Honeywell Aerospace has forecast that 9,200 new business jets will be delivered by manufacturers over the next decade, which it hopes will deliver a considerable windfall to the company.
The projected value of the business jets is $US270bn (£179bn) with 19% of the purchases expected to take place by the end of 2016, 17% in 2017, and 20% in 2017.
Honeywell Aerospace contributes components to eight current business jet manufacturers including Airbus; Boeing; Bombardier; Dassault; Embraer; Gulfstream; Textron Aviation, and Pilatus.
Honeywell Aerospace revealed its predictions at its 24th Global Aviation Business Outlook and said it anticipated buyers for the business jets would particularly come from countries including Brazil; Russia; India, and China (BRIC).
Although considerable, the sales forecast figure is actually a drop of 3-5% of the value noted in the 2014 forecast.
“While emerging markets like Brazil continue to be a bright spot for business aviation over the medium term, we have seen weaker demand across other key growth markets, which may affect near-term order and delivery levels,” said Honeywell Aerospace’s president of business and general aviation, Brian Sill.
“And while the sluggish economic growth and political tensions are driving a more reserved approach to purchasing, we are seeing operators invest in retrofits and upgrades for their existing aircraft, especially around connectivity, boosting aftermarket opportunities.”
As a result of the more reserved market, Honeywell Aerospace has recently announced a furlough of approximately one quarter of its global workforce.
The affected employees will be required to take five days off work, without pay, between November 23-December 27.