Boeing has presented its annual estimate for the commercial, defense, and space aerospace markets, which shows signs of improvement following the effects of Covid-19.
According to the Boeing Market Outlook (BMO), commercial aircraft and services are exhibiting indications of revival, while the global defense, space, and government services industries have remained stable.
The study forecasts a $9 trillion market for aircraft products and services addressed by Boeing during the next decade.
The prediction is up from $8.5 trillion a year ago and $8.7 trillion in the pre-pandemic 2019 forecast, demonstrating the market’s ongoing recovery.
“As our sector recovers and continues to adapt to meet new global needs, we remain confident in aerospace’s long-term growth,” said Boeing chief strategy officer Marc Allen.
“We are heartened by the fact that scientists have given vaccines faster than we could have imagined, and that passengers are showing strong trust in aviation travel.”
According to the latest Commercial Industry Outlook (CMO), the worldwide market is recovering significantly, as Boeing predicted in 2020.
Domestic air travel is leading the recovery, with intra-regional markets likely to follow as health and travel restrictions ease, followed by a return to pre-pandemic levels of long-haul travel by 2023 to 2024.
The CMO predicts ten-year global demand for 19,000 commercial airplanes valued at $3.2 trillion in the Boeing Market Outlook.
Boeing’s 20-year commercial projection through 2040 estimates demand for more than 43,500 new airplanes valued at $7.2 trillion, a 500-plane increase over last year’s prediction.
Projected demand for dedicated freighters, including new and modified models, has increased in a substantial growth area.
With continuous demand for air cargo connected to rising e-commerce and the speed and reliability of air freight, the CMO predicts that the global freighter fleet in 2040 will be 70% greater than the pre-pandemic fleet.
“The aerospace sector has made significant progress in its recovery, and Boeing’s 2021 projection underscores our confidence in the market’s resilience,” Stan Deal, president of Boeing Commercial Airplanes, said.
“While we remain realistic about current problems, the past year has shown that when the flying public and governments have trust in health and safety during air travel, passenger traffic quickly recovers.
“Our business continues to play an important role in connecting people and conveying critical supplies.”