A strong commercial aviation industry, stable defense spending and the need to service all platforms throughout their lifecycle are driving a growing aerospace and defense market, according to the Boeing Market Outlook. Released at the Paris Air Show, the outlook values the aerospace and defense market at $8.7 trillion over the next decade, up from $8.1 trillion a year ago.
The Boeing Market Outlook (BMO) includes a $3.1 trillion projected demand for commercial airplanes through 2028 as operators replace older jets with more capable and fuel-efficient models, and expand their fleets to accommodate the steady rise in air travel across emerging and established markets.
The BMO also projects $2.5 trillion of defense and space opportunities during the next decade as governments modernize military platforms and systems, pursue new technologies and capabilities and accelerate exploration from sea to space. The projected spending - spanning military aircraft, autonomous systems, satellites, spacecraft and other products - continues to be global in nature with 40 percent of expenditures expected to originate outside of the United States.
Supporting the defense, space and commercial platforms with lifecycle solutions will fuel a services market valued at $3.1 trillion through 2028.