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Boeing forecasts Middle East aviation services market at $745bn

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Boeing forecasts the Middle East will require $745 billion in aviation services through 2037 to keep pace with growing passenger and freight traffic in the region, according to a new report released today at MRO Middle East in Dubai.

The high value services market is largely driven by the demand for nearly 3,000 new commercial aircraft in the Middle East over the next 20 years, more than tripling the existing fleet.

The growing fleet Boeing said requires aviation services, including supply chain support (parts and parts logistics), maintenance and engineering services, and aircraft modification.

Boeing’s Services Market Outlook (SMO) 2018-2038 – Middle East Perspective forecasts growing need for services that increase fleet productivity and reduce operating costs.

Among the report’s findings are the Middle East will drive more than eight per cent of global demand for aviation services, representing $745 billion, and growing at a projected 4.6 per cent 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.

Boeing Company senior vice president of commercial sales and marketing, Ihssane Mounir said: “The Middle East is an unmatched location to connect the growing markets of Asia, Europe and Africa. This feeds the appetite in the region for new commercial airplanes and the services to operate and maintain those jets.”