- Boeing Co’s (NYSE: BA) annual forecast for the commercial, defense, and space aerospace market, reflects signs of the industry’s recovery following the impacts of COVID-19.
- The 2021 Boeing Market Outlook (BMO), Boeing’s analysis of long-term market dynamics, states that commercial airplanes and services are showing signs of recovery while the global defense, space, and government services markets have remained stable.
- The BMO projects a $9 trillion market over the next decade for aerospace products and services Boeing addresses, up from $8.5 trillion a year ago and up from $8.7 trillion in 2019.
- The new Commercial Market Outlook projects 10-year global demand for 19,000 commercial airplanes valued at $3.2 trillion. Boeing’s 20-year commercial forecast through 2040 projects demand more than 43,500 new airplanes valued at $7.2 trillion, an increase of about 500 planes over last year’s forecast.
- The CMO projects the global freighter fleet in 2040 will be 70% larger than the pre-pandemic fleet.
- In its Services Market Outlook, Boeing forecasts a $3.2 trillion market opportunity for its served services market, with commercial, business, and general aviation services representing $1.7 trillion and government services representing $1.5 trillion through 2030.
- The Defense and Space Market Outlook projects the defense and space market opportunity will remain consistent with last year’s forecast at $2.6 trillion during the next decade.
- In its Pilot and Technician Outlook, Boeing projects long-term demand for newly qualified aviation personnel remains strong, with projected demand for more than 2.1 million personnel needed to fly and maintain the global commercial fleet over the next 20 years, including 612,000 pilots, 626,000 maintenance technicians, and 886,000 cabin crew members.
- Price Action: BA shares are trading lower by 0.32% at $213.79 during the pre-market session on Tuesday.
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