Mideast aviation services market to grow to $745b by 2037

The Middle East will require $745 billion in aviation services through 2037 to keep up with growing passenger and cargo traffic in the region, according to Boeing.

A report on Monday from Boeing Global Services, a unit under the American aircraft manufacturer, said the demand for services will be driven by a need for nearly 3,000 new commercial aircraft in the Middle East over the next 20 years.

With that will come demand for nearly 218,000 new personnel — 60,000 pilots, 95,000 cabin crew members, and 63,000 technicians — in the region.

Projections

The report is based on projections of an economic growth rate of 3.5 per cent in the Middle East and a 5.2 per cent growth rate in passenger traffic.

Globally, Boeing expects the commercial aviation support market to be worth around $8.8 trillion by 2037, with annual spending more than doubling to over $615 billion by then.

Accounting for the largest share of the market will be Asia-Pacific, where the services market is projected to be worth $3.37 trillion, followed by North America at $1.85 trillion.

 

Gulfnews.com Contribution Time: 12-Feb-2019 07:35 (GMT)
Gulfnews.com Last Update Time: 12-Feb-2019 07:35 (GMT)

Request a Trial

Title:*
First Name:*
Last Name:*
Job Title:*
Phone:*
Company:*
Email:*
Country:*
Comments:
*Required Fields
 
Submit

Already Registered?

Username/ Email:
Password:
 
Login
Support & Feedback
Ask for free trial