Market Trends of Airport Passenger Boarding Bridge Industry
Construction of New Airports and Ongoing Airport Modernization Programs Driving Installation Base
- Though there has been a dip in passenger traffic during the year 2020 due to Covid-19, there has been significant growth in air passenger traffic during the past decade has forced several airports to augment their passenger handling capacities. This has led to several countries investing in new airports and expansion of the existing terminals.
- Passenger boarding bridges are designed to lead travelers/passengers to and fro the aircraft in a comfortable and safe manner, as passengers are not exposed to the weather and noise of the airport. Since the passenger boarding bridges are an extension of the airport terminal itself, they are designed to blend in perfectly with the environment and the architecture of the terminal. The expansion of airports in major cities with huge passenger traffic has created opportunities for manufacturers to introduce and offer their advanced automated PBBs.
- Countries like India, the United States, China, the Philippines, Australia, and the United Kingdom, have initiated several airport projects that are scheduled for completion during the forecast period. The first phase of the three phases of Long Thanh International Airport, worth an estimated amount of over USD 4 billion, started in December 2020 and is expected to be completed by 2025. This airport will replace Tan Son Nhat to become the largest airport in Vietnam once completed. The entire project is expected to be finished by 2040. Several such projects are underway globally, and several more are expected to be initiated during the forecast period, thereby driving the market prospects of the active market players.
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Asia-Pacific Region to Grow with a High Growth Rate During the Forecast Period
- Asia-Pacific's rapid growth in the commercial aviation sector has positioned the region as the largest and fastest-growing in the world. With an increase in investments in airport infrastructures, construction of new airports, and expansion of the existing airports, the growth in Asia-Pacific is anticipated to remain resilient, and the region is expected to register the highest growth rate during the forecast period.
- In October 2020, 2 new passenger boarding bridges were installed at Chandigarh International Airport, India. Also, in February 2022, the Indian Civil Aviation Ministry announced that 16 new airports are going to be built in the 5 central Indian states. The fourth phase of Shanghai Pudong International Airport expansion has already been initiated in January 2022. Several domestic and international airline operators are planning to initiate their services between popular destination pairs in the Asia-Pacific region, fostering the necessity to modernize the existing airport infrastructure.
- Moreover, Chinese manufacturers of passenger boarding bridges have been investing significantly in R&D to develop products to fulfill the aesthetic requirement of airports while adhering to the safety requirements of the aviation agencies. Such developments are envisioned to create a favorable market environment and facilitate the growth of the passenger boarding bridges market in Asia-Pacific during the forecast period.
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