Shows often provide industrial companies with the opportunity to present their long-term forecasts. MRO Europe, which is being held on 17th and 18th October in Amsterdam, is no exception to the rule. Boeing revealed its new figures for demand for services in commercial aviation over the next twenty years, with particular attention to Europe. And the perspectives are strong for the Old Continent.
Boeing estimates that this service market will be worth $8,830 billion over the next twenty years (2018-2037). This gives a compound annual growth rate of 4.2%. This means that the manufacturer forecasts a further acceleration in the market, if we refer to what it announced last year with $8,500 billion over the 2017-2036 period, which is an CAGR of 4%.
Again, according to the American manufacturer, Europe would certainly not be at the forefront of this growth, but would still be making a significant contribution to it. Thanks to a CAGR of around 3.5%, it represents a potential of $1,875 billion over the period. It would then become the second largest market in the world behind Asia ($3,365 billion) and North American ($1,850 billion). This was not the case in the forecasts published last year.
Of this total, maintenance and engineering should account for 26% of European demand, some $480 billion. This share is slightly lower than today due to somewhat lower growth. But it still remains the second service request from airlines, behind ground handling.
Like everywhere else, the sticking points remains the demand for staff. While recruitment problems are already being felt, Europe will need 118 000 pilots and 180 000 members of cabin crew over the next twenty years. In maintenance, 108 000 technicians will be needed.