Economy

Boeing forecasts $9T aerospace market over next decade

Company's latest estimate up from $8.5T one year ago

Ovunc Kutlu   | 14.09.2021
Boeing forecasts $9T aerospace market over next decade FILE PHOTO

ANKARA

Boeing said Tuesday it forecasts $9 trillion aerospace market opportunities in commercial, defense, and services over the next decade.

American multinational firm, which manufactures airplanes, rockets, and telecommunication satellites, said commercial airplanes and services are showing signs of recovery following the coronavirus pandemic, while the global defense, space, and government services markets have remained stable.

The company's latest estimate is up from $8.5 trillion a year ago, and up from $8.7 trillion made in the pre-pandemic forecast of 2019, "reflecting the market's continued recovery progress," according to a statement.

Boeing's new commercial market outlook projects a 10-year global demand for 19,000 commercial airplanes valued at $3.2 trillion.

Its 20-year commercial forecast through 2040 projects demand more than 43,500 new airplanes valued at $7.2 trillion -- an increase of around 500 planes over last year's forecast.

"The global commercial fleet will surpass 49,000 airplanes by 2040, with China, Europe, North America and the Asia-Pacific countries each accounting for about 20% of new airplane deliveries, and the remaining 20% going to other emerging markets," the statement said.

Boeing said it forecasts a $3.2 trillion market opportunity for the services market, which includes commercial, business, and general aviation services, representing $1.7 trillion, and government services representing $1.5 trillion through 2030.

The company's outlook, in addition, projects the defense and space market opportunity will remain consistent with last year's forecast at $2.6 trillion during the next decade.

"Long-term demand for newly qualified aviation personnel remains strong, with projected demand for more than 2.1 million personnel needed to fly and maintain the global commercial fleet over the next 20 years, including 612,000 pilots, 626,000 maintenance technicians and 886,000 cabin crew members," it said.

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