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Boeing Foresees Potential Billion Dollar Market in Middle East

Boeing Foresees Potential Billion Dollar Market in Middle East - top government contractors - best government contracting event
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As Middle East growth rates continue to surpass global air traffic capacity, Boeing expects high demand for airplanes within the region throughout the next two decades.

Boeing said the demand for passenger planes in the Middle East is expected to jump by 160 percent by the year 2030. That would mean an increase from the 1,040 airplanes currently in flight within the region to a projected 2,710, with 34 percent of those planes accounting for replacement airplanes and 66 percent as part of fleet expansion.

According to Boeing, the demand for the estimated 2,520 new airplanes is worth around $450 billion by 2030.

“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 Boeing’s commercial airplanes vice president of marketing Randy Tinseth, who presented Boeing’s Current Market Outlook at the 2011 Dubai Air Show. “The region’s airlines with their forward thinking approach have become a competitive force globally.”

According to Boeing's predictions, single and twin-aisle airplanes will account for 90 percent of the regions new additions over the 20-year period.  The models will include an estimated 1,160 of the Boeing 737 single-aisle-jet, and an additional 1,110 twin-aisle airplanes, such as the Boeing 777 and 787 Dreamliner. The remaining ten percent is expected to be split between other large airplanes such as the Boeing 747-8 Intercontinental.

“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,“ said Tinseth. “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.“

As of Sept. 14, 2011, Boeing reported having a backlog of 300 airplanes in the Middle East. Currently, Boeing has a total of 47 customers in the region, operating an estimated 1,200 flights per day on 425 Boeing airplanes.

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