The value of orders made during the Farnborough International Airshow was slightly higher than in 2006, but far lower than in 2008.
The main findings of the report by the airshow’s organisers ADS, the UK’s Aerospace, Defence and Security trade organisation are:
* The aerospace sector is experiencing signs of a slow recovery after a very tough period following the global recession.
* UK industry revenues rose by 5.4 per cent in 2009 to £22.2bn.
* The 2010 Farnborough International Airshow (19 – 25 July) saw £31bn of orders placed. This was down on the record performance of £56bn in 2008 but up on the previous record of £29bn from 2006.
* Boeing (29 per cent) and Airbus (26 per cent) accounted for the majority of the £31bn orders placed.
* The largest single order at Farnborough was from General Electric’s leasing company for 60 aircraft from the Airbus A320 family. The order is worth some £3bn.
* Defence cuts in Europe and elsewhere has meant that manufacturers are increasingly turning towards commercial aviation markets.
* Growth in both sectors is significant in emerging economies such as the Middle East, India, Brazil and China.
Graham Chisnall, managing director, Commercial Aerospace and Operations at ADS, said: “The strong orders at Farnborough and the optimism of the industry around the Airshow reflects the fact that, despite pressures on the defence budget, the industry is on the up, especially in the UK, buoyed by the recovery of the civil sector.
“This position of British success has been achieved through a combination of factors such as a strong UK presence by major multinational companies, the agility of the sector that in large part is delivered by innovative small and medium sized businesses in the global aerospace supply chain, farsighted historical investment in technology by both industry and Government alongside strong performance in export markets.”