Market Insights: Aviation Sector Takes Off in 2024
February 16, 2024
2024 projected to experience 200 million more passengers compared to pre-pandemic times
According to the International Air Transport Association (IATA), the global aviation industry is expected to experience a significant increase in passenger traffic in 2024. Airlines are projected to carry 4.7 billion passengers in 2024, relative to a 2019 record of 4.5 billion, largely driven by travel habit changes. Additionally, airport profits are projected to rise from $40.7 billion in 2023 to $49.3 billion in 2024.
Key Trends Shaping Airport Updates
- Sustainable Design and Practices
The aviation sector is increasingly prioritizing sustainability, and airports are no exception. The AEC industry is poised to impact this demand by offering services to support integrated eco-friendly technologies, energy-efficient designs, and sustainable materials into airport projects.
- Smart Airports and Digital Transformation
In an era of digital connectivity, airports are evolving into smart hubs. Cutting-edge technologies, such as IoT sensors, AI-driven analytics, and biometric solutions, provide options to enhance airport operations and improve passenger flow. These innovations not only streamline processes but also contribute to heightened security measures.
- Adapting to Changing Travel Patterns
The rise of low-cost carriers, changing demographics, and the impact and recovery from the global pandemic have led to shifts in travel patterns. IATA survey data found that one-third of respondents noted they are they are traveling more than they did before the pandemic, while about half say their travel is the same, and a mere 18% stated they are traveling less.
- FY24 Airport Infrastructure Grant Funding
The Bipartisan Infrastructure Law provides $15 billion in airport infrastructure funding, which can be invested in runways, taxiways, safety and sustainability projects, and terminal, airport-transit connections and roadway projects. Announced in December 2023, The Federal Aviation Administration (FAA) will award $66.2 million from the Infrastructure Law to airports across 23 states, including Puerto Rico.
In addition, over the last three years, the FAA has made $2.89 billion available to US airports. To date, nearly $9 billion in Airport Infrastructure Grant (AIG) funding has been made available to airports across the country.
S&ME Airport Project Capabilities
Our teams are proud to support and provide expertise on airports across the country through the following services:
- Environmental Planning and Permitting
- Geotechnical Investigation and Design
- Geophysical Studies
- Quality Control / Quality Assurance Testing
- Construction Materials Testing
- Pavement Testing, Analysis and Design
- Construction and Maintenance Management and Oversight
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S&ME Airport Projects
S&ME has completed more than 250 airport projects in the Southeast, ranging in size from multi-year airfield redevelopment projects to single visit asbestos assessments. Our team of experts works together to bring comprehensive and technically sound problem-solving to your aviation project.
