By Hibah Yousuf January 17, 2013: 4:26 PM ET

The Dreamliners may be temporarily grounded, but one hedge fund manager is betting that aircraft makers are about to take off.

"The aerospace industry was essentially put on hold during the few years since the financial crisis, but now there is a real need for modern planes," said Dinakar Singh, founder and CEO of New York-based hedge fund TPG-Axon Capital Management, adding that he expects the industry will enjoy strong and steady growth around the world for the next 10 to 15 years.

Even though Boeing (BA) has been under pressure lately because of trouble with its 787 Dreamliner, the company along with rival Airbus, part of European aerospace group EADS, will continue to dominate the industry, said Singh while speaking at the Bloomberg Global Markets Summit in New York Thursday.

Related: What you need to know about the Boeing Dreamliner

Singh's bullishness also extends to airlines, particularly ones in Asia, like Japan Airlines, which has been profitable recently even as the U.S. airline industry has been struggling.

But he's thinks even U.S. airlines are a good bet, following years of tough restructuring.

Singh said Delta and United are in the best financial shape, with United poised for "years and years of profitability" thanks to its 2010 merger with Continental Airlines.

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Aerospace taking off, says hedge fund manager