High Fliers: The World's Fastest-Growing Airlines

Kiran Moodley, special to CNBC.com
Passengers wait at a check-in desk at Lyon's airport, southeastern France
Jean-Philippe Ksiazek | AFP | Getty Images

While major airlines like United, Delta, Lufthansa and British Airways handle the largest number of passengers in the world, their growth remains either slow or stagnant as more and more low-cost carriers (LCC) seize sizable chunks of the aviation market.

So who are the rising stars of the airline business?

CNBC has compiled a list of the world's fastest growing airlines in terms of capacity numbers using the most recent data from Innovata, which measures airline capacity by available seat kilometers, and comparing the figures from December 2011 and December 2012.

The data reveal that LCCs are becoming bigger players in markets across the world, and according to the Centre for Aviation (CAPA) that trend is set to continue.

Click ahead for the world's 10 fastest growing airlines.