US major aerospace and defence group Boeing has forecast that the global defence and space market will be worth $2.6-trillion over the next ten years. This prediction is pretty much the same as that made by the group in its market outlook report last year. Of this figure, 60% will be accounted for by the US alone.
This stability in the outlook is a reflection of the stability of these markets. They are generally large and display long-term demand due to enduring security challenges and geopolitical conditions.
“While we’ve seen resiliency and stability in global defence and space market, the threat environment continues to evolve,” reported Boeing Defence, Space & Security president and CEO Leanne Caret. The group sees continuing focuses on autonomous systems, military aircraft, satellites, spacecraft and other national and international defence systems.
“Winning the future fight will require speed and flexibility, and Boeing is committed to designing, testing, building and sustaining in a way that will enable our customers to adapt at the speed of relevance and derive the most value from our platforms for decades to come,” she affirmed. “Our mission – which is grounded in safety, quality and integrity – is to deliver the most digitally advanced, simply and efficiently produced solutions that are intelligently supported to our global customers.”
Governments will also account for nearly half of the total global services market between now and 2030. Boeing predicts that the total market value over this period will come to $3.2-trillion, of which government services will account for $1.5-trillion. The remaining $1.7-trillion will come from business, commercial and general aviation services.
Particular bright spots regarding services are digital (including analytics) solutions, freighter conversions and the modification of cabin interiors. Also predicted to grow will be training services. And, as the commercial aviation sector recovers from the Covid-19 pandemic, demand for maintenance services, parts and other supply chain products and services will also increase.
“Our customers are preparing for growth, and we see fleet modifications and continued parts consumption going hand in hand with the global fleet expansion,” said Boeing Global Services president and CEO Ted Colbert. “This demand will be coupled with the continued adoption of digital tools and services to enhance fleet readiness, reliability and efficiency.”