South Korea's spending on airport infrastructure maintenance has shown fluctuating trends over the past decade. After peaking significantly in 2017 with a year-on-year increase of 104.97%, there have been periods of decline, most notably in 2020, where spending dropped by 58.16%. However, recovery followed with substantial increments in the subsequent years, reaching 95.681 million Euros in 2023, a 4.59% increase from the previous year.
The last five years reveal an average annual growth (CAGR) of 6.05%, reflecting a steady recovery phase post-2020. The forecasted data projects a continued growth trajectory, with the spending expected to rise to 116.33 million Euros by 2028, marking a 17.8% overall increase and an annualized growth rate of 3.33% over the next five years.
Future trends to watch for:
- Increasing adoption of advanced technologies for maintenance.
- Impact of sustainable and green airport initiatives on maintenance budgets.
- Infrastructure upgrades driven by growing passenger traffic and new airport projects.
