Boeing Projects $2.4 Trillion Commercial Aviation Market Over Next 20 Years

Boeing Projects $2.4 Trillion Commercial Aviation Market Over Next 20 Years

By Steve Hall

July 10, 2012 - Boeing forecasts a $2.4 trillion market for commercial aviation services as this large industry sector continues to grow over the next 20 years.

At the Farnborough Air Show, Lou Mancini, senior vice president, Commercial Aviation Services, Boeing Commercial Airplanes, said the market for services is expected to grow at an annual rate of four percent in the next two decades, with growing opportunities to help aviation customers succeed in a highly competitive marketplace.

The Farnborough International Airshow is a seven day international trade fair for the aerospace industry which is held in even-numbered years in mid-July at Farnborough Airport in Hampshire, England.

The airshow is organized by Farnborough International Limited, a wholly owned subsidiary of ADS Group Limited (ADS), a British aerospace industry organization, to demonstrate civilian and military aircraft to potential customers and investors.

Along with the Paris Air Show, which is held in odd-numbered years, Farnborough is an important event for the aerospace industry, known particularly for the announcement of new developments and orders. As of the 2010 edition, the show takes place in five indoor exhibition halls and an outdoor aircraft static display. Demonstration flights and a flying display are held each day of the show.

On the last two days, the general public are admitted, and some non-commercial items are added to the static and flying displays. Since 1996, the show has had its own official radio station operated by the staff and students of near-by Farnborough College of Technology, although it is not running in 2012.

"Airlines are looking for every possible advantage to succeed, from efficiencies in maintenance services to breakthroughs in flight operations and information technology," Mancini said. "Demand for this kind of support and services is only going to grow as fuel prices remain high, fleet size increases and airlines look for ways to improve their overall operations and reduce costs while focusing on their core business, serving passengers."

The Boeing outlook for commercial aviation services projects long-term growth in the MRO (maintenance, repair and overhaul) market as demand grows for parts and other MRO solutions. Additionally, emerging systems and information integration within airline maintenance engineering, flight operations and information technology departments will drive an increased need for enterprise-wide solutions.

"Boeing has the ability to create unparalleled integrated solutions," Mancini said. "We know the airplane better than anyone, we have the resources to bring innovations to market and we are there with our customers 24/7 and 365 days a year to give them the ultimate competitive advantage. There is no other company that can do all of this. This is what we bring our customers every day. It is the Boeing Edge."