(Boursier.com) — Airbus expects the value of the commercial aircraft services market to nearly double to $255 billion by 2042, according to its latest Global Services Forecast (GSF). This dynamic is driven by the resumption of air traffic as well as the demand for aircraft more equipped with digital and connected technologies. The aircraft manufacturer plans to replace more than 17,000 aircraft by 2042, due to the continued modernization of the fleet and investments in the latest generation aircraft. This will create growing market opportunities for reuse, repair and recycling.
“Airbus is well positioned to meet the service needs of today and tomorrow to help the industry do more with less, increasing efficiency while reducing fuel consumption, emissions and noise ” said Cristina Aguilar Grieder, senior vice president of customer services at Airbus.
Airbus expects the “maintenance” market to grow from $108 billion to $210 billion. The market for “improving” aircraft is expected to grow from $11 billion per year to $28 billion and the “train and operate” market from $11 billion to $17 billion in 2042. As a result, Airbus foresees a need of 2.2 million additional highly skilled people over the next 20 years, including 680,000 new technicians, 590,000 new pilots and 920,000 new cabin crew.
Global aviation services will see their strongest growth in South Asia, China and the Middle East. The regions with the highest market volume will remain North America, Europe, China and Asia Pacific.
©2023 Boursier.com