Posted on: 11 February 2019 by Kimberley Young
Boeing has suggested the Middle East will require $745 billion in aviation services through 2037 to keep pace with growing passenger and freight traffic in the region.
Boeing’s Services Market Outlook (SMO) 2018-2037 – Middle East Perspective, released at MRO Middle East in Dubai, forecasts a growing need for services that increase fleet productivity and reduce operating costs.
The services market is largely driven by the demand for nearly 3,000 new commercial aircraft 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.
The report suggests that the Middle East will drive more than 8% of global demand for aviation services, representing $745 billion, and growing at a projected 4.6% annually.
“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,” said Ihssane Mounir, senior vice president of Commercial Sales & Marketing for The Boeing Company.
Boeing also forecast that 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 company said 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.