Middle East and Asia Pacific Lead Global Airport Expansion Towards 2043
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Roshan Amiri - . November 6, 2024
- . Update: November 6, 2024 2:21 pm
According to the report by GlobalData on global airport construction Asia Pacific will lead this growth. This growth is expected to make up nearly half of the passenger growth by 2043. However, the Middle East is also emerging as a key player by expanding airlines and major airport projects in the region.
With increasing demand for air travel in Middle Eastern, the hubs are enhancing its features because of the geographic advantage and supportive regulatory environment.
The International Trade Association projected in July 2024 that passenger traffic in the Middle East will triple. And it will reach 530 million by the year of 2043. To hold this passenger growth the arrangements, and facilities should be supportive in the region.
Many airports are under construction in the region and many are planned to start. The Saudi Arabia’s King Salman International Airport in Riyadh is the biggest example. In this airport six-runway project is ongoing and has a total cost of $30 billion. The airport covers 57 square kilometers lands. Which is reflecting the capacity of crowd in the region.
GlobalData report highlights that the total value of global airport projects has reached $593.7 billion in Q4 2024. This is a slight increase from $589.2 billion in Q3, with growth driven by expansions in regions like the Middle East and Asia Pacific. So, the aviation market are ready to see some growth in the coming years.
