As the global economy and markets evolve, so must the focus of our industry forecasts. This year our long term market outlook now covers both airplanes and services and is known as the Commercial Market Outlook.
The outlook for the commercial support and services market is covered in depth in this document, the Boeing Services Market Outlook (SMO). The SMO is a long-term forecast, serving to guide business planning as well as to share with the public our view of industry trends.
Market segments in the forecast are grouped into functions, depending on the specific segment. Commercial areas include corporate overhead; marketing and planning; flight operations; maintenance and engineering; and ground, station, and cargo operations. Although Boeing's portfolio of commercial services offerings does not serve the entire market, we do provide carefully selected services that add the most value to our customers. The segments of these support and services markets are diverse in terms of sales, activity scope, capital intensity, and competitive environment.
Overall, Boeing expects the commercial aviation support 20-year market to be worth almost $8.8 trillion between 2018 and 2037. Annual spend will more than double to more than $615 billion by 2037.