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Middle East's commercial aircraft services market value forecast to more than double to $28 billion by 2042

 

Dubai, 4 March 2024 – The Middle East’s commercial aircraft services market will more than double in value by 2042, according to Airbus’ latest Global Services Forecast (GSF). Growing to $28 billion from $12 billion today and registering a 4.4% average annual growth, the regional expansion will surpass the global average growth of 3.6%.

Today, five of the world’s largest aviation cities are in the Middle East, including Dubai and Abu Dhabi, serving more than 10,000 long-haul passengers per day. Airbus estimates 3,120 new passenger and freight aircraft deliveries over the next 20 years.

Driven by the rise in annual air traffic – set to increase by 4.6% in the Middle East – and the requirement for more digitally-enabled and connected aircraft, the growth in demand for services will be reflected in sustainable solutions implemented across all phases of the aircraft lifecycle including training, aircraft modernisation as well as fleet maintenance.

Airbus expects the market for ‘Maintenance’ to grow from US$ 10 billion to US$ 23 billion. Meanwhile the market for enhancements and modernisation is set to register the biggest average annual growth (5.5%) across the categories between 2023 and 2042, from $1.3 billion to $3.6 billion. This is driven specifically by cabin and system upgrades, which will be in particularly high demand until 2030 as part of fleet modernisation.

The market for training and operations is expected to double in 2042, reaching $1.6 billion. Recognising the sector's significant progress and strength of the Middle East’s economy (GDP) – forecast to expand by 2.3% annually - regional governments are also investing in localising MRO (maintenance, repair and overhaul) services by developing infrastructure and enhancing job opportunities, education and training.

As a result, Airbus anticipates a further 208,000 highly skilled professionals in the Middle East over the next 20 years, comprising 56,000 new pilots, 52,000 new technicians and 100,000 new cabin crew members.

 

 

 

 

Offering material, engineering and maintenance solutions in the region, Airbus is a major player in the industry, with customers who trust its OEM expertise in enhancing aircraft availability through flight hour services (FHS), across various programs.


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 6728 times
PR Category : Travel & Tourism
Posted on : Monday, March 4, 2024  1:50:00 PM UAE local time (GMT+4)
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