North America Aviation Infrastructure Market 2020-2025 Featuring Key Players - Hensel Phelps, Turner Construction Co, Skanska, Austin Industries, and AECOM - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 20, 2019--
The “North America Aviation Infrastructure Market - Growth, Trends, and Forecast (2020 - 2025)” report has been added to ResearchAndMarkets.com’s offering.
The North America Aviation Infrastructure Market is anticipated to register a CAGR of over 4% during the forecast period
Scope of the Report
The study considers the planned investments for new airport construction as well as the modernization of existing airports.
Key Market Trends
Growing Demand for Significant Investment Due to Increasing Air Passenger Traffic in North America
The total air passenger traffic across North America increased by over 25% between 2011 and 2018. In 2018, the United States, Canada, and Mexico recorded total air passengers carried as 889.02 million, 89.4 million, and 64.6 million, respectively. Several airports in the US are among the world’s busiest airports and handle millions of domestic and international passengers every year. However, over the past two decades, there has been no new airport construction in the US due to several factors.
This has resulted in increased pressure on airport operators in handling the passenger traffic. Airports in the US contribute over 7% towards the country’s GDP and hence is in a state of immediate attention for the past five years. Recently, the U.S. Department of Transportation announced that FAA has planned to award USD 840 million in airport infrastructure grants.
The investment in airport improvements will be focused on construction and rehabilitation projects across the US. According to the U.S DoT, the 432 grants will fund infrastructure projects at 381 airports across the US and will include the maintenance of taxiways, aprons, and terminals; construction of firefighting facilities, and runway reconstruction and rehabilitation among others. Airports in the US will receive AIP entitlement funding each year based on project needs as well as discretionary funding if the project needs to exceed their available entitlement funds.
However, the extent of investment necessary to cope up with the increasing air passenger traffic is much higher compared to the funding offered by the FAA. Hence, many airports are expected to collaborate with private-sector partners as a source for alternative funding.
The US will Continue to Dominate the North America Aviation Infrastructure Market by 2025
Several airports across the US are in severe need of infrastructure enhancement in terms of construction and expansion of terminals, construction and repair of runways, improvement of taxiway and apron area, and installation of new aerobridges and ground support equipment among others. Airports such as Los Angeles International Airport, Chicago’s O’Hare Airport, John F. Kennedy International Airport, and LaGuardia International Airport are at the forefront in terms of infrastructure investments and modernization plans. The majority of the upcoming projects in the US are directed to increase the passenger handling capacity of these airports.
The construction work of the new terminal at Louis Armstrong New Orleans International Airport started in January 2016 and is scheduled to open for the public before the end of 2019. The new terminal will feature 35 gates, three concourses, two new garages, and consolidated checkpoints for passengers. Likewise, earlier in April 2019, DFW Airport operators announced their plan for the construction of a new terminal at the airport which will be the sixth terminal.
The construction of the new terminal is expected to be completed by 2025 and is estimated to cost over USD 3 billion. Operators also plan to enhance Terminal C at the airport which will cost an additional USD 3.5 billion. Some airports in Canada are also expected to undergo a transformation in the next few years, as the government of Canada plans to increase its investment towards the enhancement of its aviation infrastructure. Such developments and construction plans will drive the North America aviation infrastructure market in the coming years.
The North America aviation infrastructure market is highly competitive and fragmented. One of the growth strategies adopted by the players is to increase their workforce steadily to be able to complete projects on-time. Companies are also striving to increase their consulting and management services along with their construction capabilities to obtain new airport construction long-term contracts. Airport construction companies work closely with the airport authorities in understanding the requirements and barriers faced by the airports during operation.
Construction companies are rapidly adopting advanced technologies like Augmented and Virtual Reality, and small drones among others that can help them in reducing the time required to approve design changes and to better understand the constructability issues.
Some of the prominent players in the North America aviation infrastructure market are Hensel Phelps, Turner Construction Company, Skanska, Austin Industries, and AECOM among others.
For more information about this report visit https://www.researchandmarkets.com/r/ug077p
View source version on businesswire.com:https://www.businesswire.com/news/home/20191220005251/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KEYWORD: NORTH AMERICA
INDUSTRY KEYWORD: TRANSPORT AIR
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 12/20/2019 07:07 AM/DISC: 12/20/2019 07:07 AM