Smart airports encompass the use of connected technologies to optimize worldwide airport operations at all levels, whether for a first-time traveller ready to earn their wings, customer service agents updating passengers about delayed aiports flights, or air cargo agents rerouting goods through terminal.
Rising support from worldwide governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. We understand that this health crisis has brought an unprecedented impact on businesses across markets. Based on our research and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Rising Installation of Advanced Systems in Smart airports to Drive Growth
The global smart airports market is set to be driven by the rising preference of the masses for air travel. The governments and other regulatory bodies of several countries across the globe are focusing on developing and creating smart airports by partnering up with industry giants. International, as well as domestic smart airports are being installed with technologically advanced systems to provide hassle-free traveling experience to the passengers.
Smart airports authorities are also replacing the aging equipment and systems with automated and highly unique systems for reducing the waiting time of passengers. Apart from that, the rising demand for eco-friendly systems would accelerate the demand for green and smart airports in the forthcoming years.
However, owing to the expensive nature of such unique systems, several countries nowadays prefer outsourcing the security services from third-party companies. It may hamper the smart airports industry share growth in the coming years.
What is Future of Smart airports?
Besides, the expansion of the commercial aviation domain is set to affect the industry positively in the coming years. The analysis further mentions that the global smart airport’s industry share size was USD 2.20 billion in 2019 and is projected to reach USD 6.70 billion by 2027, exhibiting a CAGR of 17.24% during the forecast period (2020–2027).
Non-aeronautical Segment to Be Impacted Severely Owing to New Covid-19 Pandemic
Based on smart airports operation, the industry is divided into non-aeronautical and aeronautical. Out of these, the non-aeronautical segment is anticipated to grow rapidly throughout the forecast period by generating high smart airports share. It would occur as non-aeronautical revenue is considered to be the major source of revenue in numerous prominent smart airports in Asia Pacific. Approximately 45% of the region’s revenue comes from the non-aeronautical sector.
It has further reduced the passenger traffic worldwide and is set to remain so for the first quarter for 2020. These revenues play a vital role as they solely cannot serve all capital costs and smart airports operations. The sudden decline in the number of passengers backed by the coronavirus infection is set to impact the ecosystem negatively. It comprises of service providers, suppliers, airlines, and smart airports.
Rising Air Traffic to Bolster Growth in Asia Pacific
North America: In 2019, North America held USD 1.28 billion revenue and is set to be the fastest-growing region in the coming years. This industry growth is attributable to the increasing expenditure on modernizing and upgrading the conventional systems in smart airports in the U.S. Apart from that, the presence of governing agencies such as Transportation Security Administration (TSA), as well as reputed manufacturers such as Raytheon Technologies and Honeywell International are set to augment the industry growth in this region.
Europe, on the other hand, is expected to remain in the second position fuelled by the rising demand for green and smart airports. Asia Pacific is anticipated to grow rapidly in the near future stoked by the increasing air traffic in countries, such as India, Singapore, and China. The Middle East and Africa would exhibit a significant CAGR on account of the increasing investments in the domestic smart airports located in Saudi Arabia and the U.A.E.
Companies to Install Technologically Advanced Systems in Smart airports
The industry houses a large number of companies that are persistently striving to provide the passengers with safe and efficient travel experience. To do so, they are joining hands with the smart airports authorities of several nations to design and implement innovative solutions for turning the conventional smart airports into smart airports.
List of all the companies specializing in smart airports solutions. They are as follows: Raytheon Technologies Inc. (The U.S.), Siemens AG (Germany), Thales Group (France), Daifuku Co., LTD. (Japan), T-Systems (Germany), Wipro Limited (India), Smart airports Systems (SAS) (France), Infax, Inc. (The U.S.), IBM Corporation (The U.S.), Honeywell International Inc. (The U.S.), SITA (Switzerland), Huawei Technologies Co., LTD. (China)
Some of the key questions answered in this report:
- Which end-user or product type may seek incremental growth prospects? What is the Business research share of each type and application?
- What focused approach and constraints are holding the Smart airports Business research?
- What are the different sales, Business researching, and distribution channels in the global industry?
- What are the upstream raw materials and manufacturing equipment of Smart airports along with the manufacturing process?
- What are the key Business research trends impacting the growth of the Smart airports Business research?
- What is the global (North America, Europe, Asia-Pacific, South America, Middle East, and Africa) sales value, production value, consumption value, import, and export?