SAN FRANCISCO, Oct. 6 (Xinhua) -- Boeing on Tuesday released its annual forecast for the commercial and defense aerospace market of 8.5 trillion U.S. dollars over the next decade.
The 2020 Boeing Market Outlook (BMO) projects that the commercial aviation and services markets will continue to face significant challenges due to the pandemic, while global defense and government services markets remain more stable.
The forecast, including demand for aerospace products and services, is down from 8.7 trillion dollars a year ago due to the impact of the COVID-19 pandemic.
Airlines globally have begun to recover from a greater than 90 percent decline in passenger traffic and revenue early this year, but full recovery will take years, according to the outlook.
The 2020 Boeing Market Outlook includes projected demand for 18,350 commercial airplanes in the next decade, valued at about 2.9 trillion dollars, which is 11 percent lower than the comparable 2019 forecast.
In the longer term, with key industry drivers expected to remain stable, the commercial fleet is forecasted to return to its growth trend, generating demand for more than 43,000 new airplanes in the 20-year forecast time period.
The BMO also projects a 2.6 trillion dollar market opportunity for defense and space during the next decade. This demand continues to be global in nature with 40 percent of expenditures expected to originate outside of the United States.
While near-term commercial services demand is lower, the BMO forecasts a 3 trillion dollar market opportunity for commercial and government services through 2029, with digital solutions emerging as a critical enabler as customers focus on leaner operations to adjust to future market demand.
Also released on Tuesday was the 2020 Commercial Market Outlook (CMO), an annual 20-year forecast addressing the market for commercial airplanes and services.
According to this year's CMO, carriers in China will need 8,600 new planes through 2039 with a fleet of 9,360 aircraft by the time.