The future of Aviation industry
The aviation industry has taken a big leap over the last decade and the challenges and prospects shall continue to grow as we take a stride. Influenced by several global factors such as geopolitics, fluctuating norms and regulations, technological advancements, peace and security, and global economy, the players in aviation industry shall be exposed to a mix of turbulence and tremendous opportunities.
In this blog, the Institute of Logistic and Aviation Management in India, combines and balances all aspects to present to you the future of aviation in true sense.
Opportunities and Growth
Over the next twenty years, the passenger traffic is expected to grow by 2.5 times and create a rippling effect on employment opportunities. The aviation job market is likely to give employment to 99.1 million professionals by the end of 2034 and the industry shall probably contribute 5.9 trillion to the global GDP. The average increase in demand for air transport is anticipated to rise at the rate of 4.3% every year across the globe for the next 20 years. Thus, if the scheme of things falls in place, the sector holds huge growth prospects for both new and experienced players.
While the prospects are bright, aviation industry shall also face its share of brutal challenges. As various factors shall continue to influence the future of air travel, the airlines shall have to be better prepared and handle the consequences in a sustainable fashion. As per a report from IATA, factors like changing consumer expectations, cyber-security, terrorism and war, changes in supply chain matrix, data management, energy consumption and alternate fuel resources, epidemic break-through, airport infrastructure, evolving business models, etc. will impact the trade greatly over the next 20 years.
The airlines shall only be able to grip and sustain these changes efficiently by leveraging their existing strengths, building on new ones, innovating constantly, staying in sync with future trends and by putting their best foot forward in the face of change.
Though we cannot predict the future of the aviation industry in a definite manner, we know one thing for sure – aviation is going to be much different and way bigger by 2035. Like other industries, it shall have its share of ups and down, downfalls and growth. However, as per the past trends and what we can presently estimate; the industry is certainly going to go places in times to come.