Airbus projects aviation services market to top $420 billion by 2045

Airbus expects the worldwide market for aviation services to more than double by 2045, according to a forecast the manufacturer released on Wednesday. The company projects annual spending will pass $420 billion, expanding at an average of 3.8% a year.

The forecast rests on continued fleet and traffic growth. Airbus expects the global commercial aircraft fleet to reach 45,550 aircraft, with annual passenger traffic doubling to 10 billion.

Staffing is a major part of the picture. Airbus estimates the industry will need about 2.44 million additional aviation professionals, among them 730,000 maintenance technicians, 660,000 pilots and 1.05 million cabin crew.

Maintenance work is expected to take the largest slice of the market. Off-wing maintenance, in which components or engines are removed for work at repair facilities, is forecast to reach $217 billion. Airbus also points to maintenance support, aircraft upgrades and digital services as growth areas, with digital services and connectivity rising 5.3% a year to $27 billion.

By total demand, Europe, the Commonwealth of Independent States, North America and China are expected to remain the biggest markets.