FARNBOROUGH: Boeing values service market at $2.4 trillion in next 20 years

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Boeing forecasts the commercial aviation services market will be valued at $2.4 trillion in the next 20 years, growing at an annual rate of 4% over that period.

Lou Mancini, senior vice-president, commercial aviation services at Boeing Commercial Airplanes, says that the growth for commercial aviation services is driven by a growing global fleet and increased need for information services, such as real-time aircraft health monitoring and electronic flight bag hardware and software.

Mancini identifies a trend of customers' increased acceptance of outsourcing part of their support activities to suppliers or partners, along with more customers needing to find ways to interpret fleet, such as health monitoring and diagnostics.

Boeing introduced its Boeing Edge portfolio of aircraft services at the 2012 Singapore Air Show, which includes several service options, including parts inventory services, simulator software and its GoldCare maintenance program.

Boeing commercial aviation services employs about 13,000 employees, 3,000 of which are stationed outside of the USA.