More than $201 billion U.S.—that is the total sum of orders and commitments placed at Farnborough International Airshow (FIA) 2014 this month in Farnborough, England, according to Farnborough International Ltd. (FIL) officials.
The figure represents an extremely positive note for the global aerospace industry, an FIL spokesperson says. Exhibitors at FIA2014, over the course of five days, announced orders and commitments for:
- civil jet engines, 1600 units with a total value or $34.5 billion;
- more than 1100 aircraft totaling $152 billion; and
- $14.5 billion in service contracts.
The orders and commitments reflect the buoyancy of the aerospace industry internationally and in the United Kingdom (U.K.), the spokesperson adds. Further, the total sum of $201 billion U.S. beats “all previous records set for the show.”
“We are extremely pleased by these numbers,” says FIL Chief Executive Shaun Ormrod. “There is already an order backlog and these additional orders will keep manufacturers in business and people employed for some years to come.”
Some large aircraft orders finalized during FIA2014 were commitments announced previously, including at Dubai Airshow in the United Arab Emirates (U.A.E.) in November 2013; many others were announced for the first time at Farnborough Airshow. Without question, the military and aerospace (mil/aero) market is alive and well, and continuing to grow and expand.
Boeing analysts added more good news, announcing during FIA2014, that they predict global demand for commercial passenger jets to reach 36,770 new aircraft worth $5.2 trillion over the next 20 years. All this news has this mil/aero geek and myriad others elated and optimistic.