Report : Asia Pacific Airport Infrastructure Market Forecast to 2030 - Regional Analysis - By Airport Type (Commercial Airport, Military Airport, and General Aviation Airport) and Infrastructure Type (Terminal, Control Tower, Taxiway and Runway, Hangar, and Others)
At 9.3% CAGR, Asia Pacific Airport Infrastructure Market is Projected to be Worth US$ 51,442.26 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific airport infrastructure market was valued at US$ 25,301.37 million in 2022 and is expected to reach US$ 51,422.26 million by 2030, registering a CAGR of 9.3% from 2022 to 2030. Rising investments in new military air bases and construction of new airports and vertiports are among the critical factors attributed to the Asia Pacific airport infrastructure market expansion.
The evolving modern warfare scenario has compelled governments of various countries across the globe to assign significant funds and financial aid toward respective defense and military forces. The defense budget allocation supports army and military forces to purchase enhanced technologies and equipment from domestic or international developers. On the other hand, military and army vehicle upgrades are on the rise owing to growing defense budget allocation. Furthermore, the increasing governmental expenditure showcases the government's focus on strengthening national security forces. For this, governments of various countries are taking several initiatives to deploy a huge number of military bases for ground, airborne, and naval operations. As per the Stockholm International Peace Research Institute (SIPRI), global military expenditure increased to US$ 2,148 billion in 2022, representing a 3.5% increase from 2021. The US, China, India, Russia, and Saudi Arabia were the top five military spending countries in 2022, which accounted for 63% of the global expenditure. This also indicates increased new military air base deployments across these countries. The figure given below depicts the yearly spending of the above-mentioned countries. For instance, the China military expenditure accounted for US$ 257,973.4 million, US$ 257,973.4 million, and US$ 291,958.4 million for the years 2020, 2021, and 2022, respectively. India military expenditure accounted for US$ 72,937.1 million, US$ 76,598.0 million, and US$ 81,363.2 million for the years 2020, 2021, and 2022.
Such increasing military expenditure encourages investments in the construction of new military air bases, which comprise runways, control towers, hangars, and other military airport infrastructures. For instance, in October 2022, the Government of India announced the construction of a new military air base in Gujarat state of Western India that is expected to reduce the long-pending strategic gap of 355km between the Bhuj and Uttarlai air bases. Thus, the rising investment in new military base development drives the airport infrastructure market.
On the contrary, delay in the airport project developments of expected airport construction targets hurdles the growth of Asia Pacific airport infrastructure market.
Based on airport type, the Asia Pacific airport infrastructure market is categorized into commercial airport, military airport, and general aviation airport. The commercial airport segment held 48.4% market share in 2022, amassing us$ 12,234.69 million. It is projected to garner US$ 25,656.88 million by 2030 to expand at 9.7% CAGR during 2022-2030.
In terms of infrastructure type, the Asia Pacific airport infrastructure market is segmented into terminal, control tower, taxiway and runway, hangar, and others. The terminal segment held 46.8% share of Asia Pacific airport infrastructure market in 2022, amassing US$ 11,489.76 million. It is projected to garner US$ 23,258.45 million by 2030 to expand at 9.2% CAGR during 2022-2030.
By country, the Asia Pacific airport infrastructure market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.7% share of Asia Pacific airport infrastructure market in 2022. It was assessed at US$ 8,517.05 million in 2022 and is likely to hit US$ 16,392.08 million by 2030, exhibiting a CAGR of 8.5% during 2022-2030.
Key players operating in the Asia Pacific airport infrastructure market are AECOM, Turner Construction company, PCL Constructors Inc, and Hill International Inc among others.
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