(RTTNews) - Boeing (BA) released 2021 Boeing Market Outlook, the company's annual forecast for the commercial, defense and space aerospace market. The BMO projects a $9 trillion market over the next decade for aerospace products and services, up from $8.5 trillion a year ago, and up from $8.7 trillion in the pre-pandemic 2019 forecast.
The new Commercial Market Outlook projects 10-year global demand for 19,000 commercial airplanes valued at $3.2 trillion. The company's 20-year commercial forecast through 2040 projects demand for more than 43,500 new airplanes valued at $7.2 trillion, an increase of about 500 planes over last year's forecast. The CMO expects the global freighter fleet in 2040 to be 70% larger than the pre-pandemic fleet. Passenger traffic growth is anticipated to increase by an average of 4% per year, unchanged from last year's forecast.
The company predicts a $3.2 trillion market opportunity for its served services market with commercial, business and general aviation services representing $1.7 trillion and government services representing $1.5 trillion through 2030.
The BMO expects the defense and space market opportunity will remain consistent with last year's forecast at $2.6 trillion during the next decade.
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