Boeing announced services orders valued at more than $900 million at the Singapore Air Show in areas like parts, engineering, maintenance, modification, digitalization, analytics and training.
With the rising importance of the Asia-Pacific aviation market, Stan Deal, President and CEO of Boeing Global Services said, “Predicted growth for aerospace services in the Asia Pacific brings opportunities to partner with local industry to understand the region’s greatest needs, invest in new capabilities to meet those needs, and then bring them to market quickly.”
Earlier this year Boeing had released a forecast predicting the need for aerospace services at $2.6 trillion over the next 10 years. Over the next 20 years, it projected a total commercial services market worth nearly $8.5 trillion.
“Boeing is serious about helping customers optimize the performance of their fleets and reduce operational costs throughout the lifecycle,” added Deal.
Specific to the Asia-Pacific region, contracts were signed with various airlines. ANA and Malaysia Airline signed a contract for landing gear exchanges. China Southern Airlines and Guangzhou Aircraft Maintenance Engineering Company Limited (GAMECO) signed an agreement to develop service capabilities for the Boeing Global Fleet Care portfolio, as well as enhanced component and composite repair capabilities. Nippon Cargo Airlines signed a five-year agreement to renew Jeppesen charting and electronic flight bag services. Royal Brunei Airlines signed an agreement for five 787-8 overhead flight crew rest retrofits.
A SilkAir agreement was signed to receive fleet material services while Singapore Airlines signed a contract to use Electronic Logbook on its 777 and 787 fleet. Singapore’s Defense Science and Technology Agency too signed an agreement with Boeing to engage in collaborative research and experimentation activities, powered by Boeing AnalytX.
Outside the region agreements were signed with Alaska Airlines, Biman Bangladesh Airlines, Tunisair, Honeywell Aerospace, and Parker Aerospace’s Aircraft Wheel & Brake Division. Tianjin Air Capital signed a contract with AerData and Lufthansa Group signed an agreement for 25 landing gear exchange and overhauls across its 777-200F and 777-300ER fleets for AeroLogic, Lufthansa Cargo and Swiss International Airlines.
CEO Dennis Muilenburg has set a target for Boeing of $50 billion in services revenue by 2022.