Boeing has published its annual forecast for the commercial and defense aerospace market, the company reported on Tuesday. The report has analyzed the impact of the COVID-19 pandemic and Boeing's upcoming market dynamics.
"While this year has been unprecedented in terms of its disruption to our industry, we believe that aerospace and defense will overcome these near-term challenges, return to stability and emerge with strength," said Boeing chief strategy officer Marc Allen.
The 2020 Boeing Market Outlook (BMO) has reported that the commercial aviation and services markets will continue to face significant challenges as a result of COVID-19, while global defense and government services markets remain more stable.
The BMO has predicted a total market value of $8.5 trillion over the next ten years, including demand for aerospace products and services. The forecast is down from $8.7 trillion a year ago due to the impact of the COVID-19 pandemic.
The 2020 BMO has projected demand for 18,350 commercial airplanes in the next decade, decreasing 11 percent from 2019. The commercial fleet is expected to return to its growth trend in the long-term projections.
Boeing’s forecast has estimated a $2.6 trillion market opportunity for defense and space during the next decade, due to the importance of military aircraft, autonomous systems, satellites, spacecraft and other products to national and international defense.
The BMO forecasts a $3 trillion market opportunity for commercial and government services through 2029, with digital solutions emerging as a critical enabler as customers focus on leaner operations to adjust to future market demand.
Boeing has action to reshape its business operations to adapt to the new market reality and become more resilient for the long term.
