A strong commercial aviation industry, stable defence spending and the need to “service all platforms throughout their life-cycle” have resulted in a growing aerospace and defense market, according to the Boeing Market Outlook (BMO), which was released last month at the Paris Air Show.

It values the aerospace and defence market at $8.7 trillion over the next decade, up from $8.1 trillion a year ago.

The BMO includes a $3.1 trillion projected demand for commercial airplanes through to 2028, as operators replace older jets with more capable and fuel-efficient models — and expand their fleets to accommodate the steady rise in air travel in both emerging and established markets.

The BMO also projects $2.5 trillion of defence and space opportunities during the next decade, as governments modernise their military platforms and systems, pursue new technologies and capabilities and “accelerate exploration from sea to space. The projected spending — spanning military aircraft, autonomous systems, satellites, spacecraft and other products — continues to be global in nature, with 40% of expenditures expected to originate outside of the USA. Supporting the defence, space and commercial platforms with lifecycle solutions will fuel a services market valued at $3.1 trillion through to 2028”.

Boeing has also unveiled its 2019 Commercial Market Outlook (CMO), a longer-term forecast that analyses the market for commercial airplanes and services.

This latest CMO shows that growing passenger volumes and increasing airplane ‘retirements’ will drive the need for 44,040 new jets (valued at $6.8 trillion) over the next two decades — up 3% from a year ago.

The global commercial airplane fleet will also sustain the need for aviation services valued at $9.1 trillion, leading to a total commercial market opportunity of $16 trillion through to 2038.