, Class B and Class C), and Technology (Biometric and Identity Management Systems, Baggage Handling Systems, Smart Security Systems, Passenger Information Systems and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the airport terminal operations market was valued at $6.1 billion in 2023, and is estimated to reach $12.6 billion by 2033, growing at a CAGR of 7.6% from 2024 to 2033.
Prime determinants of growth
The global airport terminal operations market is experiencing growth due to several factors such as increase in air traffic, rise in the airport modernization and expansion projects, surge in demand for enhanced passenger experience. However, high initial investment, regulatory challenges hinder market growth to some extent. Moreover, smart airport initiatives and technological advantages offers remunerative opportunities for the expansion of the global airport terminal operations market.
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Segment Highlights
The Passenger handling service segment is expected to grow faster throughout the forecast period.
Passenger handling service segment is expected to grow the most throughout the forecast period. This segment is experiencing significant growth due to the increasing global air passenger traffic, which is driving airports to enhance their passenger handling capabilities. As air travel continues to rise, especially in emerging markets, airports are investing in efficient and seamless passenger handling services to improve overall customer experience and operational efficiency.
The Class A segment is expected to grow faster throughout the forecast period.
The Class A airports segment are expected to witness the highest growth in the airport terminal operations market.. Class A airports typically handle large volumes of passengers and aircraft movements compared to Class B and Class C airports. As global air travel continues to grow, these airports are investing in infrastructure and operational efficiencies to manage increased passenger traffic effectively. Class A airports often serve as major international hubs, connecting multiple destinations worldwide. This role necessitates advanced terminal operations to cater to diverse passenger needs, including seamless transfers, customs and immigration processes, and high-level security measures.
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The Biometric and Identity Management System segment is expected to grow faster throughout the forecast period.
the Biometric and Identity Management Systems segment is poised for the most substantial growth in the airport terminal operations market. Biometric and identity management systems are becoming indispensable in enhancing airport security measures. These systems offer robust solutions for passenger and staff identification, reducing vulnerabilities associated with traditional identification methods.
Regional Outlook
North America boasts some of the world's busiest airports, known for their advanced infrastructure and early adoption of cutting-edge technologies. This includes sophisticated baggage handling systems, biometric security measures, and smart airport solutions aimed at enhancing operational efficiency and passenger experience. Stringent regulatory standards set by authorities like the Transportation Security Administration (TSA) in the U.S. and Transport Canada ensure high levels of security and safety across airports. Compliance with these standards drives investments in modern terminal operations technologies, including security screening, baggage handling, and passenger information systems.
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Players:
- Groupe ADP
- Fraport AG
- Heathrow Airport Holdings
- Aena
- SITA
- Rockwell Collins
- Siemens Logistics
- Thales Group
- Indra Sistemas
- Amadeus IT Group
The report provides a detailed analysis of these key players in the global airport terminal operations. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In May 2024, OSI Systems, Inc. announced that its Security division secured a significant contract worth around $42 million by an international airport. This contract is to provide various advanced screening solutions for both passenger checkpoints and baggage. RTT® 110 Explosive Detection System is a real-time tomography system used for screening hold baggage to detect explosives.
- In October 2023, SITA, aviation technology provider formed a partnership with Express Rail Link Sdn Bhd (ERL) to enhance its passenger services with new self-check-in and bag drop facilities. This agreement will see the installation of SITA Check-in Kiosks and SITA Self Bag Drop services at the KL City Air Terminal within KL Sentral by the second quarter of 2024. These facilities will allow passengers to check in and drop off their luggage at the train station before taking the KLIA Ekspres train to the airport, thereby easing the stress of airport check-ins.
- In November 2023, Alstef Group received a contract to design and install a new baggage handling system (BHS) for the modern terminal at Kyzylorda Airport in Kazakhstan. This project will enhance the airport's efficiency and capacity, benefiting passengers with a more streamlined experience. Alstef Group is expected to handle the design, installation, and commissioning of the new baggage handling technology.
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