RENTON, WA - JANUARY 29: A Boeing 737 MAX 8 airliner lifts off for its first flight on January 29, 2016 in Renton, Washington. The 737 MAX is the newest of Boeing's most popular airliner featuring more futel efficient engines and redesigned wings. (Photo by Stephen Brashear/Getty Images)

FARNBOROUGH — Boeing has announced an increase in their demand forecast for the next 20 years.

The manufacturer said that rising passenger traffic and upcoming aircraft retirements will drive the need for around 42,730 jets valued at around $6.3 trillion over the next 20 years.

The global airplane fleet will also sustain demand for the commercial industry, meaning that it has an overall market opportunity of around $15 trillion by 2037.

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The Commercial Market Outlook, that was published by Boeing projects the total number of aircraft needed to be increased by 4.1% compared to the previous forecast respectively.

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“For the first time in years, we are seeing economies growing in every region of the world. This synchronized growth is providing more stimulus for global air travel. We are seeing strong traffic trends not only in the emerging markets of China and India but also the mature markets of Europe and North America,” said Randy Tinseth, vice president of Commercial Marketing for The Boeing Company. “Along with continued traffic expansion, the data show a big retirement wave approaching as older airplanes age out of the global fleet.”

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Fleet data suggests that there around 900 aircraft that are over 25 years old, meaning that they will soon be ready for retirement.

Mr. Tinseth also went on to say that the data explains why 44% of new aircraft will be needed to cover the replacement alone.

With the aircraft that will be retained, the global fleet is projected to double in size to 48,540 aircraft in total by 2037.

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Single-aisle segments will see demand for 31,360 aircraft, worth around $3.5 trillion, which is an increase of 6.1% over the previous year.

The widebody segment calls for 8,070 new aircraft, valued at around $2.5 trillion over the next two decades.

This is due to the large wave of replacements from the likes of the 787 Dreamliner and 777X to expand global networks.

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Finally, around 2,320 regional jets in the seat market of 90 or below will be needed, with the market valued at $110 billion respectively.

For the cargo sector, it is expected that 980 new widebody freighters will be needed over the forecast period, which is up 60 units compared to the previous year.

Operators are forecasted to buy around 1,670 converted freighters.

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“The commercial airplane business fuels an enormous ecosystem of service providers. Our combined forecast shows the full picture of the $15T commercial market ahead of us,” Tinseth added later.

“We see a market in which airlines outsource more and more, a market in which data and data analytics help aircraft and airline networks become more efficient and reliable, and a market in which new technologies provide new services solutions.”

“All of these trends drive greater demand for integrated solutions over the life of an airplane,” he concluded.

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For the geographic split, it is dissected as the following:

  • Asia Pacific – 16,930 deliveries – $3,365 billion.
  • North America – 8,800 deliveries – $1,850 billion.
  • Europe – 8,490 deliveries – $1,875 billion.
  • Middle East – 2,990 deliveries – $745 billion.
  • Latin America – 3,040 deliveries – $515 billion.
  • Russia/CIS – 1,290 deliveries – $265 billion.
  • Africa – 1,190 deliveries – $215 billion.

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Overall, this is highlighting that the Asian market is expanding at a rapid pace as infrastructure and a growing middle class feeds the airline industry in Asia.

Airways is LIVE at the Farnborough Airshow 2018. Follow our rolling coverage on Twitter at @AIRWAYSLIVE and @AIRWAYSMAGAZINE.