Boeing: Airlines around the world are starting to recover from a 90% drop
It expects passenger travel to increase 4% annually for 20 years
Thursday – 21 Safar 1442 AH – 08 October 2020 AD Issue No. [
Boeing expects the total value of aircraft markets and services to be $ 8.5 trillion over the next decade (Getty Images)
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Boeing said that airlines around the world have begun to recover from the decline of more than 90 percent in passenger traffic and revenues at the beginning of this year, but that a full recovery for this sector will take several years.
It predicted that the total value of aircraft markets and services would reach $ 8.5 trillion over the next decade. The company’s expectations recorded a decrease of 8.7 trillion dollars compared to last year, due to the impact of the spread of the “Covid-19” pandemic.
On Wednesday, Boeing released its annual forecast report for the commercial and defense aviation sector markets, which revealed the significant impact caused by the “Covid-19” pandemic, expecting the sector to continue facing the major challenges of the spread of the pandemic, while “markets for the defense aviation sector and global government services will witness stability Larger”.
Mark Allen, Chief Strategy Officer at Boeing said, according to the report, of which Asharq Al-Awsat obtained a copy: “The aviation industry this year witnessed unprecedented challenges, but we believe that the commercial and defense aviation sectors will overcome these challenges in the near term and return to Stability and get out of these difficult circumstances strongly ».
Boeing expects that the volume of demand for commercial aircraft for the current year will reach 18,350 commercial aircraft during the next decade, 11 percent less than the 2019 forecast, which amounted to $ 2.9 trillion.
It is expected, according to the report, that the commercial aircraft fleet will return to the usual growth point in the long term, with the sector’s main engines expected to remain stable, which will generate demand for more than 43,000 new aircraft over the next 20 years.
Boeing’s market forecasts indicate that the defense aircraft and aerospace sector will reach $ 2.6 trillion over the next decade. “Demand for these products is still growing globally, and it is expected that 40 percent of the volume of spending will come from markets outside the United States.”
On Boeing’s annual forecast for the next 20 years about commercial aircraft markets and its services, the report revealed an increase in the share of deliveries that replace older passenger aircraft that are decommissioned in an accelerated replacement cycle, especially in the first decade.
Boeing expected passenger travel to grow at a rate of 4 percent annually over the next 20 years. And that «the size of the global commercial fleet to 48 thousand and 400 aircraft by 2039 compared to 25 thousand and 900 aircraft now.
During this period, Asia will continue to increase its share of the global fleet, as it will acquire nearly 40 percent of the fleet size compared to its share, which is currently 30 percent.
The report also expected, “The demand for air freight, which is a relatively positive stage during the year 2020, will grow by 4 percent annually, which will generate additional demand for 930 new wide-body cargo aircraft and 1500 commercial-type converted cargo aircraft during the expected period.”
The global aircraft fleet will continue to generate demand for aviation services, including parts, supply chain, engineering services, modifications, maintenance, training, professional services, solutions and digital analytics. The value of commercial services markets in this area is estimated at $ 1.6 trillion and $ 1.4 trillion for government services. According to the report.
“The long-term need for commercial pilots, maintenance technicians and cabin crews remains strong worldwide. Boeing forecasts for pilots and technologists for 2020 indicate that the civil aviation sector will need approximately 2.4 million new aviation employees between now and 2039. ”
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