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 predicts a significant recovery and growth in the aerospace services market, forecasting $3.2 trillion in services and support over the next 10 years.
- The industry's rebound is driven by increasing passenger confidence, affordability, and health considerations, with domestic travel leading the recovery and most segments expected to reach pre-pandemic levels by 2023-2024.
- The return of pilots post-pandemic has created a "training bubble," leading to demands for flight training, which Boeing is addressing by exploring advanced technologies like augmented and virtual reality to complement traditional simulator-based instruction.
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