The Middle East will require US$745 billion in aviation services up until 2037 to keep pace with growing passenger and freight traffic in the region, according to a new report commissioned by Boeing.
The new report released yesterday in Dubai, predicts nearly 3,000 new commercial airplanes in the Middle East will be needed over the next 20 years due to strong demand.
This is more than tripling of the existing fleet.
And 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.
Key findings include:
- The Middle East will drive more than 8 percent of global demand for aviation services, representing US$745 billion, 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,” said Ihssane Mounir, senior vice president of Commercial Sales & Marketing for The Boeing Company.
“This feeds the appetite in the region for new commercial airplanes and the services to operate and maintain those jets."
More value to customers
Chief Marketing Officer Debra Santos said 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," Ms Santos said.
"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.