Boeing lowers long-range industry outlook for aircraft

Boeing has lowered its industry-wide forecast for aircraft over the next 20 years, but expects deliveries to be stable, except for one specific market.

This market is Russia, which has been taken out of the equation because The war in Ukraine.

There is uncertainty about when manufacturers can sell the planes again to Russian airlines.

US authorities get security for the seizure of Boeing and Gulfstream Jets tied to Russian oligarchs

Dropping the new Boeing is that airlines around the world will need 41,170 new aircraft over 20 years with half of the deliveries being replacement aircraft, and single-aisle aircraft accounting for about 75% of the aircraft.

Expectations are lower than before A 20-year forecast of 43,610 births.

The new estimate excludes the Russian market and its forecast of 1,540 aircraft.

Starliner Boeing returns from the space station

Boeing’s new market outlook was released Sunday ahead of the Farnborough Air Show.

Boeing banners are seen at a commercial stand at the Farnborough International Air Show in Farnborough, Britain. (Reuters/Toby Melville/file photo/Reuters Photo)

The Farnborough International Airshow is an industrial trade fair for the aerospace and defense industries, where manufacturers display their aircraft in a bid to book orders.

Major US defense contractors maintain China ties despite rising tensions

However, Boeing slightly increased its 10-year demand forecast to 19,575 aircraft deliveries, excluding the Russian market.

Boeing facility in North Charleston, South Carolina (AP Photo/Mic Smith, File/AP Newsroom)

Boeing sees strong near-term demand for aircraft despite the risk of a recession.

However, Boeing expects the global airline fleet to nearly double by 2041 as global aviation demand sees a COVID-19 recovery by early 2024.

Reuters contributed to this report.