Few events could illustrate the aerospace industry’s resurgent vitality better than the staggering demand for the Farnborough International Airshow set for 2024.
With more than 90% of commercial exhibition spaces already booked and new chalets being constructed to meet demand, the show is poised to reflect an industry on an upward spiral.
In light of optimistic reports indicating a 14% year-on-year growth in commercial revenues for the aerospace industry, the Farnborough Airshow is reaching unprecedented levels of interest. The International Air Transport Association (IATA) has estimated that the global airline industry will reach $5 billion in profit by 2023. Similarly, Accenture predicts that Maintenance, Repair, and Operations (MRO) budgets will either maintain their levels or increase in the next two years, despite ongoing supply chain challenges.
Not to be outdone, the global space market has grown from $280 billion in 2010 to approximately $447 billion. It’s predicted to further ascend to $1 trillion by 2030, according to a report by McKinsey and the World Economic Forum.
To accommodate the burgeoning interest, Farnborough International, organizers of the airshow, are building 17 new chalets, over half of which have already been sold. Gareth Rogers, CEO of Farnborough International, expressed his enthusiasm: “We are ready to support the industry within this period of growth and act as a catalyst for positive, future-focused change.”
Returning from July 22-26, 2024, the airshow will serve as a vital hub for aerospace and aviation leaders. The Hampshire-based event will offer five days of unparalleled opportunities for exploring the latest technology and engineering, announcing partnerships, and fostering industry-wide sustainability.
Given these promising signs, the Farnborough International Airshow 2024 is not just a show; it’s shaping up to be a litmus test for an industry confidently aiming for the stars.
