The market for commercial flights, defense and space projects is primed to recover from a pandemic-induced slump and generate opportunities for $9 trillion in sales over the next decade, Boeing said in a report published Tuesday.
“The 2021 Boeing Market Outlook (BMO) – Boeing’s analysis of long-term market dynamics – states that commercial airplanes and services are showing signs of recovery, while the global defense, space and government services markets have remained stable,” a press release summarizing the report said.
The BMO projects a $9 trillion market over the next decade for aerospace products and services, from $8.5 trillion a year ago, and up from $8.7 trillion in the pre-pandemic 2019 forecast, the release said.
Demand for domestic air travel is leading the recovery, with intra-regional markets expected to follow as health and travel restrictions ease, followed by the return of long-haul travel to pre-pandemic levels by 2023 to 2024, the release added.
Boeing predicted 10-year global demand for 19,000 commercial airplanes valued at $3.2 trillion. Boeing’s 20-year commercial forecast through 2040 projects demand for more than 43,500 new airplanes valued at $7.2 trillion, an increase of about 500 planes over last year’s forecast, according to the release.
Boeing also predicted the defense and space market opportunity will remain consistent with last year’s forecast at $2.6 trillion during the next decade. These large, stable markets have enduring demand driven by geopolitical and security challenges, the release said.