Boeing: Tremendous growth predicted in aerospace market

At the recent Paris airshow, it was reported that Boeing released a forecast for aerospace services demand, projecting the need for expansive services over the next 10 years, valued at US$2.6 trillion (A$3.4 trillion).

The outlook is said to demonstrate “tremendous potential” for growth in the aerospace services markets Boeing serves, including: Maintenance, engineering and upgrades, information services and analytics, and training and professional services

According to Boeing, trends in commercial and government aircraft and services show customers are relying on technology and data to drive smarter business decisions and improve the commercial passenger experience, as well as warfighter safety and effectiveness. Advances in connectivity are also making it easier to predict and respond to the forces that impact the success of aircraft and those they serve.

“It is clear that our customers, in both commercial and government sectors, are searching for more efficient ways to keep their fleets operating and ready for use in an age of rapid technological advancement,” said Stan Deal, president and CEO of Boeing Global Services, Boeing’s new dedicated services business focused on the needs of global defense, space and commercial customers.

While North America and Europe will remain the largest commercial services markets, the fastest growth over the next 10 years will occur in Asia. Overall, Boeing expects the total commercial aviation support and services 20-year market to be worth almost US$8.5 trillion between 2017 and 2036.

In Australia, Boeing Defence Australia is Boeing’s largest international subsidiary, recently that operates in South Australia – part of the initiative to grow the Australian defence industry.

In government services, growth of the United States market—currently the largest individual market—will remain flat. But international markets adding rotorcraft and commercial derivative aircraft, led by Middle East and Asia-Pacific customers, are expected to grow.