Northwest Aerospace News February | March Issue No. 13 | Page 23

N otwithstanding some mod- eration this year in the growth of passenger and cargo traffic, key indicators continue to point to the aviation industry sustain- ing its unprecedented streak of growth and profitability. In fact, the analysis shows a market that is broader, deeper and more balanced than we have seen in the past. First, some quick history. When Boeing first published its market forecast in 1961, the number of commercial operators numbered in the dozens. Today, that has matured to more than 500, while passenger traffic has grown by a factor of nearly 70. More recent- ly, since 2000, the global airline network has expanded 2.5 times, while industry innovation and productivity have enabled trav- elers to fly for nearly 40 percent lower average fares in real terms. Looking ahead, Boeing’s 2019 Commercial Market Outlook sees more opportunities for product innovation, fleet productivity and network expansion. Overall, the forecast shows a rising require- ment for new jetliners, up three percent from a year ago to 44,040 new jets valued at $6.8 trillion through 2038. And as operators refresh and grow their fleet to meet the increase in passenger and cargo demand, they will also spend more than $9 trillion on services to maintain, repair and overhaul their jets and train pilots and technicians to operate them safely and efficiently. Combined, we see a commercial aviation market valued at $16 trillion over the next two decades. Photo Credit: The Boeing Company 44 percent of new airplane deliveries are projected to go toward replacing aging aircraft. Photo Credit: The Boeing Company FEBRUARY | MARCH 2020 ISSUE NO. 13 23