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Airbus' fleets continue to grow, and the company is seeing a sharp increase in its aircraft services.

Airbus predicts a 3.6% growth in aircraft service over the next twenty years. This will create jobs for 2,35 million pilots as well as mechanics and other workers.

In recent years, the European planemaker has been one of many aerospace companies to have diversified into services in addition to their traditional manufacturing roles. This is done so that they can compete with independent aftermarket providers who offer higher margins.

Airbus expects the value of services to total $311 billion per year by 2044.

The value of the demand for off-wing maintenance and repair shop visits is expected to more than double to $218 billion in the next five years, while on-wing inspections or light maintenance will increase to $34 billion.

Airbus executives stated that global supply chains which feed repair networks and factories for new aircraft are still recovering following the COVID-19 epidemic but are improving.

Airbus' core planemaking business will generate 10% of its revenue from services by 2024.

Boeing predicted in June that the demand for commercial services would total $4.7 trillion over the next twenty years, based on a 3.8% annual growth rate.

(source: Reuters)