Estimates A $2.4 Trillion Services Market Over Next 20 Years

The market for commercial aviation services will grow to $2.4 trillion market over the next 20 years, according to a forecast released Monday by Boeing at the Farnborough Air Show.

Lou Mancini, senior vice president, Commercial Aviation Services, Boeing Commercial Airplanes, said the market for services is expected to grow at an annual rate of four percent in the next two decades, with growing opportunities to help aviation customers succeed in a highly competitive marketplace. "Airlines are looking for every possible advantage to succeed, from efficiencies in maintenance services to breakthroughs in flight operations and information technology," Mancini said. "Demand for this kind of support and services is only going to grow as fuel prices remain high, fleet size increases and airlines look for ways to improve their overall operations and reduce costs while focusing on their core business, serving passengers."

The Boeing outlook for commercial aviation services projects long-term growth in the MRO (maintenance, repair and overhaul) market as demand grows for parts and other MRO solutions. Additionally, emerging systems and information integration within airline maintenance engineering, flight operations and information technology departments will drive an increased need for enterprise-wide solutions. 

"Boeing has the ability to create unparalleled integrated solutions," Mancini said. "We know the airplane better than anyone, we have the resources to bring innovations to market and we are there with our customers 24/7 and 365 days a year to give them the ultimate competitive advantage."

FMI: www.boeing.com