Rolls Royce projects strong growth for business jet market
20 May 2008
Aircraft engine manufacturer Rolls Royce said the business jet engine market will likely be worth $110 billion over the next two decades with larger number of businesses seeking private planes.
Rolls-Royce also said it expected an increased demand for medium and large sized business jets, particularly from markets outside the United States.
"Demand is being fueled by the business community's increasing recognition of the value of using business jets as a productivity tool," the company said.
Over the next two decades, 79,000 engines would be needed to meet the demand for 39,000 new business jets, Rolls Royce said. It also said that it expects up to 16,000 medium and large aircraft would be delivered between now and 2027.
Rolls Royce said it had a 34 per cent share of the $2.3 billion business jet engine market in 2007.
Rolls-Royce's engines power planes such as the Cessna Citation X, Gulfstream G650 and Bombardier Global Express.