Nearly 2,300 jet airliners are parked worldwide, according to Ascend, a London-based aviation consultant and data provider.
Ascend said 1,167 of these aircraft were grounded last year, making 2008 the worst year for capacity cuts since 2001.
More than 11% of the world's 20,293 jet airliners are in storage. That figure may rise to match the 13% reached at the end of 2001, Ascend said.
"The aviation fleet data shows that at least 400 more aircraft are scheduled to be cut during 2009, with groundings being announced almost daily," said Ascend consultant Chris Seymour. "This is having a negative effect on aircraft values and lease rates, although, as ever, this is creating opportunities for those who take advantage of the down cycle."
North American carriers have announced fleet reductions totaling almost 800 aircraft since mid-2008, while European carriers have parked over 450 aircraft and Asia/Pacific airlines at least 230, said Ascend. The Middle East region has not been affected to the same degree, with Emirates announcing a planned 14% increase in capacity in 2009, Ascend noted.
The aviation storage business, based primarily in the Arizona and California deserts, is a benefactor of these market conditions.
"Storage facilities are already filled with a surplus of older technology 727s, 737s and MD-80s, many of which will never fly again," Seymour said. "However, some younger aircraft and many of the 250 current-generation aircraft will eventually be returned to service once the industry recovers."