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BUSINESS

Airbus: Commercial aircraft services market to more than double in value to US$230 bln by 2041

07/10/2022 02:02 PM

KUALA LUMPUR, Oct 7 (Bernama) -- The commercial aircraft services market is expected to recover to pre-pandemic levels in 2023 and to more than double in value from US$95 billion (US$1=RM4.64) at present to over US$230 billion in 2041, according to Airbus’ latest Global Services Forecast (GSF).

The aircraft manufacturer said that as a result, the number of people working in aviation services is set to increase by a further two million.

“Accelerated digitalisation of operations and maintenance as well as a higher proportion of latest generation aircraft in service will lead to a massive requirement for new skills and job creation.

“This is on the leveraging of new tools and ways of working in order to further increase our sector’s efficiency, reduce fuel consumption and emissions," said Airbus executive vice-president of programmes and services Philippe Mhun.

According to Airbus, a compounded annual growth rate of 3.7 per cent will lead to a more than doubling in the value of the services market in the next two decades, with a bigger-than-ever demand for highly skilled labour - 585,000 new pilots, 640,000 new technicians and 875,000 new cabin crews.

"As operators focus more on their core business, services to improve aircraft availability and efficiency will increasingly be outsourced, boosting the market for those providers.

"These services will be driven by sustainability and enabled by digitalisation, connectivity and innovation, to maximise efficiency in support of CO2 net zero ambitions," it said.

-- BERNAMA


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