Cargo and passenger traffic to create $6.3 trillion business by 2037
Boeing has released its 2018-2037 outlook which predicts massive growth in the airport industry with an outlook placing the growth figure at around US$6.3 trillion.
The growth translates into 42,370 deliveries, a 4.7% increase in passenger traffic and a 3.5% fleet growth.
Boeing, a US-based plane operator, is a world-leading voice in the aviation sector.
Randy Tinseth, Vice President of Commercial Marketing for The Boeing Company, said: "For the first time in years, we are seeing economies growing in every region of the world.
“This synchronised growth is providing more stimulus for global air travel. We are seeing strong traffic trends not only in the emerging markets of China and India, but also the mature markets of Europe and North America.
"Along with continued traffic expansion, the data show a big retirement wave approaching as older airplanes age out of the global fleet."
The Middle East is set to see vast growth also, according to Boeing, with 1,500 planes operating at present, it is set to see a growth of 2,990 planes with 3,890 operating by 2037.
The world fleet is set to go from the 24,400 at present, to 48,540 by 2037.
Of the above figure, the Single Aisle Plane sector is by far the biggest.