BCC Research has released its “Advanced Airport Technologies, Global Markets to 2022” report valuing the advanced airport technologies market at $27 billion by 2020, with a CAGR of 5.1%.
The largest market is in passenger, baggage and cargo handling and control systems, which are valued to reach $10,681.6 million by 2022 with a CAGR of 4.8%.
Communications systems come in second in market valuation, reaching $5.9 million with CAGR 4.7%.
Security, fire and emergency services will experience the highest CAGR at 7.5%.
Other technologies including navigational and landing aids, digital signage, airport management software and parking systems will reach a combined $5,746 million by 2022, at a CAGR of 6.4%.
Additionally, the report indicates that the greater share of airport investment is shifting to China and other emerging markets, where infrastructure is developing at a high pace to accommodate projected dramatic growth in passenger numbers.
IATA has indicated that global passenger numbers will nearly double by 2036, reaching 7.8 billion passengers, based on an average CAGR of 3.6%. This projected growth also comes with a shift to dominance of Asia/Pacific markets.
China is expected to surpass the US as world’s largest air passenger market by 2022. The UK is expected to drop from third place to fifth place by 2025 as India and Indonesia air passenger numbers increase.
This October, IATA director general and CEO Alexandre de Juniac called for greater investment in infrastructure to support growth.
“Increasing demand will bring a significant infrastructure challenge. The solution does not lie in more complex processes or building bigger and bigger airports but in harnessing the power of new technology to move activity off-airport, streamline processes and improve efficiency. Through partnerships within the industry and beyond, we are confident that sustainable solutions for continued growth can be found.”