Honeywell Projects 8,500 New Business Jet Deliveries Valued At $278 Bln Over Next Decade

(RTTNews) - Honeywell's (HON) 32nd annual Global Business Aviation Outlook forecasts up to 8,500 new business jet deliveries worth $278 billion from 2024 to 2033, in line with the same 10-year forecast a year ago.

This year, surveyed business aviation operators reported higher five-year new jet purchase plans, which is up two percentage points from a year ago. However, fleet expansion rates nearly tripled in 2023's survey compared to the decade average preceding 2020.

According to Honeywell's Aviation forecast, new users in business aviation have increased demand by 500 aircraft and 6% more flights over the next 10 year.

New business jet deliveries in 2024 are expected to be 10% higher than in 2023. Expenditures are expected to be 13% higher.

Honeywell is committed to reaching carbon neutrality by 2035 in its operations and facilities and to driving aviation sustainability with a wide range of ready-now solutions that will support a more sustainable future for the sector.

In a separate press release, Honeywell said that Embraer has successfully tested Honeywell's HTF7500 turbofan engine on its Praetor 600 aircraft using 100% sustainable aviation fuel (SAF). The test marks a major milestone, as this is the first time 100% SAF has been flown in Honeywell's business jet engines.

Honeywell's HTF7500 engine powers both the Embraer Praetor 600 and Praetor 500 aircraft models.