Farnborough International Airshow kicked off with a bang today, with an astounding £39.3bn (USD 51bn) worth of deals announced on its opening day.
This impressive figure underscores the event’s stature as the apex of the global aerospace industrial cycle and highlights the resilience and innovation of the UK aerospace sector.
Among the deals secured, 163 firm aircraft orders stood out, valued at £4.6bn to the UK. These significant orders are a testament to the robust demand and confidence in British aviation capabilities. In addition to the aircraft orders, the deals also encompassed 28 firm engine orders, further enhancing the total value of transactions. The day’s agreements included 114 optional aircraft and engine commitments, alongside various service agreements, indicating a strong pipeline of future business.
The figures were shared by ADS Group, the trade association representing the UK’s aerospace, defence, security, and space sectors, and the organisers of Farnborough International. The substantial day-one total reflects the ongoing buoyancy and resilience of the aerospace industry, despite facing challenges in regulatory frameworks, supply chains, and workforce availability.
Kevin Craven, CEO of ADS and Chair of Farnborough International, expressed his optimism and pride in the industry’s achievements: “The significance and convening power of Farnborough International Airshow make today’s announcements both unsurprising and very welcome. Our aerospace industry remains buoyant and resilient in spite of challenges in regulatory frameworks, the supply chain, and the workforce.
“The UK is home to innovative, ambitious, and world-renowned advanced manufacturing businesses, both large and small, and we are rightly celebrating their impact at the home of British Aviation. Our aerospace sector delivers £10.9 billion in value to the UK economy, and in 2023, UK aerospace exports totalled £20bn. It is our partnership with our international counterparts that truly makes the UK home to an open, ambitious, and innovative industry.”
The first day’s deals reinforce the strategic importance of the Farnborough International Airshow in the global aerospace calendar. The event serves as a critical platform for showcasing advancements in aviation technology and fostering international collaborations. The commitments made during the opening day are expected to bolster the UK’s aerospace exports and contribute significantly to the national economy.
The biennial event continues to attract major players from across the aviation sector, highlighting its role as a hub for networking, deal-making, and technological showcasing. The £39.3bn in deals set a high benchmark for the subsequent days of the airshow, promising a week filled with more groundbreaking announcements and strategic partnerships.
As the Farnborough International Airshow progresses, the industry will keenly watch for further developments and deals that will shape the future of aerospace. The impressive start has already underscored the event’s importance and the UK’s pivotal role in the global aerospace industry.