UK to benefit from record demand for new aircraft and engines
The boost, which brings the total backlog to 12,000 aircraft and 21,000 engines, is estimated to be worth between £135bn and £155bn to the UK over the next nine years, offering valuable stability to this wealth-producing sector and the many hundreds of thousands of people it employs.
These new orders reflect long-term industry growth projections which forecast a demand for more than 29,000 commercial airliners between now and 2032 as airlines look to grow or improve their fleets to cater to rising passenger numbers.
Paul Everitt, chief executive of aerospace trade organisation, ADS Group said: “As an important event for the global aerospace industry, we expected to see a peak in orders during the Farnborough Airshow. However, the volume of firm orders placed throughout July was unprecedented; adding almost 650 aircraft and 1,100 engines an already robust order book.
“Looking to rest of the year, we expect the focus to shift to maximising production and delivery numbers. Already this year, we have seen the number of aircraft being delivered increase significantly, putting us on track for a record-breaking year for aircraft deliveries, contributing more than £10bn to the UK already this year.”
Data summary:
- Record-breaking increase in backlog throughout July, boosted by surge during Farnborough Airshow
- Order book now stands at 12,000 aircraft and 21,000 engines, providing around nine years work in hand
- Total backlog estimated to be worth between £135bn-£155bn to the UK
- Industry responding by increasing deliveries. Deliveries in July worth up to £1.7bn to the UK.
The UK aerospace sector:
- Directly and indirectly employs 229,100 people
- Turnover of £27.8bn
- 17% global market share
- 9.4% annual growth
The UK aerospace industry has a global reputation for specialising in the development and manufacture of some of the most complicated and high tech parts of modern aircraft. This expertise is expected to generate around $600bn for the UK economy between now and 2032 due to increased requirements for large civil airliners, business and regional aircraft and helicopters. To maximise this opportunity, Industry is working closely with government through the Aerospace Growth Partnership to implement a strategy to encourage Research and Technology, accelerate innovation, drive exports and support the supply chain.
