Boeing: Mideast aviation services market worth $745bn
The Middle East will require $745bn in aviation services through 2037, according to a new market forecast from Boeing.
The Middle East will require $745bn in aviation services through 2037 to keep pace with growing passenger and freight traffic in the region, according to a new report from Boeing.
The high value services market is largely driven by the demand for nearly 3,000 new commercial airplanes in the Middle East over the next twenty years, more than tripling the existing fleet. The growing fleet requires aviation services, including supply chain support (parts and parts logistics), maintenance and engineering services, and aircraft modification.
The Boeing report — “Services Market Outlook (SMO) 2018-2037 – Middle East Perspective” — forecasts growing need for services aimed at increasing fleet productivity and cutting operating costs. Among the report's findings:
• The Middle East will drive more than 8% of global demand for aviation services, representing $745 billion, and growing at a projected 4.6% annually.
• Nearly 218,000 new personnel – 60,000 pilots, 63,000 technicians, and 95,000 cabin crew – will be needed in the Middle East over the next 20 years.