The price of a flying crane has risen sharply this year, thanks in part to a spike in demand.
The soaring prices of crane operators, and the growing demand for flying crane travel, are driving up prices for some of the world’s biggest companies, including Boeing Co., Lockheed Martin Corp., General Dynamics Corp., and General Electric Co., which operate the world�s largest fleet of flying crane.
But the demand is also driving up the prices of some of those companies.
The price for a flying Crane is about $1.2 million.
That is up from about $837,000 last year, according to a new report from Bernstein Research.
The prices for the four major players in the industry, including Caterpillar Inc., which owns the majority of flying- crane business in the United States, have risen a combined 7 percent this year to $2.35 billion, Bernstein said.
Prices for the smaller players, such as the U.S.-based Aerojet Rocketdyne Corp., also have risen in recent years.
That increase has not been as dramatic as the increases seen for the larger companies.
Aerojet has seen a 10 percent increase in the price of its biggest competitor, the General Electric C7C Phantom, as it works to increase its capacity in the U and Asia.
Aero, which also owns the Northrop Grumman C-17, is planning to spend $100 million to upgrade the aircraft to take advantage of its new engine technology.
General Dynamics said it plans to spend nearly $300 million to make its C-130 Hercules the world leader in its new “high-performance” aircraft.
The U.K.-based aerospace giant is also buying an additional Boeing 737-700 jet.
Both the big companies said they are investing in new technologies and training staff to be able to compete with the new flying crane fleet.
The report noted that the global demand for large-scale aircraft is expected to increase over the next decade, with a $1 trillion global market projected to grow to $6 trillion by 2025.
The boom in demand for the flying crane business is fueling a surge in interest in the business among investors, according the Bernstein report.
The firms’ executives are seeking out more capital to expand their flying crane operations.
For example, GE is expanding its pilot and training programs.
Boeing has a pilot program in China, and Lockheed Martin is looking at a pilot and pilot training program in Japan, the report said.
In addition, many of the companies are hiring pilots and instructors to work in the flying-cabin business.
The trend for large companies to invest in their flying-crane business has been in lockstep with the increasing number of people moving into the workforce.
Since 2014, the number of workers in the US working in the commercial flying-machinery business has increased by about 25 percent, the Bernstein Report said.
In fact, the demand for pilot and flight instructors in the aircraft industry is likely to continue growing.
The Aviation Industry Association said last week that its research showed that more than 40 percent of pilots who graduated from its training program last year are in the next four years working in commercial flying.
At a time when the number in the workforce of flight attendants is also rising, the need for pilots to keep the air-traffic control systems functioning in the skies, and keep planes flying, is also growing, according Bernstein.
The association, which represents nearly 2,000 aircraft manufacturers, said the need to train new pilots and flight attendants has increased as the number working in flying-related industries has increased, the Journal reported.