CHICAGO, April 27, 2020
CHICAGO, April 27, 2020 /PRNewswire/ -- Post COVID-19, the "COVID-19 Impact on Airport Operations Market by Technology (Passenger Screening, Baggage Scanners, Smart Tag & RFID, E-gate & E-Kiosk, 5G infrastructure, Cybersecurity Solutions and Ground Support Equipment) and Region - Global Forecast to 2025", is estimated to grow from USD 8.5 billion in 2020 and projected to reach USD 14.5 billion by 2025, at a CAGR of 11.0%. The projection for 2025 is estimated to be lower than pre-COVID-19 estimates. The rise in demand for air cargo activity is resulting in airline operators converting their passenger aircraft into cargo aircraft with an aim to get new revenue sources and ensure company sustainability. This is expected to help airport operators generate revenue from aeronautical charges, leading to an increase in cash liquidity. A major factor that is driving the growth of the airport operation market is the increasing demand for smart passenger screening and management systems across the globe.
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"Passenger screening to hold a significant market share in 2020."
The passenger screening segment is expected to hold a significant share in the airport operation market in 2020. The passenger screening segment is expected to grow at a slow pace from Q2 2020 to Q1 2021. It is likely to increase from Q2 2020, post-COVID-19, due to a rise in the adoption of thermal scanners at airports.
Thermal imaging equipment manufacturers are witnessing a spike in demand for scanners from airports, railway stations, and public areas looking for fever screening systems. This demand can be attributed to the effectiveness of thermal scanner devices during the SARS and H1N1 crises. Not only airports but also airlines are procuring thermal imaging scanners to screen their passenger, pilots, and staff.
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"Asia Pacific to hold a largest share in the global airport operation market during the forecast period."
The Asia Pacific region holds a largest market share in the aircraft operation technologies industry. The ACI World Airport Traffic Forecasts 2019–2040 predicts USD 12.4 billion in revenue for the first quarter of 2020 in the Asia Pacific region under normal conditions. The impact of COVID-19 is projected to lead to a revenue loss of USD 3 billion. The shortfall in the number of passengers and the cancellation of flights have led to reduced revenues from airport charges such as landing & parking charges paid by airlines and passenger service & security charges paid by passengers. While aeronautical revenues are drying up, the cost base for airport operations remains unchanged as airports can neither close nor relocate their terminals during the outbreak.
The major players in the airport operations market are FLIR Systems (US), Honeywell (US), SITA (Switzerland), Collins Aerospace (US), Siemens AG (Germany), Fluke Corporation (US), Thales Group (France) Daifuku Co., Ltd. (Japan), Amadeus IT Group (Spain), among others. These players have adopted various growth strategies such as contracts, acquisitions, expansions, new product launches, and partnerships & agreements to expand their presence in the airport operations market further.
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