Aircraft manufacturer Boeing anticipates demand for 2,945 new airplanes in the Middle East valued at US$685 billion over the next two decades as the industry recovers from the COVID-19 pandemic in the medium and long term.
The projection is part of Boeing’s 2020 Commercial Market Outlook (CMO), an annual forecast of 20-year demand for commercial airplanes and services.
The 2020 CMO reflects the impact of the pandemic and Boeing’s view of near- medium- and long-term market dynamics globally and regionally. Commercial aviation and services markets will continue to face significant challenges earlier in the 20-year forecast, while showing resilience and a return to growth trend over the longer term, it says.
Over the next 20 years, passenger traffic growth in the Middle East is projected to increase by an average of 4.3 per cent per year, above the global average of four percent growth annually.
“In recent decades, several airlines in the Middle East have leveraged their geographical position to connect rapidly growing Asian economies and the more mature markets in Europe,” said Darren Hulst, Boeing vice president of Commercial Marketing. “At the historical crossroads connecting Europe, Africa and Asia, the Middle East and its airlines will remain a critical hub of sixth-freedom passenger flows and cargo throughout the 20-year outlook.”
The Middle East commercial fleet is expected to reach 3,500 by 2039 – more than doubling the current 1,510 airplanes – to address replacement needs and growth, according to the CMO.