Airport Operations Market

1. Airport Operations Market

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3. Industry Overview- Airport Operations Market The global airport operations market is estimated to be USD 8.3 billion in 2020 and is predicted to reach USD 14.3 billion by 2025, growing at a CAGR of 11.0% during the forecast period. The major factors responsible for airport operations market growth were surge in passenger traffic volumes through increase in flight capacity and frequency, particularly from developing economies. Moreover, with rapid globalization and favorable economic conditions has also increased the profit margins, which thereby fueled manufacturing activities, causing more frequent cargo flights from developing economies to developed ones and vice versa. China has become the export based economy, so air cargo traffic in the country has surged a lot in the past decade, followed by other Asian giants like South Korea, India, Malaysia, and Taiwan. Additionally, small chunk of airport revenues also comes from passenger shopping at the retail stores, eating at restaurants, and purchasing antiques from duty free shops, while waiting for the flights.

4. Drivers & Restraints - Global Advanced Wound Care Market With the ongoing COVID-19 pandemic, the manufacturing industry is badly hit. The manufacturing slowdown in China has affected the manufacturing business in more than 15 countries, due to country-wide lockdowns, strict international border controls, social distancing measures for workers, and supply chain issues from China. Moreover, according to the ISM global supply chain survey results, more than 75.0% of the manufacturing firms reported disruptions in the supply chain, owing to transportation restrictions due to countrywide lockdowns to avoid the spread of COVID-19 virus. Most of the airports across the globe have evolved from being international travel enabler to integral part of the socio-economic engine driving regional economic growth of the country. The shift was characterized by four forces, playing crucial role in the functioning of airports. It includes externalization of airports, internal focus on the airport operations, thereby improving passenger experience rather than simple origin to destination operability and serving the social and the economic needs of the large set of workers associated with airport functioning on the daily basis. Moreover, changes in the strategic and financial drivers, particularly driven by increasing pressure of airline operators on the aeronautical fees, with more focus on inter-city domestic airline carriers. However, the airport operations are highly cost-intensive with various complexities, with majority of the revenue sources are mitigated with ongoing COVID-19 outbreak. This is a key factor that acts as a hurdle for the growth of the airport operations market. 

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