Aviation services market to recover to pre-pandemic levels in 2023
KUALA LUMPUR: Airbus expects the services market to recover to pre-pandemic levels next year and to double in value over the next 20 years.
According to its latest Global Services Forecast, Airbus said the value of the commercial aircraft services market was going to increase from US$95 billion to over US$230 billion in 20141.
This would lead to the number of people in aviation services to increase by a further two million.
Airbus programmes and services executive vice president Philippe Mhun said accelerated digitlisation of operations would lead to massive job creation.
“Everyday millions of people in services, hidden champions behind the scenes, keep our global fleet of aircraft flying.
“Alone the number of pilots, cabin crews and maintenance specialists is set to grow by a further two million by 2041.
“Accelerated digitalisation of operations and maintenance as well as a higher proportion of latest generation aircraft in service will lead to a massive requirement for new skills and job creation, leveraging new tools and ways of working in order to further increase our sector’s efficiency, reduce fuel consumption and emissions,” he said in a statement.
Airbus said a compounded annual growth rate of 3.7 per cent would lead to a doubling in the value of the services market in the next two decades with a bigger than ever demand for highly skilled labour such as 585,000 new pilots, 640,000 new technicians and 875,000 new cabin crews.
As operators focus more on their core business, services to improve aircraft availability and efficiency will increasingly be outsourced, boosting the market for those providers.
“Customer value will be underpinned by excellence in sustainable services and new energy transition, fully leveraging our Airbus Skywise digital capabilities.
“Aviation services will remain one of the most advanced and international industries, keeping our customers and society at large at the heart of our operations,” added Mhun.
