projects a $4.5 trillion market for 34,000 new airplanes throughout the next 20 years as the current world fleet doubles in size, according to the Boeing 2012 Current Market Outlook (CMO) released Tuesday.
The company's annual forecast reflects the "strength of the commercial aviation market."
How much this will impact and/or grow jobs at its various plants including its based in the is unknown.
The is the second-largest employer in the St. Louis area with 14,730 local employees.
"The world's aviation market is broader, deeper and more diverse than we've ever seen it," said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes, in a statement. "It has proven to be resilient even during some very challenging years and is driving production rate increases across the board."
More People Flying
Airline traffic is forecasted to grow at a 5 percent annual rate over the next two decades, with cargo traffic projected to grow at an annual rate of 5.2 percent.
Per the report, the single-aisle market, which Boeing's Next-Generation 737 and the future 737 MAX serve, will continue its robust growth.
Widebody planes, such as Boeing's 747-8, 777 and , will account for almost $2.5 trillion dollars worth of new airplane deliveries with 40 percent of the demand for these long-range airplanes coming from Asian airlines, according to the forecast.
New Airplane Deliveries: 2012-2031
Airplane Type Total Deliveries Dollar Value
Single-aisle 23,240 $2,030B
Twin-aisle 7,950 $2,080B
Large 790 $280B
Regional jets 2,020 $80B
Where are the planes going?
From the report, it appears Boeing will be depending on robust growth in China, India and other emerging markets as a major factor in the increased deliveries over the next 20 years.
It also believes low cost carriers, with their ability to stimulate traffic with low fares, are growing faster than the market as a whole. This demand to replace older, less fuel-efficient airplanes is what Boeing feels will be one of its niche markets. Replacement accounts for 41 percent of new deliveries in the forecast.
Boeing has released its Current Market Outlook since it first shared publicly in the early 1960s. Click here to read the entire Current Market Outlook.
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