Market Trends of Airport Passenger Boarding Bridge Industry
This section covers the major market trends shaping the Airport Passenger Boarding Bridge Market according to our research experts:
Construction of New Airports and Ongoing Airport Modernization Programs Driving Scope of Installation of Passenger Boarding Bridges
The 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 the manufacturers to introduce and offer their advanced automated PBBs.
Countries, like India, the United States, China, Philippines, Australia, and the United Kingdom, have initiated several airport projects that are scheduled for completion during the forecast period. For instance, in August 2018, Memphis-Shelby County Airport Authority Board of Commissioners approved the selection of Flintco LLC as the primary contractor for Memphis International Airport’s B Concourse modernization construction and redesign project. The total contract is worth USD 122.58 million. The board also approved a contract with Aero Bridgeworks for new jet bridges that will be a part of the modernization project. The project is expected to be completed in early 2021. 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.
Asia-Pacific Region to Grow with a High Growth Rate During the Forecast Period
As of 2019, the North American region has the highest market share due to a large number of airports in the United States. However, Asia’s rapid growth in the commercial aviation sector has positioned the region as the largest and fastest-growing in the world. 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. 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 toward 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.
