Monday, November 14, 2011
Boeing Sees $450 Billion Aircraft Market in Middle East
Boeing predicts airlines in the Middle East will need 2,530 airplanes, worth $450 billion, by 2030, according to a forecast released Monday.
According to Boeing, Middle East’s fleet of passenger airplanes will grow from 1,040 aircraft to a projected 2,710. Thirty-four percent of the projected demand will be for aircraft to replace current aircraft, while 66 percent will be part of fleet expansion plans as the region’s airlines gear up for significant growth over the next two decades.
“The Middle East has seen an unprecedented growth in capacity over the past 10 years and every indication points to a further, significantly large increase over the next 20 years,” said Randy Tinseth, Boeing’s commercial airplanes vice president.
Single-and twin-aisle airplanes will account for 90 percent of the Middle East’s new airplane deliveries over the 20-year period. An estimated 1,160 single-aisle jets, such as Boeing 737 MAX, and 787 Dreamliner, are expected to be delivered during this time. The remaining 10 percent is split between large airplanes such as the Boeing 747-8 Intercontinental, which will account for the 7 percent of the projected demand, with an estimated 180 airplanes to be delivered to airlines in the Middle East. Regional jets will account for the remaining 3 percent, according to the manufacturer.
"The collective capacity of three airlines, Emirates Airline, Etihad Airways and Qatar Airways has grown by an average of 23 percent annually over the past decade and we expect this trend to continue well into the future. All three airlines base their growth strategies on the principle that newer, more efficient airplanes will provide a competitive advantage over their rivals from Europe and Asia," Tinseth said. "This visionary approach of investing in the future has allowed the region's airlines to stay ahead of the competition."