Rising passenger numbers to drive Mideast growth

Increasing passengers numbers in emerging markets, including the Middle East, will drive the aerospace industry over the next four years, according to new research.

A report by global research firm RNCOS, entitled Aerospace Industry Forecast to 2013, predicts that replacement of aircrafts in the US and European market and increasing passenger traffic in emerging countries will be the significant factors over the coming years as the industry emerges from the current downturn.

The report adds that the overall civil aircraft industry will be worth $3tn by 2028.

Despite the ongoing recession faced by the world, the US and European markets will see major growth in civil aircraft segment in coming years, the research says.

Analysts say emerging markets are expected to see a major growth in commercial aircraft segment with China, the Middle East, India witnessing this growth mainly due to increasing passenger traffic.

"Dynamic population and growing income levels will be the leading factors behind the growth of passenger traffic in these markets," the report adds.

RNCOS predicts that over the next two decades, the emerging Asia-Pacific region will command the largest market, both in terms of units and value, with 31 percent of the units and 36 percent of the value.

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