Project Insight - Airport Construction Projects: Asia-Pacific
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GlobalData's Construction Intelligence Center (CIC) is currently tracking airport construction projects in Asia-Pacific with a total value of US$332.3 billion. Of this, US$133.7 billion is in the execution stage and US$98.7 billion is in the planning stage. China accounts for the highest value with US$84.2 billion, followed by the Philippines with projects valuing US$58.0 billion. Vietnam and Hong Kong follow with airport construction projects with a value of US$32.4 billion and US$21.1 billion respectively. The highest value airport project is the US$26.0 billion Global Gateway Integrated Multi-Modal Transport and Logistics Hub in the Philippines, which includes the construction of an airport to accommodate 90 million passengers per year, two terminals and a 3,800m runway with a width of 60m.
The Asia-Pacific region continues to set the pace for global economic expansion, with India and Vietnam among the fastest-growing. Rapid population growth in the region, coupled with economic growth, is creating an affluent middle-class market, which is increasing demand for air travel. Increases in household incomes in many countries - notably China and India - as well as the rapid growth of Asian low-cost carriers, are driving expansion in air travel. Leisure travel is the main driver for increased air travel, with Indonesia, the Philippines, Malaysia, Vietnam and Sri Lanka likely to exhibit high rates of growth. Reflecting this, the US aircraft manufacturer Boeing has estimated that over the next two decades, 38% of total new commercial aircraft orders will be taken by Asia-Pacific airlines. In 2017, Asia-Pacific accounted for the highest number of air passengers, with 3.01 billion. China is expected to overtake the US for passenger traffic by 2040, with an 18.8% share of the global market, compared to the US with 14.8%.