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11 November 2024
Everyone loves a good comeback story, and judging by the record number of passengers (and profits) forecasted by the International Air Transport Association (IATA) for 2024, aerospace is back in business, and possibly bigger than ever.
You’d be hard-pressed to name an industry more adversely impacted by the Covid pandemic. Not in recent collective memory — with the possible exception of the tragic attacks on September 11, 2001 — has aerospace felt reverberations on such a colossal scale. Between grounded fleets, an immobilized workforce, and a global pause on production, the sector was brought to a screeching halt while a grave question mark hung over its future.
But thanks to the rising social mobility of the middle classes, a cultural and consumer phenomenon dubbed “revenge travel” emerged, and by almost all accounts, it's here to stay. Radical technological innovations promise to transform the future of flight, and with the travelers cost of launching assets into outer space sitting at an all-time low, the sky is no longer the limit.
However, as airports, airlines and original equipment manufacturers (OEMs) ramp up capacity and production targets to unprecedented levels, they face the daunting task of juggling supply chain delays and incessant labor shortages. Beyond that are more existential fears and legitimate doubts that loom and linger in the public's mind. Tales of cost-cutting companies prioritizing profits at the expense of safety are making headlines, ongoing geopolitical disputes are disrupting run-of-the-mill trade routes, and protest movements are placing increased pressure on this fossil-fueled industry to reach net-zero carbon emissions — and fast.
Can resources and regulations keep pace with the demand? We interviewed approximately 100 executives across the value chain to find out.
Written by: Michaila Byrne
Project Directors: Libby Jennings, Alfred Yeranossian
Source: The Aerospace Industries Association of Canada (2023 figures)
