Despite economic uncertainty in the United States and some other parts of the world, it has been forecast that the worldwide market for business jets will continue to grow over the next 10 years, accounting for $300 billion in sales.

According to the annual Business Aviation Outlook released by the Honeywell Aerospace unit of Honeywell International on September 4, 2008, more and more corporations and wealthy individuals around the world would be taking delivery of new business jets in 2008 and 2009.

For 2008, Honeywell Aerospace forecasts deliveries of a record number of nearly 1,200 business jets – up from 1,020 in 2007. In 2009, deliveries are expected to go up to between 1,300 and 1,400 aircraft.

Honeywell International, headquartered in Morristown, New Jersey, the United States, is a major American multinational conglomerate company that produces an array of consumer products, engineering services, and aerospace systems for a wide variety of customers, from private consumers to major corporations.

Rob Wilson, president, Business and General Aviation, Honeywell Aerospace, said in statement from the company: “Sales of new aircraft sales have remained at record levels. The year 2008 will add to the string of record years the industry has experienced and order intake across most business jet categories remains strong, consistent with last year’s forecast. Aircraft backlogs currently equate to nearly three years worth of deliveries; so 2008 and 2009 still shape up to be strong years for the industry.”

According to Rob Wilson, the survey by Honeywell Aerospace assumed that the global economy will grow between 2% and 3% in each of the next six quarters, and will grow by over 3% per quarter after that.

T K Kallenbach, vice-president of marketing and programme management at Honeywell Aerospace, noted in the statement: “In an industry once dominated by the United States, demand now is coming from many parts of the globe. Plane-makers could actually deliver more aircraft in 2008 and 2009, but they are constrained by time-consuming ‘finish work’ such as customising interiors of posh aircraft, and the availability of aircraft parts.”

To make its forecast, Honeywell Aerospace conducted a survey of 1,800 corporate flight departments, aircraft manufacturers and other industry experts. Respondents said that, on an average, in the next five years, they expect to buy new planes, for replacement or growth, amounting to nearly one-third of their fleets.

The survey found that, over the next 10 years, up to 17,000 new business jets will be delivered, based on customers’ plans.

The survey revealed the fact that generally buyers of business jets are attracted to new technology when they buy new planes. The “new technology” includes improved engines, safety systems, cockpit avionics and cabin information, and cabin improvements.

Across the industry, it was found, customers of business jets replace their aircraft roughly once every five years.

The strongest demand for business aircraft orders is coming from growing economies outside the United States, including Asia, Latin America and the Middle East, the Honeywell Aerospace survey showed.

Overall, the United States at present accounts for 55% of the orders for new business jets for the next 5 years.