Boeing has cut its industry forecast for aircraft over the next 20 years, but expects deliveries to be stable, except for one specific market.
That market is Russia, which has been taken out of the equation due to the war in Ukraine.
There is uncertainty about when manufacturers can once again sell aircraft to Russian airlines.
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Boeing̵[ads1]7;s new estimate is that airlines around the world will need 41,170 new aircraft over 20 years with half of the deliveries to replacement aircraft, and with one-off aircraft accounting for about 75% of the aircraft.
The forecast is down from the previous 20-year forecast of 43,610 deliveries.
The new estimate excludes the Russian market and its projection of 1540 aircraft.
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Boeing’s new market prospects were announced on Sunday ahead of the Farnborough Airshow.
Farnborough International Airshow, is an industry fair for the aerospace and defense industry, where manufacturers demonstrate their aircraft in an attempt to place orders.
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However, Boeing slightly increased its 10-year demand forecast to 19,575 aircraft deliveries, excluding the Russian market.
Boeing sees strong demand for aircraft in the short term despite the risk of a recession.
Nevertheless, Boeing estimates that the global airline fleet will almost double by 2041, as they see a worldwide aviation need for COVID-19 recovery by early 2024.
Reuters contributed to this report.