Last week I spent a number of days at the Farnborough Airshow, a week-long event at the centre of the aerospace community. I was impressed by the real-life flying cars, space robots and jet-powered flying suits on show. Technological innovations aside, it was a good year for business and aircraft orders (a key barometer for the aerospace industry). According to the FIA, around $192bn worth of deals were sealed, up from $67.5bn at the last show in 2016.
In the week-long competition to land multi-billion dollar deals, Boeing tipped Airbus to the top spot with 528 new orders and commitments, boosted by a renewed rise in air cargo. However, Airbus secured orders and commitments for 431 aircrafts with a late order from AirAsia pushing up the numbers. All-in-all, in the first four days, a total of roughly 1,400 commercial aircraft had been ordered at an estimated value of around $192bn.
The major deals announced at Farnborough demonstrate the aerospace industry's ongoing confidence, which is underpinned by the growing demand for air travel, historically elevated backlogs for new aircraft orders, and a slowly resurging business jet sector all pointing to friendlier skies.