During the next 10 years, Honeywell Aerospace (Booth P336) is forecasting delivery of 9,300 business jets, ranging from very light jets to bizliners, worth $275 billion, according to its updated business jet and helicopter market surveys that it released on Tuesday, at ABACE. Notably, the survey noted that business jet fleet growth was highest in Asia Pacific over the past five years, a trend that is expected to continue going forward.

Although 2017 will be a weak year, said Charles Park, Honeywell’s director of market analysis, “the five-year outlook is greatly improved.” This is due to improving economic prospects and the number of business jets that are in the development pipeline.

“The improvement in operator buying plans is broad,” he added. In the business jet arena, the strongest buying interest continues to be large-cabin jets. Fleet growth of business jets in the Asia Pacific region enjoyed a five-year compound annual growth rate of 10 percent. The next-closest region was South America at 7 percent, while Middle East-Africa was 3 percent. Europe was flat and North America eked out a one percent increase.

“North America’s share is still the largest,” he said, “but Asia will account for a higher share in the [coming] five-year window than we would have calculated a year ago. The Asia Pacific fleet will grow at or above the average rate.”

On the helicopter side, Honeywell expects a drop in Asia and China purchase plans for turbine-powered rotorcraft. In the five-year forecast for Greater China, the primary helicopter segment, accounting for 58 percent of purchases, will be intermediate and medium twin-engine helicopters, with light singles accounting for 29 percent and light twins 13 percent.

Through 2021, Honeywell expects worldwide deliveries of turbine-powered helicopters of 3,900 to 4,400 units. A major factor affecting these numbers is whether oil and gas production rebounds. “As oil improves, we will see demand for turbine-powered helicopters accelerate,” Park said. “We look at Greater China as still an extremely attractive market.”