In line with the positive outlook for the aerospace industry, which is expecting commercial revenues to grow 14% year-on-year, the forthcoming edition of the Farnborough International Airshow in 2024 is reporting record-breaking demand for exhibition space, sponsorship packages and marketing activations. The show is set to reach new heights as the preeminent marketplace for an industry on an upward trajectory.
Despite the ongoing supply chain challenges, the aerospace and space industries are set to soar during the next year. IATA has estimated that the global airline industry is expected to return to profitability in 2023, reaching $5 billion in profit, and Accenture has reported that MRO recovery is expected to stay steady through 2023, with most executives anticipating MRO budgets will stay the same or increase in the next 24 months.
Heading above the atmosphere, the global space market has grown to approximately $447 billion, up from $280 billion in 2010, and is estimated to reach $1 trillion by 2030, according to a report by McKinsey and World Economic Forum.
The industry’s reporting of high, pre-pandemic level results is reflected in the increased demand for exhibition opportunities and floor space at Farnborough International Airshow 2024. Over 90% of commercial exhibition spaces and chalets are reserved and sold across the show site, with only a handful of self-build stands remaining across the show’s four exhibition halls. To meet the exceptional demand, Farnborough International, organizers of the airshow, are constructing 17 new chalets with more than 50% of these already sold.
Discussing the appetite from the global aerospace industry, Gareth Rogers, CEO of Farnborough International, said: “As the first internationally renowned airshow to take place after the pandemic, Farnborough International Airshow 2022 signified the revival of the aerospace, defense, and space industries and proved the value and need for global airshows. Since then, we have seen the aerospace industry accelerate partnerships and sustainable strategies to take their operations to new heights.
“At Farnborough International, we are ready to support the industry within this period of growth and act as a catalyst for positive, future-focused change that will steer the trajectory of aerospace, space and defense for the next decade. We are working tirelessly with the global aerospace industry to provide opportunities at the 2024 airshow and will be implementing a waitlist for those who are still keen to engage with the event.”
Returning July 22-26 2024, the airshow will see global aerospace and aviation leaders return to Hampshire, United Kingdom, for five days of opportunities to discover the latest technology and engineering, announce partnerships, build connections and work towards the cumulative sustainable aerospace vision as an industry.