Boeing sees blue skies ahead

Global - Despite the gloom the media has painted on the airline industry, Boeing believes air freight is going to be healthy for the next 20 years.

In its latest market outlook report, the US aircraft manufacturer estimated that global cargo will grow 5.8% between 2008 and 2027.

The market for dedicated freighters will also double by 2027 to 3,890. Market players will additionally change its fleet to newer and bigger aircrafts, with the largest freighters taking a 35% share up from 26% today.

Boeing also said the fastest-growing economies will lead the transformation into a more geographically balanced market.

In spite of the buoyant outlook, Boeing admitted that fuel prices are and will continue to have an impact on the freighter sector. The company said industry players are looking to purchase newer, more fuel-efficient aircraft, while converting the older aircrafts to freighters.