The airport construction is a methodical process used to create standards for an airport’s efficient development that is in line with municipal, state, and federal objectives. Assuring the efficient use of airport resources to meet aviation demand in a financially viable manner is a primary goal of airport planning.
Sizing and Forecast
The airport construction market size has grown steadily in recent years. It will grow from $1190.24 billion in 2023 to $1214.67 billion in 2024 at a compound annual growth rate (CAGR) of 2.1%. The growth in the historic period can be attributed to globalization and increased travel, air traffic growth, modernization and upgrading, government investments, security upgrades, tourism industry growth.
The airport construction market size is expected to see steady growth in the next few years. It will grow to $1351.85 billion in 2028 at a compound annual growth rate (CAGR) of 2.7%. The growth in the forecast period can be attributed to emerging markets expansion, environmental considerations, infrastructure resilience, urban air mobility, capacity expansion. Major trends in the forecast period include remote and regional connectivity, technological integration for smart airports, upgrades in air traffic management systems, modular construction techniques, public-private partnerships (PPPs) for funding.
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Segmentation & Regional Insights
The airport construction market covered in this report is segmented –
1) By Technology: Security Systems, Communication Systems, Passenger, Cargo and Baggage Ground Handling Control, Air or Ground Traffic Control
2) By Location: Landside, Airside, Terminal Side
3) By Applications: Defense and Military, Commercial And Civil
Asia-Pacific was the largest region in the airport construction market in 2023. North America is expected to be the fastest growing region in the forecast period. The regions covered in the airport construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing air traffic is expected to drive the growth of the airport construction market going forward. Air traffic refers to the procedure or technique by which ground personnel coordinates radio communications with pilots to monitor and control aircraft movements. With airport operators and airlines expanding capacity, the airport construction market is undergoing significant expansion. For instance, according to the report by International Civil Aviation Organization, a US-based agency that coordinates international air navigation, in May 2022, shows that when compared to the same period in 2021, the global number of passengers carried by air climbed by 65% from January to April 2022, while the number of aircraft departures increases by 30%. Airline seat capacity increased by 32% over the same period. Therefore, the surge in air traffic will benefit the airport construction market in the forecasting period.
Key Industry Players
Major companies operating in the airport construction market report are China State Construction Engineering Corporation, Actividades de Construcción y Servicios S.A, Vinci Construction, Hochtief AG, TAV Construction, Larsen & Toubro Limited, Bechtel Corporation, Turner Construction Company, Jacobs Engineering Group, Fluor Corporation, AECOM Technology Corporation, Balfour Beatty, Ferrovial SA, Skanska USA Inc., Gilbane Building Company, Hensel Phelps Construction Company, Amadeus It Group, PCL Constructors Inc., Parsons Corporation, McCarthy Holdings Inc., Granite Construction Inc., Mace Group, Austin Industries Inc., Shikun & Binui Ltd., Mott MacDonald, Walsh Group, Crossland Construction, GMR Group, Hill International Inc., GVK Industries Limited d/b/a., Bouygues Construction, SNC-Lavalin Group Inc., Bechtel Corporation, Turner Construction Company, OHL Group, Kier Group plc
The airport construction market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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