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Key Emerging Trends in the Aerospace Engineering Services Airlines Market
the Surge in Passenger Traffic Spurs Demand for New Aircraft
Globally, there has been a substantial uptick in air passenger traffic over recent years, propelled by a confluence of factors including declining airfares, rising disposable incomes—particularly in developing nations—and an improved quality of living. The International Air Transport Association (IATA) reports a significant surge, predicting a doubling of global air travel by 2036. the Forecasts also indicate that China is poised to outstrip the United States, emerging as the largest aviation market worldwide in terms of passenger traffic by 2024.
This escalating influx of passengers has naturally resulted in a growing demand for new aircraft. In a landmark deal in 2017, Airbus inked a colossal USD 50 billion contract with Indigo Partners (US) to supply 430 aircraft, marking one of the most substantial agreements in the history of commercial aviation. During the same period, Airbus and Boeing secured net orders for 1,109 and 912 aircraft, respectively. Concurrently, a slew of new airlines has sprouted globally, seizing the opportunity presented by the burgeoning passenger base; 2017 witnessed the launch of over 70 new airlines across the world.
To bolster the efficiency of manufacturing facilities, airlines are funneling investments into engineering services encompassing digital manufacturing, component engineering, maintenance, repair and overhaul services, and asset tracking and management. The integration of multiple systems in aircraft manufacturing not only enhances operational flexibility but also facilitates proactive service delivery by airlines. A noteworthy instance is the collaboration between industrial automation giant Honeywell International Inc. and Boeing in 2017, where the Power of Connected World Tour featured a Boeing 757 IoT-connected test aircraft. This underscores that the surge in passenger traffic and the ensuing demand for new aircraft, from both existing and emerging airlines, are poised to significantly bolster the growth of the global aerospace engineering services in airlines market in the coming years.
Aerospace Engineering Services Airlines Market Highlights:
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