Passenger aircraft market share to reach $149.88 billion in 2026 

The use of blockchain could raise revenue in the passenger aircraft industry.

The global passenger aircraft market size is expected to grow from $75.23 billion in 2021 to $84.71 billion in 2022 at a compound annual growth rate (CAGR) of 12.6%, according to a report by The Business Research Company. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The passenger aircraft market share is expected to reach $149.88 billion in 2026 at a CAGR of 15.3%.

Passenger aircraft
The increase in global tourism is expected to fuel the passenger aircraft market  growth in the coming years.

According to the passenger aircraft market analysis, integration of blockchain technology in the aerospace sector is a key trend gaining popularity in the market. Aerospace companies of all sizes and types understand that blockchain networks can enhance their activities and exchange information securely across multiple realms and touchpoints, from the airline ticket counter to the flight line. For instance, in February 2020, SITA, a Switzerland-based company that provides IT and telecommunication services to the air transport industry launched a blockchain consortium to support the aviation industry track aircraft components. The new consortium will be responsible for the Servicing, Repair, and Overhaul (MRO) of aircraft components. PricewaterhouseCoopers (PWC), a USA-based professional services firm, reports that the use of blockchain could raise revenue in the aviation industry by as much as 4% or US$ 40 billion, thus reducing MRO costs by about 5% or US$ 3.5 billion globally.

Major players covered in the global passenger aircraft market are The Boeing Company, Airbus SE, Embraer SA, Bombardier, Textron, Dassault Aviation, Piaggio Aero Industries, Pilatus Aircraft Ltd., Avions de transport regional, ATR, and Commercial Aircraft Corporation of China Ltd. (COMAC).

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