Global airport construction market to reach $ 1.3 trillion by 2024
FACTS AT A GLANCE
Editing: 6; Posted: May 2021
Executive pool: 2479
Companies: 58 – Actors covered include AECOM; Austin Industries; Bechtel Company; Fluor Corporation; construction company Hensel Phelps; Hill International, Inc .; GMR Group; Jacobs Engineering Group; L&T Construction; McCarthy Holdings, Inc .; PCL Builders, Inc .; Skanska United States, Inc .; Construction of Suffolk; Sundt construction; TAV Construction; The Walsh Group; Turner Construction Company et al.
Blanket: All major geographies and key segments
Segments: Segment (construction of new land, replacement of airports, expansion of contaminated sites, conversion of airports)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.
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Global airport construction market to reach $ 1.3 trillion by 2024
The airport, an aeronautical facility primarily intended for commercial air transport, consists of a landing area with a runway and lighting infrastructure, aircraft parking and maintenance facilities, control towers, terminals and hangars. Although these are basic functionality in an airport, large airports may also have additional functionality such as air traffic control centers, taxiway bridges, airport aprons, emergency service facilities and passenger facilities such as lounges and a cafeteria. As the airport primarily serves as a hub for aircraft movement and air passenger tours, the design and construction of the entire airport is focused solely on creating a better environment for aircraft and passengers. passengers, and on the smooth and efficient operation of the aerodrome. Amid COVID-19 Crisis, Global Airport Construction Market Expected to Reach US $ 1.3 trillion by 2024, registering a compound annual growth rate (CAGR) of 3.6% over the analysis period. Japan represents the largest regional market for the construction of airports, representing an estimated share of 10.4% of the world total. The market is expected to reach 131.9 billion US dollars before the end of the analysis period. China is expected to spearhead the growth and become the fastest growing regional market with a CAGR of 5.8% during the analysis period.
In the post-pandemic period, the expected resumption of air traffic and the need to resolve congestion issues will lead the airline industry to focus on the creation of new airports and the expansion of existing airports. A significant portion of airport capital investments will be directed to meet the rapidly growing passenger and freight activity, with the remainder being used for airport maintenance. In addition to meeting the growing demand for air traffic, the need to modernize aging infrastructure is a key factor fueling the growth of the airport construction market, especially in developed economies. With airport operators under intense pressure from expanding passenger traffic and the growth of the aircraft fleet, they are turning to projects to modernize and improve existing airports. Airport construction activity will be affected by major industry developments such as increased investment in airport infrastructure, conversion of military airports to civilian use, increasing use of more aircraft. large size, the emergence of smart airports and the trend towards privatization of airports. For example, the advent of larger aircraft, such as the Airbus A380 and the Boeing 747-8, has resulted in an increased demand for additional space due to the increase in length, weight and the wingspan of the fuselage, forcing airports to undertake expansion projects. The privatization of airports is one of the essential aspects to attract investment in the development of airport infrastructure.
The decision to privatize the airports has been used successfully as a strategy to attract investment in the major aviation markets of Europe, Brazil, Australia, India, China and Brazil. Meanwhile, in the United States, state or local governments support the operations of most airports across the country and therefore receive little support from direct taxpayer funding. Therefore, US airports must be self-sufficient, thereby attracting private sector participation. The coming years will also see an increased role of technology in airport construction projects. Following
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