Boeing revises global demand outlook upward

Speaking at the Farnborough International Airshow, Boeing Commercial Airplanes president and CEO Jim Albaugh said the company is working hard to stay ahead of the competition as the market begins to rebound. Albaugh said that despite some continued uncertainties, Boeing's overall view of the market is becoming more positive as the world regains its economic footing.

"The market is clearly coming back and I feel very confident about how we are positioned to regain — and retain — leadership in this business," Albaugh said. Boeing is forecasting a US$3.6 trillion market for new commercial airplanes over the next 20 years as world economies rebound and strong demand for new and replacement aircraft spurs growth. The Boeing 2010 Current Market Outlook (CMO), now in its 46th year was released in London late last month, foresees a market for 30,900 new commercial passenger and freighter aircraft by 2029.