July 7 (Bloomberg) -- General Electric Co.'s engine-making venture with Safran SA expects a $500 billion market to power narrow-body commercial jetliners over the next 20 years as planemakers Boeing Co. and Airbus SAS boost production.
New twin-engine aircraft built in the period will need 40,000 engines, Jean-Paul Ebanga, president of CFM International, said today at a press briefing in Farnborough, England, before next week's air show. He said his estimate of the market was based on engines' list prices.
Narrow-body jets are the bulk of the global airline fleet, generating most of the business for engine makers such as CFM and International Aero Engines, a venture led by United Technologies Corp.'s Pratt & Whitney. CFM makes the only engine for Boeing's new 737 MAX and vies with Pratt to equip Airbus's upgraded A320neo. Those planes will debut later this decade.
"Over the next couple of years, the fundamentals look strong," Ebanga said. "And over the next 20 years, the numbers are very strong as well. We're in an industry today with a very bright future and it's up to us to make this happen."
Airlines will take 34,000 new planes valued at $4.5 trillion through 2031, Chicago-based Boeing said on July 3. Fairfield, Connecticut-based GE is the world's biggest maker of jet engines. Safran is based in Paris.