Better Navigation: Technology has improved GPS systems. This means pilots can navigate their planes more precisely, reducing flight times and fuel usage. 2. Improved Safety: New tech such as collision-avoidance systems has made flying safer than ever before.
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Globalization: Globalization has had a significant impact on air traffic growth. As the world becomes more interconnected, there is an increasing demand for air travel to facilitate trade, tourism, and cultural exchange. The development of global business has led to an increase in demand for air cargo services.
Demand for air transport is expected to increase by an average of 3% per annum over the next 20 years. If this growth is achieved, by 2038 the air transport industry will contribute: 13.7 million direct jobs and $1.7 trillion of GDP to the world economy.
By 2030, the expectation is that the integration of new technologies will enable airports to deliver passengers customized, on-demand services to improve their airport experience. One such example is the implementation of virtual queuing instead of joining a physical line.
The aviation industry is predicted to fully recover from the COVID-19 pandemic in 2024, with passenger traffic reaching 9.4 billion globally next year. Some countries, like Mexico and Colombia, have had faster recoveries and are returning to growth mode, while others, like China, are still below pre-pandemic levels.
Turkish Airlines has been crowned the 'Most Sustainable Flag Carrier Airline' in World Finance's Sustainability Awards 2023, having won the same award last year.
Growth opportunities for airports are through more efficient use of existing space, rather than adding capacity. Airports are not feeling the need to add gates to increase capacity. Rather, the trend is to increase capacity by looking holistically at a better passenger experience in the terminal.
Solid double-digit recovery for aviation in 2023On the back of this, we expect the average annual growth for Revenue Passenger Kilometer (RPK) to hit 25% in 2023 compared to 2022. Recovery is set to naturally slow down in 2024 but will continue at a moderate pace.