Northwest Aerospace News August | September — Issue No. 22 | Page 52
Middle East — Fertile Ground for
By Amandine Crabtree ; Aerospace International Trade Specialist , Washington State Department of Commerce
Regional Aerospace Market Overview
Amandine Crabtree Aerospace International Trade Specialist
Washington State Department of Commerce https :// www . commerce . wa . gov
WA DEPT . OF COMMERCE
The world is a big place with lots of opportunities . In this issue , we will be heading to the Middle East and , more specifically , the UAE , which has seen tremendous growth in the aerospace industry . Commerce has recently started collaborating with OCO Global , who will share some great insights into the regional and local industry outlook , focusing on the MRO segment . Commerce and OCO will be supporting Washington companies at the Dubai Air Show in November to make sure they get a piece of this rapidly growing market .
Over the last two decades , the Middle East has been the rising star of the aerospace industry , bolstered by a natural strategic location and concerted efforts from operators and governments to foster the market . Middle Eastern growth is fueled by passenger numbers in the commercial sector and a clear eastward movement of the global center of activity . Growth in the defense sector comes as governments assert themselves amid regional tensions .
Between the period of 2019 – 2038 , passenger traffic in the Middle East is forecast to grow at 5.1 percent CAGR , thus creating a potential demand for approximately 3,130 new aircraft worth an estimated $ 725 billion ( US ). For instance , in the Middle East , wide-body aircraft are expected to account for nearly half of the total aircraft demand due to the region catering to high-volume flights to Asia and Europe and operating ultra-long-haul flights .