Honeywell releases 10-year business jet sales forecast
November 2, 2012, 03:49 pm
To kick off the annual National Business Aviation Association's convention, Honeywell released its 26th annual market update, showing the company's business aviation outlook for the coming years.
The market update includes survey results from 1,500 corporate flight departments around the world regarding their intentions for buying business jets in the next 10 years. According to the results, Honeywell expects to see modest growth in aircraft deliveries for 2012-13 when compared to 2011.
Many respondents indicated that they planned on purchasing beyond 2013. Of the flight departments, 30 percent said they will most likely make purchases within the next five years, but Rob Wilson, Honeywell's president of Business and General Aviation, said he expects that 20 percent of those planning purchases in the next five years will in fact make purchases by the end of 2013. He went on to say that the rest of the sales will occur in the latter part of that five-year period, with nearly 80 percent of sales occuring between 2014 and 2017.
Honeywell said large-cabin jets will be in highest demand over the next 10 years, accounting for 70 percent of all expenditures and 40 percent of the 10,000 deliveries the company expects to make during that time, amounting to $250 billion.
In addition, the company expects 2012 sales will close out between 680 to 720 business jets, relatively unchanged when compared to a year ago. Honeywell said that in the next 10 years, the United States will account for 53 percent of their sales.
Earlier this year Honeywell released updates to its IntuVue 3-D Weather Radar. The technology will help pilots foresee upcoming storms and turbulence 10 minutes before it reaches their flight path.
"Until now, aircraft damage and unstable flights resulting from hail and lightning were problems airlines and passengers had to accept," said John Bolton, president of air transport and regional for Honeywell Aerospace. "This new radar upgrade empowers pilots to avoid storm cells that have the potential to produce hail and lightning, spot turbulence earlier, and identify the precise location of heavy rain clouds to maximize passenger comfort and safety."
According to the Federal Aviation Administration, poor weather conditions account for nearly 70 percent of all delays, costing the U.S. economy more than $18 billion in 2008.
The technology will help keep pilots safer in the air, but they should still remember that pilot life insurance can benefit them, no matter how safe flight conditions are.
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