The global commercial aircraft services market is projected to double in value over the next 20 years, from  the current $95 billion  to over  $230 billion in 2041.

Airlines, Original Equipment Manufacturers (OEMs) and other players are already strategising on how to increase their stake to achieve the expected growth.

Significantly, players in the global value chain are designing blueprints and other measures to deepen participation.

To accomplish this, Nigeria, which is part of the global air transport chain, is seeking investors’  buy-in  for airports under construction in Ogun, Ebonyi, Ekiti , Osun and the Lekki Cargo/ Passenger International Airport in Lagos State.

While the supra-national entities have wrapped the investment port-folios  under the template of Public Private Partnership (PPP), the Federal; Government is seeking investment into its proposed national carrier – Nigeria Air and the Aircraft Maintenance Repair Organisation (MRO), in the form of joint venture. The MRO centre is expected to generate $185 million.

Experts familiar with the projects say  investors are seeking frontier markets including Nigeria, where demand for air transport and logistic related facilities are gaining traction.

Investigations by The Nation reveal that more investors are seeking regulatory approvals to play in the airline, cargo handling and related services sub-sector at airports under construction.

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The experts said the prospective investors are currently carrying out due diligence in the value chain they seek to put in funds , weighing options not limited to concession, joint ventures or equity holding.

The anticipated spike in  the value of commercial aircraft activities according to the  Global Services Forecast (GSF) , by one of the leading aircraft manufacturers- Airbus  projects the services market to recover to pre-pandemic levels in 2023.

To meet this demand, Airbus said the number of people working in aviation services would have to increase by a further two million.

Speaking on the development, Airbus Executive Vice President , Programmes and Services, Philippe Mhun said : “ Every day millions of people in services, hidden champions behind the scenes, keep our global fleet of aircraft flying.

“Alone, the number of pilots, cabin crews and maintenance specialists is set to grow by a further two million by 2041.

“Accelerated digitalisation of operations and maintenance as well as a higher proportion of latest generation aircraft in service will lead to a massive requirement for new skills and job creation, leveraging new tools and ways of working in order to further increase our sector’s efficiency, reduce fuel consumption and emissions.”

The GSF expects a compounded annual growth rate of 3.7 per cent to lead to a doubling in the value of the services market in the next two decades with a “bigger than ever” demand for highly skilled labour: 585,000 new pilots, 640,000 new technicians and 875,000 new cabin crews.

Airbus predicted that “as operators focus more on their core business, services to improve aircraft availability and efficiency will increasingly be outsourced, boosting the market for those providers”. These services will be driven by sustainability and enabled by digitalisation, connectivity and innovation, to maximise efficiency in support of CO2 net zero ambitions.

Mhun  further said : “The GSF confirms our strategy and we are ready. Customer experience is our priority. Customer value will be underpinned by excellence in sustainable services and new energy transition, fully leveraging our Airbus Skywise digital capabilities.

“ Aviation services will remain one of the most advanced and international industries, keeping our customers and society at large at the heart of our operations.”