By Akash Sinha
The Global Airport Service Industry provides a promising scenario with increased opportunities in aircraft handling services, cargo handling and hospitality events, as provided by market reports published by Lucintel.
Expecting an estimated US$211.5 billion target by 2023, the compound annual growth rate or CAGR has been forecasted as 4.2 per cent, in figures from 2018 to 2023. The rise in air traffic due to the increased air passengers, the establishment of new airports and increased connectivity due to the expanding domestic routes, have been the significant growth drivers for the aviation market.
The major service elements are the hospitality event, cargo handling and aircraft handling within the market. Lucintel provided data, forecasting the hospitality events and cargo handling services to show a growth much more than that of an average growth.
Europe remains busy throughout the year, with continuous in and out flights, thanks to the Open Skies policy, removing the air-service limitations between the European nations. This in turn helps driving the airport service industry and tourism. Due to rising passenger traffic, as forecasted, Asia Pacific also expects a significant growth over this period.
Trends that have emerged throughout time, more or less have a direct impact on industry dynamics. Artificial Intelligence has become an approved innovation in the air transport technology, introducing green gates for reducing emissions and enhancing customer service by virtual technology. With increased usage of smart phone apps, passengers find schedule planning as a piece of cake.
The list of the major service providers in the global airport service industry is quite big, with Aeroports de Paris SA, Auckland International Airport Limited, BBA Aviation plc, Beijing Capital International Airport Co., Fraport Frankfurt Airport Services Worldwide, Flughafen Wien AG, Japan Airport Terminal Co. Ltd, Malaysia Airports Holdings Berhad and Tav Havalimanlari Holding A.S. Sats Ltd topping the list.
Courtesy: Lucintel