The global airport construction market grew from $1,149.19 billion in 2022 to $1,148.96 billion in 2023 at a compound annual growth rate (CAGR) of 0.0%.
The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe.
The airport construction market is expected to decline to $1,092.47 billion in 2027 at a CAGR of -1.3%.
The airport construction market includes revenues earned by entities through initiatives for the different structures, infrastructure, and facilities at the airport to be built, rebuilt, expanded, relocated, maintained, and repaired.The market value includes the value of related goods sold by the service provider or included within the service offering.
Asia-Pacific was the largest region in the airport construction market in 2022. North America is expected to be the fastest growing region in the forecast period.
With airport operators and airlines expanding capacity, the airport construction market is undergoing significant expansion. For instance, according to the report by International Civil Aviation Organization, a US-based agency that coordinates international air navigation, in May 2022, shows that when compared to the same period in 2021, the global number of passengers carried by air climbed by 65% from January to April 2022, while the number of aircraft departures increases by 30%.
Airline seat capacity increased by 32% over the same period. Therefore, the surge in air traffic will benefit the airport construction market in the forecasting period.