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Smart Airport Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Smart Airport Market is expected to register a CAGR of more than 15. 65% during the forecast period (2022-2027). Following the advent of the COVID-19 pandemic, the demand for smart airport technologies has increased due to the investments toward the integration of advanced technologies such as self-service check-in kiosks, biometric kiosks, and touchless solutions, among others.
New York, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Airport Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06317769/?utm_source=GNW
Furthermore, due to the lower passenger traffic levels at the airports, the airport operators could easily integrate and implement new advanced technologies.
The recovery in the passenger traffic in the coming years, the implementation of advanced technologies like IT, electronics and control systems, robotics, data analytics, etc., in airports for efficient management at a reduced cost, and the need to enhance the passenger experience in airports are expected to accelerate the growth of the smart airport market during the forecast period.
The increasing investments in the construction of new greenfield airports and the expansion of existing airports around the world to cater to the anticipated rebound in passenger traffic are expected to majorly drive the demand for smart airport technologies in the coming years.
Key Market Trends
The Passenger, Cargo and Baggage, and Ground Handling Segment Dominated the Market
The passenger, cargo and baggage, and ground handling segment currently has the highest market share, and it is expected to continue its dominance during the forecast period. The rapid growth of passenger traffic has increased the pressure on airport operators to augment their passenger handling capacity and integrate digital solutions to regulate passenger flow, cargo, and baggage handling capabilities at the airports. For instance, in May 2022, Veovo partnered with Aeropuertos Argentina 2000, an operator of Argentina’s airports, to integrate new passenger flow solutions at Aeroparque Jorge Newbery (AEP) and Aeropuerto Internacional Ezeiza (EZE). The company implemented Veovo’s Passenger Predictability solution, AI-powered cloud software, to optimize operations and enhance passenger flow in various processes, such as baggage hall, security, immigration, and border control. Similarly, airports are also installing automated baggage handling systems to ease the pressure on airport ground support personnel, helping airports, airlines, and ground handlers achieve passenger satisfaction. The majority of the airports in Europe and Asia have already installed automated baggage handling systems. On this note, In January 2022, the Delhi International Airport Limited (DIAL) announced that it has been installing an integrated cart system (ICS) at the Terminal-1 of the Delhi Airport for baggage handling that has high speed, high capacity, and more reliability, The planned investments in passenger and baggage handling systems are expected to propel the growth of this segment in the coming years.
The Asia-Pacific Region is Expected to Witness the Highest Growth During the Forecast Period
The Asia-Pacific region will experience significant growth due to robust investments toward constructing new airports and expanding existing airports. Over the past few years, there has been a rapid increase in passenger traffic handled by airports in countries like China, India, Japan, and South Korea, among others. Due to this, the government and airport authorities in the region have announced significant investments in the construction and expansion of airports. For instance, in April 2022, the Ministry of Land, Infrastructure, and Transport of South Korea announced its plans to invest KRW 13.7 trillion (USD 10.97 billion) in the construction of a new airport in Gadeok Island. The airport is expected to be an offshore airport (constructed on a floating structure at sea) and will cater to the growing air traffic demand in the country’s southeast region. Furthermore, to efficiently operate the airports and provide uninterrupted services to the passengers, the airports in the region have also integrated smart airport solutions. In this regard, In May 2021, the Incheon International Airport in Korea developed and unveiled a smart system that automatically disinfects the luggage of incoming passengers. The system was installed on the tunnels of the conveyor lines in the arrival area and disinfected baggage through the ultraviolet disinfection method UV-C before passengers claimed them. In April 2021, Siemens Logistics won a contract to expand the baggage handling system in Terminal 2 of South Korea’s Incheon Airport. In addition to supplying the baggage conveying and sorting technology, Siemens is responsible for the technical project management, layout design, and software solutions. The project scope also includes integrating the new equipment into the existing system. Such modernization of airport infrastructure with smart airport solutions is expected to accelerate the market growth in this region during the forecast period.
Competitive Landscape
The market for smart airports is highly fragmented, with many players providing advanced smart technology solutions. Some of the major players in the smart airport market are Raytheon Technologies Corporation, SITA, Honeywell International Inc., Siemens AG, and Cisco Systems Inc. Post pandemic, companies partnered with various airlines, governments, and airport authorities around the world to provide advanced technology solutions. For instance, In June 2022, Air Liquide and Groupe ADP announced their ambitious partnership to create a first joint venture to facilitate the development of smart hydrogen infrastructure at the airports. This partnership will provide the airports in France with engineering services in the transition toward smart and sustainable hydrogen systems that are expected to be commercialized by 2035, starting from FranceoIn December 2021, the Nice airport in France announced that it partnered with the company Easier, to develop contactless check-in systems to be installed in the airports. These new systems will be installed in the airport terminal to be tested for operational capabilities and will be used further, to enable a good customer experience for those traveling through this airport. The development of such products that promote contactless processing of the airports is expected to help the companies increase their geographic presence in the coming years.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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