Green efforts and focus on waste management will increase as air passenger traffic recovers, says Frost & Sullivan.
SAN ANTONIO, June 15, 2022 /PRNewswire/ -- Passenger and regulatory pressures on airports to address environmental concerns are compelling them to focus on sustainability goals and transform into zero-waste spaces. Frost & Sullivan's recent analysis, Global Airport Waste Management Growth Opportunities, finds that the anticipated rise in passenger traffic will lead to increased investments in waste management, and airports will invest in in-house capabilities to achieve zero-waste status. By 2030, the global airport waste management market is expected to garner $2.34 billion in revenue from $1.76 billion in 2021, an uptick at a compound annual growth rate (CAGR) of 3.3%.
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"The aviation sector's impact on the environment has come under scrutiny, primarily due to the high volumes of waste it generates and its inability to dispose of or recycle it," said Abhilash Varkey Abraham, Aerospace & Defense Research Analyst at Frost & Sullivan. "Due to this, aviation stakeholders aim to achieve emission-free and zero-waste businesses."
Abraham added: "The focus on waste management and green efforts will increase as passenger demand recovers and emissions surpass pre-pandemic levels. It will force airports to develop benchmarking and accurate measurement processes. This will help them assess their waste management capabilities; as a result, they will be able to set zero-waste strategies and goals."
Airports' plans to meet sustainability and waste goals present the following lucrative growth opportunities for market participants:
- Airports can develop and invest in start-up accelerators, which will encourage start-ups to launch innovative solutions that focus on waste and energy management.
- Collaborations with key stakeholders and investments in customers' preferred offerings will be critical to achieving zero waste.
- Airports will establish green procurement processes and clean supply chains, which will ensure the use of sustainable materials that can be completely recycled during infrastructure development.
Global Airport Waste Management Growth Opportunities is the latest addition to Frost & Sullivan's Aerospace & Defense research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Airport Waste Management Growth Opportunities
SOURCE Frost & Sullivan