DALLAS, Oct. 17, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the global airport service industry looks promising with opportunities in the hospitality event, cargo handling, and aircraft handling services. The global airport service industry is expected to reach an estimated $211.5 billion by 2023 and it is forecast to grow at a CAGR of 4.2% from 2018 to 2023. The major growth drivers for this market are rising air passenger traffic, opening of new airports, and expansion of new domestic and regional routes in the aviation market.
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In this market, hospitality event services, cargo handling services, and aircraft handling services are used for steam turbine manufacturing for service type. On the basis of comprehensive research, Lucintel forecasts that the hospitality event and cargo handling services segments will show above average growth during the forecast period.
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Europe is expected to remain the largest region due to the new Open Skies regulations, which ensure more flights in and out of Europe and also removes air-service limitations between the countries, helping to drive tourism and the airport service industry. Asia Pacific is expected to witness significant growth over the forecast period because of rising passenger traffic.
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Emerging trends, which have a direct impact on the dynamics of the airport service industry, include increasing trends of artificial intelligence in the air transport industry, introducing green gates to reduce emissions, introducing virtual technology to improve customer service, and increasing use of smartphone apps to help the passenger for schedule planning. Fraport Frankfurt Airport Services Worldwide, Aeroports de Paris SA, Japan Airport Terminal Co. Ltd, BBA Aviation plc, Beijing Capital International Airport Co., Ltd, Tav Havalimanlari Holding A.S, Sats Ltd, Auckland International Airport Limited, Flughafen Wien AG, and Malaysia Airports Holdings Berhad are among the major suppliers of airport service.
Lucintel has analyzed growth opportunities in the global airport service market by service type and region, and has compiled a comprehensive research report entitled “Growth Opportunities in the Global Airport Service Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com.