Aerospace manufacturing continues to soar. For example, through March 31, Boeing’s commercial aircraft division had a backlog of 5,835 orders, while rival Airbus had a backlog of 7,189 jets.
Better yet, those numbers are expected to grow significantly. Boeing predicts the global market for air travel will be 2.5 times larger in 20 years than it is today. As a result, the aerospace giant expects the global fleet of commercial jets to double in size by 2036. In addition to the need for new airplanes to meet growth demand, three quarters of today’s 23,500 commercial jets will likely need to be replaced over the next 20 years, contributing to overall demand for 41,030 new airplane deliveries by 2036. That’s a $2.8 trillion pie for Boeing, Airbus and other OEMs to compete for.