Boeing’s 2020 Market Outlook predicts that the commercial aviation and services markets will continue to face significant challenges due to the Covid-19 pandemic, while global defense and government services markets could remain more stable.
The report forecasts a total market value of US$8.5 trillion over the next decade including demand for aerospace products and services, down from US$8.7 trillion a year ago. While airlines globally have begun to recover from a greater than 90% decline in passenger traffic and revenue early this year, a full recovery will take years, according to the Boeing.
According to the company, there will be demand for 18,350 commercial airplanes in the next decade, 11% lower than the comparable 2019 forecast, valued at about US$2.9 trillion. In the longer term, if key industry drivers remain stable, the commercial fleet could return to its growth trend, generating demand for more than 43,000 new airplanes in the 20-year forecast time period.
Boeing also predicts a US$2.6 trillion market opportunity for defense and space during the next decade, due to the ongoing importance of military aircraft, autonomous systems, satellites and spacecraft.
‘Commercial aviation is facing historic challenges this year, significantly affecting near and medium-term demand for airplanes and services,’ said Darren Hulst, vice president, commercial marketing. ‘Yet history has also proven air travel to be resilient time and again. The current disruption will inform airline fleet strategies long into the future, as airlines focus on building versatile fleets, networks and business model innovations that deliver the most capability and greatest efficiency at the lowest risk for sustainable growth.’
‘While this year has been unprecedented in terms of its disruption to our industry, we believe that aerospace and defense will overcome these near-term challenges, return to stability and emerge with strength,’ added Boeing chief strategy officer Marc Allen.
Boeing market forecasts can be found here.
This story uses material from Boeing, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
