Boeing projects 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.
Middle East will need 2,990 new airplanes reaching 3,890 aircraft by 2037 generating services valued at $745bn, Boeing said in its ‘Services Market Outlook (SMO) 2018-2037 – Middle East Perspective.’
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.
Boeing’s ‘Services Market Outlook’ forecasts growing need for services that increase fleet productivity and reduce operating costs. Among the report’s findings the Middle East will drive more than 8 percent of global demand for aviation services, representing $745bn, and growing at a projected 4.6 percent 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.
“The Middle East is an unmatched location to connect the growing markets of Asia, Europe and Africa. This feeds the appetite in the region for new commercial airplanes and the services to operate and maintain those jets,” Ihssane Mounir, senior vice president of Commercial Sales & Marketing for The Boeing Company.
Boeing has a unique advantage in providing aviation services as it can draw upon the expertise of its commercial airplanes and defense businesses to provide more value to customers.
“Our Middle East customers gain tremendous value when we pair their operational knowledge with our OEM expertise, advanced technologies, and decision support tools to help maximize efficiency in their operations,” said Debra Santos, Chief Marketing Officer, Commercial Services for Boeing Global Services. “This gives their passengers a positive flight experience that keeps them coming back.”
Boeing Global Services continues to outpace the aerospace services market growth rate of 3.5 percent as it broadens its portfolio of solutions to meet customer needs.
Source from: The Peninsula