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Airport Operations Market; by Airport Size (Class A, Class B, Class C, Class D); By Application Type (Smart Tag & RFID, Ground Support Equipment, 5G infrastructure, Biometric Solution, Electronic Gate, Baggage Scanners, and Cybersecurity Solutions); And By Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Airport Operations Market to surpass USD 14.6 billion by 2030, which is valued at USD 6.5 billion in 2021 at a compound annual growth rate of 9.40%.
The airport industry consists of companies running international, domestic, civil, or public flying airports or flying areas. Airport operations are distributed data network that allows the industry to monitor and locate various components in a new, elegant, and secure manner while preventing forgeries and improving maintenance capabilities. Additionally, various technologies offer solid security with tamper-resistant data where all product information is encoded. This also encompasses airport operators, except for service providers that provide refueling aircraft, parking, rental for hanger space, air traffic control, baggage handling, cargo handling services, and other facilities. The services are typically operated by a fixed-base operator. Airport operation ensures the smoother running of experience and includes services such as TSA, gateway operations, and customer service.
Rising investments by major giants including IBM Corporation and Siemens AG in the production of intelligent airport solutions. Furthermore, the growing use of smartphones and other smart devices as well as high demand for advanced airport operations is driving the growth in the industry. Airport management tends to make operations run smoothly. Efficient airport management reduces the waiting period of passengers and provides better facilities.
By Application type, the global Airport Operations Market is segmented into Smart Tag & RFID, Ground Support Equipment, 5G infrastructure, Biometric solution, Electronic gate, Baggage Scanners, and Cybersecurity Solutions. The use of biometrics for passenger screening in the aviation industry provides the ability to collect data for airlines and aviation. The storage of passenger information for biometrics and ID tracking management can improve their safety by airlines and airports. Most passengers use a smartphone to quickly connect baggage tracking features, alerts, and customized services to their aviation.
By Airport Size the global Airport Operations market is segmented into Class A, Class B, Class C, and Class D. The need to improve and extend airport capacity is driven by increased air passenger traffic from smaller towns. Therefore, the highest CAGR is expected in the class B market. The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Need for better airport operations and better transparency to increase the market growth
The growing use of smartphones and other smart devices and the rising need for advanced airport operations is driving growth in the industry. Airport management tends to make operations run smoothly. Efficient airport management reduces the waiting period of passengers and provides better facilities. Airport management tends to make operations run smoothly. Also, airport operation is incorporated into IoT, which is expected to drive the worldwide airport operation market to improve transparency and productive supply chain. The COVID 19 crisis has generated the need for approaches to facial recognition. Scanners are required to gradually be withdrawn at the same time. In the wake of the COVID-19 crisis, many national airports requested thermal scanners and infrared scanners to screen passenger travelers.
High infrastructural cost to restraint the growth of the airport operations market
Rising infrastructure costs have marginally decreased the revenue profit over the last five years. Ground supporting equipment on the ramp side of airports ensures that aircraft luggage and freight as well as departure and boarding of passengers and crew are secure and effective for pick up and drop. According to IATA, because of the COVID-19 crisis more than 100 countries-imposed travel ban is expected to negatively impact the global market. The ground operators, therefore, announce that they lost more than 90% of their profits in the first quarter of 2020. Orders have also been canceled for ground support equipment which was scheduled to be supplied by 2020.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA. In terms of technology and infrastructure, North America is the most developed region. Increasing airline's airport's use of technology in this area is one of the key factors that influence the area’s development. The involvement of key players on the markets and major airports is essential to the development of the airport operations market in the region. Asia Pacific was the worst affected in the first quarter of 2020 with one- fourth less expected rate of traffic than without the COVID-19, according to ACI World figures.
FLIR Systems
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