Prime forecasts growth in aerospace services market

Prime forecasts growth in aerospace services market

Prime forecasts growth in aerospace services market
Boeing's P-8A Poseidon taxiing at Defence Establishment Fairbairn.

An aerospace leader has this week released a forecast for aerospace services demand, projecting the need for expansive services over the next 10 years, valued at US$2.6 trillion ($3.4 trillion).

Boeing released its Services Market Outlook at the Paris Air Show, with the outlook showing 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.

Boeing said 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 chief executive of Boeing Global Services, Boeing's new dedicated services business focused on the needs of global defence, space and commercial customers.

The company said North America and Europe will remain the largest commercial services markets, but predicts 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 $8.5 trillion between 2017 and 2036.

"As commercial airline fleets continue to grow worldwide, demand for aftermarket services designed to increase efficiency and extend the economic lives of airplanes will follow," Deal said

In government services, growth of the US 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.

"Government aviation services are expected to significantly outpace overall fleet growth, driven in large part by sustainment and modernisation requirements around the globe," Deal said.

"Using our distinct advantage of drawing upon expertise in both areas allows Boeing Global Services to provide the very best value to our customers while continuing to invest and grow in the services marketplace."

Boeing Defence Australia, the company's largest international subsidiary, recently opened its newest office in Adelaide, South Australia as part of its expansion in the Australian defence industry.The local subsidiary also appointed a new vice president and managing director in February this year.

 

 

Prime forecasts growth in aerospace services market
lawyersweekly logo
Promoted Content
Recommended by Spike Native Network

more from defence connect

Sep 22 2017
Defence giant expands space cabilities
As Adelaide gears up for the International Astronautical Congress and sets up its new space centre S...
Sep 22 2017
Defence industry achievements recognised
Over 500 guests gathered to celebrate the 21st birthday of the Defence Teaming Centre and congratu...
Sep 22 2017
SEA 5000 bidder promises 7,000 jobs
A former Defence procurement figure and current board member of one of the international tenderers ...