LONDON--(BUSINESS WIRE)--The global smart airport market is expected to reach close to USD 13 billion by 2019, growing at a CAGR of almost 6%, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global smart airport market for 2015-2019. The market is further divided into terminal operation, airside operation, and landside operation in terms of application. Of these three applications, the terminal operations application accounted for 51% of the market share in 2014 and is expected to keep the leading position until 2019.
Technavio’s research study segments the global smart airport market into the following regions:
|
Geography |
Countries covered |
| APAC | India, Australia, China, Japan, South Korea, Indonesia, Thailand, Malaysia, Singapore, Hong Kong, the Philippines, New Zealand, Vietnam, Bangladesh, Burma, Cambodia, Laos, and Nepal |
| Americas | Countries of North America and Latin America |
| Europe | France, Germany, Russia, Spain, the UK, Italy, Turkey, Ukraine, the Netherlands, Poland, Belgium, Hungary, Sweden, Greece, Portugal, Denmark, Ireland, Romania, the Czech Republic, Austria, and Switzerland |
| Middle East | Bahrain, Cyprus, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, Syria, Turkey, the UAE, and Yemen |
APAC: largest smart airport market
As of 2014, APAC held the largest market share, accounting for over 40% of the global smart airport market. This region will continue to dominate the market through 2019. Rsing aircraft fleets and passenger traffic, especially in India and China, is one of the major drivers leading to the growth of this region. India, Singapore, and China are some of the countries that will showcase the highest demand for smart airport technologies during the forecast period.
According to Sriram Mohan, a lead analyst from Technavio’s aerospace sector, “China accounted for a significant share in APAC because of an increase in government funding that is aimed at facilitating the development of airports. For instance, the Chinese Civil Aviation Administration is planning to invest USD 500 million in the construction of 69 regional airports in China by 2019.”
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Smart airport market in Europe to reach USD 4 billion in revenue by 2019
The smart airport market in Europe is expected to reach USD 4 billion by 2019, growing at a CAGR of close to 6%.The growth of the smart airport market in Europe is due to increased air passenger traffic over the last couple of years in European countries.
As per Technavio’s assessment, air traveler traffic has increased to 500 million for domestic flights in European countries, whereas the number has increased to 330 million in international routes over the last couple of years. Sriram further adds, “Increased passenger traffic has encouraged airport and airline authorities to further increase their investment in the development and innovation of technologies that provide various services such as flight status, baggage tracking, smart parking, and smart advertising in airports.”
Increased investment in airport construction in Latin America fueling the smart airport market in the Americas
With just over 21% of the overall market share, the Americas still need to catch up to the trend of smart airports. In 2014, the smart airport market in the Americas was valued at USD 2 billion in 2014 and is expected to reach USD 2.72 billion by 2019, depicting a moderate growth.
In North America, the US is the largest market for commercial airport luggage-handling systems. Latin America is expected to increase its demand for smart airport technologies because of the increased investment in airport construction.
Middle East an emerging market for smart airports
The Middle Eastern market for smart airports is emerging. This is because of an increase in investment by the UAE government toward expanding airport capacity and building efficient operations. The use of smart technologies will help airport authorities reduce 25% of operational costs and provide passengers with seamless travel. The smart airport market in the Middle East is expected to reach USD 850 million by 2019, growing at a CAGR of more than 4%.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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