Honeywell Aerospace (stand 7041) expects surging international demand, including in Europe, to lead a recovery in the business jet market.
Rob Wilson, president of Honeywell's business and general aviation unit, says that while the US market is "more or less" where Honeywell predicted it would be in its 2009 Business Aviation Outlook, other regions are performing above expectations.
"Growth outside the USA is very strong, especially in certain sub-regions," Wilson says, singling out the Middle East and India. He says the market in Europe "is very robust" with aircraft utilisation rates rising.
Today at the show Honeywell announced new region-by-region figures that add colour to its annual outlook published at the NBAA exhibition in November. For Europe, Honeywell says 59% of operators surveyed plan to buy jets over the next five years. For the Middle East and Africa, this figure is 55%. Before the onset of the economic downturn, only 40% of European operators and 45% of Middle Eastern/African operators said they planned to buy new jets over the next five years.
But Wilson warns there may not be a sudden surge in orders as planned purchases are delayed. He adds that high used aircraft inventory levels are a "challenge" to be overcome before the market fully recovers.
Wilson says 15% of the global fleet is for sale, down from 17% in mid-2009, adding that 29% of the aircraft on the market are younger than 10 years old, a segment which typically competes against new aircraft.
While the initial pace of the recovery is likely to be slow, Wilson sees renewed interest among manufacturers in launching new business jets as new models can help accelerate the recovery curve.
And he says Honeywell is experiencing increased demand for products available on a retrofit basis "because of their added value".