Upcoming Modern Airports Around the Globe
The global construction industry is not always consistent, but if there is one segment that has defied these odds, it is the airport construction sector. A quick glimpse at the statistics indicates that there are 1,953 airports under construction across the world. Of the 176 countries undertaking airport construction ventures, the United States has the highest number of ongoing projects.
When combined, the airports have a total budget of $1.1 trillion. They are expected to handle more than seven billion passengers by the year 2036. A closer look at the construction estimates indicates that the Middle East has set aside the US $58 billion for projects related to the aviation sector.
Global Construction Estimates
In populous and fast-growing areas of the world, e.g., Africa, the Middle East, and the Asia Pacific region, investment in the aviation sector continue to remain strong. Currently, construction projects in the aviation sector have received investments totaling a whopping US$721.7 billion.
Of all countries undertaking massive airport construction projects, China and the United States happen to account for the largest investments. The US leads the way followed by China, the Asia-Pacific region, the Middle East, and Africa respectively.
According to a new report on aviation projects, the Middle East has invested US$57.7 billion dollars. Saudi Arabia happens to have the largest shares in this region. Data from the Center for Aviation indicates that countries around the world plan to spend US$1.1 trillion on airport construction.
The amount is to be broken as follows: US$255 billion will go towards the construction of new airports. The remaining amount will be spent on other projects such as the construction of new terminal extensions, runways, and terminal buildings.
New Greenfield Airport Projects
Beijing tops the list with a new airport project estimated to cost US$12.6 billion. Once complete, the airport will be one of the largest in the world, with a capacity of close to one hundred million passengers. It will have a total of 7 ultra-modern runways. China expects to increase its air traffic travel to more than 1.6 billion passengers by the year 2036. China currently has 207 civil airports spread out across the country. It hopes to increase this number to 260 by the end of 2020.
India is also looking to boost its connection to the rest of the world by building 100 airports. The airports are going to be constructed at a cost of US$62.2 billion and will have a passenger capacity of one billion. The airports should be complete by the end of 2035. Civil aviation experts believe that India will have the third largest civil aviation industry in the world by the end of this year. One of its flagship airport construction projects is the Greater Noida airport, located sixty kilometers from Delhi. When complete, the airport will be able to handle 85 million passengers annually.
In the African region, many of the airports undertaking civil aviation works are looking to expand their terminals. The expansion plans will help them cater to the ever-increasing cargo and passenger traffic volumes. Some of the African countries undertaking aviation projects include Angola, Nigeria, and Tripoli.Tags: equipment investing, Modern Airport