Today: October 22, 2016, 1:44 pm

Global commercial aircraft market: Set for stable growth between 2013-2023
The Global Commercial Aircraft Market 2013-2023 - a new market research report on 2014-04-22 21:32:04
The global commercial aircraft sector is expected to experience a slow and stable growth during the forecast period. Airline companies around the world are expected to procure approximately 34000 airplanes during the 2011-2031 periods according to Boeing´s estimates. The commercial aircraft market grows parallel to the civil aviation markets across all major countries. With the civil aviation market improving steadily following the recent economic recession, the airline companies are spending significantly to replace their ageing aircraft fleets.

Additionally, the expansion plans of airlines from major emerging markets of the Asia Pacific region, the Middle East, and Europe has initiated a series of contracts for aircrafts of various types during the last few years. The global air traffic has also grown substantially with the surge in the number of passengers preferring air travel. These factors are therefore expected to cumulatively drive the commercial aircraft market during the forecast period.

Recent years have witnessed a revolution in the digitization of the commercial aircraft industry with various airlines realizing the importance of providing added features such as real-time weather details, flight operations, asset tracking, health monitoring, and airport taxi services. The near future will see significant opportunities for aircraft manufacturers and OEMs to use various means of digitization as a potential source of differentiation.

Today´s world is increasingly adopting the digital model in all aspects of living and thus embedded sensors improve the efficiency of business processes when combined with mobility applications. An example of such an initiative is United Airlines rolling out 11,000 Apple iPads to its pilots in an effort to further digitize the cockpits. The iPads are infused to replace the paper manuals with electronic flight bags (EFB) that will be available on the Apple iPad via dedicated application. These devices are expected to reduce the amount of paper required for flight operating manuals, navigation charts, reference handbooks, flight checklists etc.

One of the major challenges being faced by the industry is the sheer expense involved in developing a new commercial aircraft. A good example of this is the US$32 billion that Boeing spent to develop its 787 Dreamliner, due to which it doesn´t expect to see any profits for the next 10 years at least; the company´s initial estimate was a development cost not exceeding US$6 billion. According to Adam Pilarski, Senior Vice President with the aviation-consulting firm Avitas, even though the 787 Dreamliner may be the best commercial plane ever built, its development is likely to result in heavy losses for the company. Similarly, the development costs for Airbus´s A380 have topped US$18 billion and this aircraft too could result in the company incurring losses. Delivery delays for the 787 are also expected to add to the problems faced by Boeing.

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