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mumbai demonstrates the powerful force of urbanization. By 2025, its population is expected to reach more than 26 million, more than double that in 1990. In the years ahead, similar urbanization will occur in countries such as Colombia, Indonesia, mexico, nigeria and Vietnam, which have a combined population of nearly 2 billion people. 

The outlook for our commercial aerospace businesses is very strong, driven by the need to replace aging fleets in North America and by increasing demand across Asia. Over the next 20 years, 30,000 new aircraft are expected to enter service. 

United Technologies is at the forefront in developing the next generation of aircraft to meet this growing demand. This includes the Boeing 787 Dreamliner, the most advanced commercial aircraft in its class on the market. UTC Aerospace Systems was instrumental in the design and launch of this more all-electric aircraft. As newer aircraft enter service, our acquisition of Goodrich will allow us to provide greater value to our customers with better, more integrated products and services at a more competitive price. 

Our majority ownership in the IAE International Aero Engines AG collaboration will drive growth by increasing our share in what is expected to be a 7,500-engine fleet. IAE already has delivered more than 5,000 engines, with most of them early in their life cycle. This represents a strong aftermarket growth opportunity. The new IAE structure also will allow customers to smoothly transition to Pratt & Whitney’s new PurePower GTF engine for the Airbus A320neo aircraft family. 

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In the decades ahead, a much greater portion of the world’s population will live in urban centers, driving investment in infrastructure and real estate development. This will create demand for products that contribute to clean, safe, energy- efficient buildings. Our commercial businesses — Otis and UTC Climate, Controls & Security — are well established in the world’s fastest-growing economies and are moving quickly to further localize manufacturing and distribution networks to capture new opportunities and better serve customers. 

Otis’ actions in China are a good example. In the years ahead, China will continue to be the world’s largest market for new elevator equipment as well as the world’s fastest-growing service market. In response, Otis businesses have hired and trained hundreds of new service technicians, and Otis is transitioning its high-rise center of excellence, global marketing and business development functions to China. 

12 40 We also are expanding our presence in India. In 2012, UTC Climate, Controls & Security formed a joint venture to manufacture and distribute heating, ventilation and air-conditioning (HvAC) products in the country. This builds on similar joint ventures in Argentina, Brazil, Chile and Egypt. The company also acquired one of India’s leading providers of integrated building management systems. 

The V2500 SelectOne turbofan engine is the most technologically advanced engine in its class, delivering best-in-class reliability, cost of performance and fuel burn. 

