Running Head: EVENTS AND GROWTH OF AVIATION FROM 2001-2010 1
EVENTS AND GROWTH OF AVIATION FROM 2001-2010
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EVENTS AND GROWTH OF AVIATION FROM 2001-2010 2
Introduction
The aviation industry has continued to experience significant progressive growth over a
long time. It has been to the goodness and efficiency of the different approaches that would govern
the entire industry. The hard work of individuals in the industry has significantly changed the
different ways people view the industry and its impact on continued growth. The US aviation
industry operates a large fleet of airplanes, making it a significant industry to have a great
interaction with.
However, digging into the different events that have continued to linger from 2001 up to
2010, the 21st century as most understand it, several unexpected events would have a greater impact
on the aviation industry's performance and history. We get to dig into the different events that have
continued to cloud the aviation industry and the different individuals with great interests in their
action between this time (Jacobs & Goebel, 2019). Additionally, we look into the aviation
industry's growth aspect and its challenges within the era. It’s a comprehensive understanding of
the aviation industry and creates a significant recap of these key events established within the
period.
Events of the aviation industry between 2001 and 2010
The end of the supersonic civil flight
The supersonic flight was an incredible discovery that transformed air transport but, in the
long run, hit a blind end due to the events that transpired. The Air France Concorde's fiery take-
off crash in Paris, which is one way that resulted in the grounding of all fleet, was the beginning
of all the different issues that would face the aviation industry within the decade. However, this
EVENTS AND GROWTH OF AVIATION FROM 2001-2010 3
did not directly contribute but ushered in changed, which would help discover new technology in
the form of ultra-stealthy Lockheed Martin F-22 Raptor at the Us air forces.
The spiraling fuel prices
The first decade of the 21st century saw a significant turnaround with an increasing fuel
price that brought a significant challenge to most airline operations. The fuel surge would affect
the different operations in that it became costly for short trips for these flights, and passengers had
to pay more to compensate for the different costs incurred in the long run. It challenged the aviation
industry's growth as both the government and the private sector would not agree with the pricing
issues affecting both parties negatively and draining their revenue for the period.
Space tourism
A different historic event is the first pioneers space tourism passenger where Sir Richard
Branson became the pioneer of space tourism in his Virgin Galactic Spacecraft SpaceShipTwo. It
brought as significant consideration to NASA, which saw a greater indulgence in the prospects of
success.
September 11 tragedy
The September 11 tragedy was one of the largest blows of the era in the aviation industry.
The attack saw over 92 passengers, and a hundred thousand individuals lost their lives (Gardner
& Henry, 2002). A series of planned attacks and hijacking of an airplane destabilized the entire
industry due to the losses established or the tragedy's aftermath. Looking at its impact, the events
in one way contributed to significant financial loss. Similarly, they led to the economic downfall
as the major airlines were affected, creating a pile-up and recession from the passengers in using
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the services. A year down the line, the airline began to have an economic gain, which continued
to change all along, creating a significant impact along the way of their recovery. Security
measures have become critical, and the IATA created significant security protocols in the aviation
industry.
The global crisis in 2008
The global crisis in 2008 created a significant impact on the aviation industry as the
economy was greatly affected, which affected the different industries. During the recession, the
fuel prices rose drastically, reducing the airline profits within the period. It was a tough year where
the industries had to hold on the little. They had to significantly impact and improve the different
aspects established (Helleiner, 2016). Significantly the recession led to the decline in the demand
for air travel as most individuals were hit by the difficult economic time. Similarly, the business
would operate in significantly high debts to maintain its operations within the industry. Most
airlines' reaction would reduce the capacity they would offer in the short runs to maintain afloat
and reduce the debt and different financial challenges brought about by the recession.
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References
Gardner, J., & Henry, S. (2002). September 11 and the Mourning After Reflections on Collecting
and Interpreting the History of Tragedy. The Public Historian, 24(3), 37-52. doi:
10.1525/tph.2002.24.3.37
Helleiner, E. (2016). Legacies of the 2008 Crisis for Global Financial Governance. Global
Summitry, 2(1), 1-12. doi: 10.1093/global/guw006
Jacobs, J., & Goebel, B. (2019). The business aviation industry: growth, contraction, and
consolidation. Business Economics, 55(1), 53-61. doi: 10.1057/s11369-019-00157-0
