Boeing values aerospace and defense market at $8.7 trillion through 2028

June 18, 2019: The Boeing Market Outlook (BMO), released at the Paris Air Show, has valued the aerospace and defense market at $8.7 trillion over the next decade, up from $8.1 trillion a year ago.

The BMO has also projected a $3.1 trillion demand for commercial airplanes through 2028 as operators replace older jets with more capable and fuel-efficient models, and expand their fleets to accommodate the steady rise in air travel across emerging and established markets. The drivers of the growing aerospace and defense market are a strong commercial aviation industry, stable defense spending and the need to service all platforms throughout their lifecycle.

The BMO also projects $2.5 trillion of defense and space opportunities during the next decade as governments modernise military platforms and systems, pursue new technologies and capabilities and accelerate exploration from sea to space. The projected spending – spanning military aircraft, autonomous systems, satellites, spacecraft and other products – continues to be global in nature with 40 percent of expenditures expected to originate outside of the United States.

"Aerospace and defense continues to be a healthy and growing industry over the long term, boosted by strong fundamentals across the commercial, defense and services sectors and demand that is geographically-diverse and more balanced between replacement and growth than ever before," said Greg Smith, Boeing chief financial officer and executive vice president of enterprise performance and strategy.