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 released by Boeing on Monday.
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 20 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 (SMO) 2018-2037–Middle East Perspective forecasts growing need for services that increase fleet productivity and reduce operating costs.
According to the report, the Middle East will drive more than 8% of global demand for aviation services, representing $745bn, 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.
“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 (Commercial Sales and 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 defence 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% as it broadens its portfolio of solutions to meet customer needs.
Operating as one of Boeing’s three business units, Global Services is headquartered in the Dallas area.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Who controls oil prices?
Trump steps up oil tariff threat amid Opec+ rift
Hong Kong faces delays in giving cash away as virus hits economy
India’s place in global markets at stake in virus response
Air France-KLM in talks on state-backed loan package
Spain takes coronabonds campaign to Germany with support at ECB
QDB initiative to develop solutions to tackle virus
AM Best affirms Qatar Islamic Insurance ratings
Qatar able to afford more fiscal support amid Covid-19 crisis: Oxford Economics