PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1477061
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1477061
Global Green Airport Market is valued at approximately USD 5.01 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 10.19% during the forecast period 2024-2032. A Green Airport, known as a sustainable or eco-friendly airport, refers to an airport that prioritizes environmental conservation and minimizes its ecological footprint throughout its operations. These airports implement various strategies and practices to reduce energy consumption, greenhouse gas emissions, and waste generation, while also promoting biodiversity conservation and community engagement. Additionally, in the Green Airport Market, the government is emphasizing in implementing innovative technologies and practices to improve energy efficiency in terminal buildings, runway lighting systems, and ground support equipment, thereby further reducing energy consumption and carbon emissions. Furthermore, Green Airports are increasingly focusing on waste reduction and recycling initiatives, implementing strategies to minimize waste generation, promote recycling, and divert organic waste from landfills.
Increasing environmental regulations aimed at reducing carbon emissions and promoting sustainability are pushing airports to adopt green practices. Governments worldwide are implementing policies to reduce the carbon footprint of transportation infrastructure, including airports. The airports are directing investments toward technologies that optimize energy usage, consequently reducing operational expenses. To counterbalance their carbon emissions, airports have instituted carbon offset programs. These initiatives involve backing projects geared towards diminishing or capturing an equivalent volume of carbon to offset the environmental impact of the airport. As passengers become increasingly aware of environmental issues, their expectations for sustainable practices at airports have risen. This heightened awareness has also spurred a surge in demand for sustainable practices and programs aimed at fostering eco-friendly airports. The Global Green Airport Market is being driven by rising investment in airport infrastructure and an inclination toward adopting automation and business intelligence solutions. However, high initial costs, and challenges in green technology system integration, on the other hand, would stifle market growth between 2022 and 2032.
The key regions considered for the global Green Airport market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America was the dominating regional market. The increasing number of airports in the region embracing renewable energy sources such as solar and wind power to mitigate their carbon footprint. Aviation associations and governments play a pivotal role in supporting airports' adoption of technologies and practices aligned with net-zero emissions objectives. For example, in July 2023, the Federal Aviation Administration, pledged over USD 90 million to aid 21 U.S. airports in attaining net-zero emissions by 2050. A substantial portion, approximately USD 46.8 million, is earmarked for sustainability projects centered on solar energy initiatives, encompassing the installation of solar panels. Additionally, roughly USD 44.5 million is slated for investment in electric vehicles and the development of transportation infrastructure. The market in Asia Pacific is expected to develop at the fastest rate over the forecast period.