And the Leader in New Jet Orders is ... Europe?

According to a recent forecast from Honeywell (NYSE:HON), the leader of new jet orders in the world in the near term is Europe.

Near term by Honeywell is defined as from 2010 to 2013, with most of those orders coming after 2010.

These aircraft orders are sooner than any other region of the world is contemplating, with 80 percent of new orders from Europe expected to be completed by 2013.

Even so, that is the good news from the Honeywell report, as the overall industry for new jet orders will remain sharply contracted, with an estimated 700 aircraft expected to be delivered globally in 2010, a steep drop from the 1,139 delivered in 2008.

In the survey Honeywell noted there is demand for potentially 5,000 aircraft worldwide from 2010 - 2014, but some of the major clients like the fractional fleet firms have cut back in a big way on aircraft orders, and they account for approximately 10 - 12 percent of all orders in the industry.

Another major challenge the industry faces is the eroding of their asking price, as a growing number of used aircraft on the market has pushed the prices down, not only for the older models but the new ones as well.

Consequently that will put pressure on margins and earnings, with estimates of prices falling from twenty percent to thirty percent from last year.