Honeywell Aerospace has projected continuing demand for new business aircraft, with customers expecting to purchase more than 7,700 jets valued at more than $115 billion for the period 2003-2013.

Honeywell’s annual ‘Business Aviation Outlook’ predicts a sustainable near-term market for traditional business aircraft (gross takeoff weight less than 100,000 lbs). The survey indicates continued recovery in order levels over the next 12 to 18 months, assuming the projected US economic growth over the next four to six quarters is realised.

“Strong new model backlogs, continuing expansion in fractional ownership in North America and Europe, coupled with expected strong economic recovery, remain key factors supporting a longer-term outlook for growth,” said Honeywell president and ceo Bob Johnson.

“Operators worldwide continue to tell us they recognise the benefits of business aircraft and emphasise their strong interest in new technology and new models with improved value propositions.”

Manufacturer backlogs now stand at approximately 1,500 aircraft orders, options and deposits, with about 40 per cent attributed to fractional ownership programmes, enabling users who cannot justify the cost of sole aircraft ownership to purchase a share of an aircraft.

Close to two thirds of of the total order backlog is currently for new models. Examples are the Challenger 300, Gulfstream 150, Citations Sovereign and Mustang, Falcon 7X and the Hawker Horizon. Honeywell says continued slow growth in fractional ownership positions the industry for a near-term period of sustained demand at current or possibly slightly higher levels.

A spokesman added: “Recently, some aircraft manufacturers have been reporting higher sales activity which could result in modest increases in production next year, consistent with the pick-up in economic growth combined with the positive impact of bonus depreciation, where 50 per cent of the purchase price of a new jet can be written off in the first year of ownership.”