With the release of its Market Outlook (BMO) on Tuesday, Boeing outlined not only its projections for aircraft deliveries and personnel needs for the next 20 years, it also weighed in on an area of growth across the board in aviation, the services and support tied to each market segment.
Boeing Projects Significant Growth in Global Services
Key Takeaways:
- Boeing's latest Market Outlook (BMO) and Services Market Outlook (SMO) predict a robust recovery and significant growth in the aerospace industry, forecasting $3.2 trillion in services and support over the next decade.
- The industry's recovery is driven by resilient passenger confidence, affordability, and health factors, leading to a quick rebound in flight hours and aircraft utilization, with most segments expected to reach pre-pandemic levels by 2023-2024.
- A "training bubble" exists due to pilots returning to the workforce, creating high demand for training, which Boeing is addressing by exploring advanced technologies like augmented and virtual reality to supplement constrained full-flight simulator facilities.
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