Fortune Business Insights predicts airport services market size to reach USD 232.88bn by 2027

Fortune Business Insights has reported global airport services market size is predicted to reach USD 232.88 billion by 2027, exhibiting a CAGR of 16.66% during the forecast period, the company said.

Fortune Business Insights has issued a report titled Airport Services Market Size, Share & COVID-19 Impact Analysis, By Type (International, and Domestic), By Application (Aeronautical Services, Non-Aeronautical Services), By Infrastructure Type (Greenfield Airport, Brownfield Airport), and Regional Forecast, 2020-2027 the market size stood at USD 172.19 billion in 2019.

The projections of the aviation industry can be a vital factor that will enable speedy growth of the market during the forecast period. The surge in air traffic passengers will incite the progression of airport services, which in turn, will aid the expansion of the market in the forthcoming years.

The growing necessity for low-cost airlines owing to the rise in air passengers will positively impact market growth during the forecast period. The boom in domestic flights and massive investment in airport infrastructure will promote the healthy growth of the market in the foreseeable future.

Rising urbanization and frequent air travelers can potentially boost the market growth in the forthcoming years. Similarly, the escalation in the terminal capacity of passengers at airports will significantly create new opportunities for the market in the forthcoming years. For instance, The Airport Authority of India (AAI) has an annual terminal capacity of 155 million passengers which intends to raise to 300 million by 2026.

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