Fitch Ratings has forecast that global airports will remain resilient through 2026, supported by sustained growth in passenger demand driven largely by leisure travel and the continued expansion of low-cost carriers.
The agency noted that these factors are expected to boost passenger traffic and commercial revenues, despite challenges related to air traffic control shortages, capacity constraints, and heightened geopolitical risks.
In a report published by MEED magazine, Fitch said global air traffic is expected to maintain strong momentum into 2026, underpinned by rising middle-class travel demand, steady growth in leisure and short-haul routes, and the penetration of low-cost airlines into underserved markets.
This trend is expected to particularly benefit secondary and regional airports.
The report highlighted regional disparities in growth prospects. Airports in the Asia-Pacific region are projected to see continued strong demand, fueled by increased outbound travel from emerging markets.
In North America, growth is expected to be more moderate, with potential external pressures slowing expansion compared to current levels.
In Europe, Fitch anticipates revenue growth at low- to mid-single-digit rates, supported by moderate increases in airport fees and continued strength in retail and non-aeronautical revenues.
Meanwhile, airport growth in Latin America is expected to be more subdued, reflecting broader regional economic conditions, with significant variation across markets and traveler segments.
Fitch cautioned that geopolitical tensions and a weakening global macroeconomic environment could weigh on discretionary spending, particularly for long-haul travel. Operational challenges, including shortages of air traffic controllers, may also lead to volatility during peak travel seasons.
The agency further warned that delays in aircraft deliveries and infrastructure limitations at major hub airports could affect overall sector performance.
In a separate assessment of the global airport sector, Fitch classified the 2026 outlook as “neutral,” citing ongoing consolidation of air travel demand. It noted that disruptions to air traffic control services, persistently high-ticket prices, and geopolitical uncertainties could increase volatility during the year.
However, Fitch expects investment in airport infrastructure — including terminal expansions, runway upgrades, and the development of secondary airports — to continue, supported by favorable market access and disciplined cost-control strategies.
