In scope, size, and responsibility, today’s airports are akin to cities in miniature – and not just vast international hubs, either, smaller regional airports, as well. Like municipalities, airports oversee police forces, emergency services, security personnel, parking facilities, and commercial tenants, among other third-party entities. Statutory responsibilities for airport assets under management
cover public safety, critical infrastructure security, and environmental health and safety concerns. As such, airport assets fall under stringent local, state, federal, and even global regulatory regimes.
As an industry, airports have held up admirably to the regulatory scrutiny. But now, the industry faces a new challenge altogether: unprecedented growth.
According to the data, the broader aviation industry is set to double in size over the next two decades. The number of employees affiliated with the industry alone will increase from 65 million to nearly 100 million in twenty years. Passenger and freighter aircraft is also projected to double from 23,000 to 48,000 by 2038. As for the number of passengers flying: in 2018, 4.4 billion people flew; the 2037 forecast now stands at 8.2 billion air passengers.
For individual airport operators, the implications of this explosive growth couldn’t be clearer. Airports know that every airline journey begins and ends in one of their hubs. Guaranteeing a safe, secure, and seamless passenger experience while maintaining compliance with already strict obligations will almost certainly mean investments in aging assets today.
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