Green Airport Market is set to grow at a 6.5% CAGR over the Projected Period, Global Green Airport Market Research Report by Energy Type, Airport Type, Airport Size and Region | Green Airport Industry - News and Updates
The growth of the global Green Airport Market can be attributed to the increasing modernization of existing airports, developments in commercial aviation, and the establishment of new airports. The global market has been segmented on the basis of energy type, airport type, airport size, and region.
The need for energy efficiency at airports has led to the increased use of renewable energy sources, thereby driving market growth. The power consumption at airports is extremely high, resulting in a high carbon footprint and pollution levels. Government support for the development of advanced airports and stringent regulations related to minimizing pollution are fueling the global green airport market growth. However, the high initial infrastructure setup costs are expected to restrain the growth of the market.
Based on energy type, the global green airport market has been divided into wind power, bioenergy, and solar energy. The solar energy segment is expected to account for the largest share of the market and register the highest CAGR between 2019 and 2025. The rise in the number of smart airports and provision of cost-effective airport services using renewable energy sources are expected to fuel the solar energy segment growth during the forecast period.
In terms of airport type, the market has been divided into civil airports, military/federal government airports, and private airports. The civil airport's segment dominated the market in 2018. It is anticipated to expand at the highest CAGR during the forecast period. This growth can be attributed to the increased use of solar energy for airport lighting, kiosks, and other airport facilities.
By region, the global green airport market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America was a key region for this market in 2018. The presence of various green airport service providers such as Honeywell International Inc., IBM Corporation, and Sabre Corporation is propelling the growth of the market in the region. However, the market in Europe is expected to register the highest CAGR during the forecast period due to the rising demand for airport services with facilities such as eco-friendly baggage handling services and runway maintenance.
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The key players in the global green airport market are Honeywell International Inc. (US), Siemens AG (Germany), IBM Corporation (US), Sabre Corporation (US), Amadeus IT Group SA (Spain), Collins Aerospace (US), Sita Inc. (Switzerland), Cisco Systems, Inc. (US), Thales Group (France), and Indra Siestma SA (Spain).
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