The International Air Transport Association's (IATA) World Cargo Symposium (WCS) 2015 to be held in Shanghai and hosted by China Eastern Airlines will debut the Air Cargo Innovation Awards.
Said IATA cargo industry management director Glyn Hughes: "We at IATA would like to invest in the future of this industry - anything that will help increase the competitiveness of air cargo."
Mr Hughes said applications can be made via IATA's website. An independent jury will assess all of the submissions. The top innovator will be awarded US$20,000, and other innovators may be awarded up to $10,000 each, reported Atlanta area Air Cargo World.
Aeroscraft CEO Igor Pasternak talked about his cargo airship design and the transformation going on in the air cargo industry.
"We don't know if it's changing temporarily," Mr Pasternak said. "We don't know if it's changing forever."
Boeing's director of airplane product development, Kourorsh Hadi, revealed some new ideas that Boeing is working on to make aircraft responsive to the rising price of fuel.
"A lot of our innovation is focused on fuel efficiency," Mr Hadi said.
The ideas include an aircraft whose wingspan folds and formation flight of planes, similar to that of birds, in order to be more energy efficient.
This year's WCS in Los Angeles attracted a record 1,063 delegates.
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