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Green Airport Market to Reach $12.0 Billion, Globally, by 2032 at 10.2% CAGR: Allied Market Research
According to the report, the global green airport industry size generated $4.6 billion in 2022 and is anticipated to generate $12.0 billion by 2032, witnessing a CAGR of 10.2% from 2023 to 2032.
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The growth of the global green airport market is driven by factors such as stringent environmental regulations, increase in demand for operational cost savings and efficiency, and rise in awareness and concerns about environmental issues. However, high initial costs and challenges in technology adoption and integration hamper the growth of the market. On the contrary, inclination toward adopting automation and business intelligence solutions, and technological advancements are expected to offer remunerative opportunities for the expansion of the green airport market during the forecast period.
Rise in awareness about environmental issues
Based on energy type, the solar energy segment held the highest market share in 2022, accounting for more than half of the global green airport market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there is rise in the development of projects by airports to advance sustainability and reduce the environmental impact with the installation of solar plants. Moreover, the bioenergy segment is projected to manifest the highest CAGR of 11.5% from 2023 to 2032, owing to surge in the number of projects that includes the use of organic waste materials, sustainable fuels fostering effective waste management practices at airports.
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Based on the airport type, the civil segment held the highest market share in 2022, accounting for more than three-fifth of the global green airport market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is an increase in the deployment of energy-efficient technologies, encompassing LED lighting, intelligent building systems, and efficient HVAC systems. Moreover, the civil segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032, owing to rise in the construction projects at commercial airports that place a significant focus on environmental sustainability.
Based on airport class, the class A segment accounted for the largest share in 2022, accounting for more than two-fifths of the global green airport market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is increase in number of airports across the globe that focus on setting sustainability targets to make airports carbon neutral and reduce carbon emissions. However, the class C segment is projected to manifest the highest CAGR of 11.3% from 2023 to 2032, owing to implementation of eco-friendly measures, including the adoption of energy-efficient technologies and strategies to reduce waste.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting more than one-third of the green airport market revenue, and is likely to dominate the market during the forecast period, as there is support from aviation association and governments for the adoption of technologies and practices in airports that align with net-zero emissions target. However, the
Asia-Pacific region is expected to witness the fastest CAGR of 12.2% from 2023 to 2032, owing to the governments in the region implementing and reinforcing regulations pertaining to environmental benchmarks and emissions.
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The report provides a detailed analysis of these key players of the global green airport market. These players have adopted various strategies such as contract, collaboration, agreement, expansion, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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