Press release
COVID-19 Impact on Airport Operations Market worth $14.5 billion by 2025
The COVID-19 Imapct on airport operations market report provides an analysis of the market from 2018 to 2025. It discusses the industry and technology trends prevailing in the market, along with the drivers, restraints, opportunities, and challenges. Post COVID-19, the size of the global airport operations market is projected to grow from USD 8.5 billion in 2020 to USD 14.5 billion by 2025, at a CAGR of 11.0% during the forecast period. In Asia Pacific, the market is expected to witness substantial growth during the forecast period, especially in countries such as China, India, and Japan, due to the focus on increasing the handling capacity of passengers.The increasing demand for smart passenger screening and management systems is also a significant factor that can contribute to the anticipated growth of the airport operations market during the forecast period. The COVID-19 crisis has created demand for facial recognition technology that does not require human interference and can replace fingerprint scanners. Amid this pandemic, various airports in numerous countries have ordered thermal scanners and infrared scanners for passenger screening. For instance, demand for thermal imaging cameras that can detect fevers from a distance has soared as nations ramp up surveillance and quarantine measures. US-based camera giant Flir, the world's largest specialist in thermal imaging technology, said that it had seen global demand increase by 700% in its Instruments division as businesses and governments hunted for solutions to spot the coronavirus among crowds. Not only airports but also airlines are procuring thermal imaging scanners to screen their passenger, pilots, and staff.
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Based on technology, the ground support equipment segment is anticipated to have the largest market share in 2020. Ground support equipment on the ramp side of airports is responsible for the smooth and efficient loading and unloading of baggage and cargo from the aircraft as well as the disembarkation and boarding of passengers and crew. This complex and diverse set of operational responsibilities is expertly coordinated. Turnaround management is highly dependent on the efficient functioning of ground support equipment.
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Based on region, the airport operations market is segmented into five regions; namely, North America, Europe, Asia Pacific, the Middle East, and the Rest of the World. The market in North America is anticipated to grow at a high CAGR during the forecast period. The need for optimizing airport operations and enhancing passenger experiences is fueling investments in smart technology. Implementing technologies such as IoT, AI, and Big Data in airport operations has the potential to boost transparency and increase operational efficiency. Keeping in mind the current passenger growth rate as well as the increasing fleet sizes of airlines, airports are required to make data-driven decisions by leveraging new technologies such as IoT, AI, and Blockchain. The US and Canadian governments have announced sweeping travel restrictions amid the novel COVID-19 outbreak.
Mr. Sanjay Gupta
MarketsandMarkets(TM) INC.
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MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.
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