(MENAFN- Khaleej Times) The Middle East airlines will need 3,350 new airplanes worth $730 billion (Dh2.68 trillion) over the next 20 years with most of the orders coming for single-aisle aircraft, according to a forecast released by Boeing on Monday.
The US-based aircraft manufacturer projected that 1,770 single-aisle aircraft will be ordered by 2036 followed by 910 medium-to-large wide-body passenger aircraft, 590 small wide-body passenger, 60 freighters and 20 regional jets.
According to Boeing, the order value of single-aisle aircraft over the next two decades will be $190 billion; $160 billion for small wide-body aircraft; $360 billion for medium -to-large wide-body jets and $20 billion for freighters. While regional jets orders will be approximately total $5 billion. Around 2,470 aircraft will be ordered for growth and expansion by the airlines and 880 for replacement during the forecast period.
Randy Tinseth, Vice-President, Marketing, Boeing Commercial Airplanes, said during a presentation at Dubai Airshow that air traffic will outpace regional GDP growth during the forecast period with most of the additional traffic coming from Europe, South Asia, within Middle East, Southeast Asia, Africa and north America. Tinseth pointed out that the region will benefit from its central location as it is within eight hours distance from the world's 85 per cent population and 65 per cent of global economy. "We see that 70 per cent of the 20-year economic growth will be coming within the eight-hour flight regions from Middle East which would benefit Dubai as well," he said.
"Though Middle East passenger traffic is under pressure, but it's growing. Among the factors that impacted the regional aviation industry are slower economic growth, yields pressure, dynamic geopolitical environment, laptop/immigration bans and Qatar embargo."
Globally, the airlines will need 41,030 aircraft worth $6.1 trillion (Dh22.38 trillion) by 2036. Single-aisle aircraft will dominate the order book at 29,530 followed by small wide-body jets at 5,050, medium to large wide-body jets at 3,160, freighters at 920 and regional jets at 2,370.
In terms of value, single-aisle plane will make up 53 per cent of the total order worth $3.18 trillion followed by small wide-body jet at $1.34 trillion and medium-to-long haul wide-body passengers jets at $1.16 trillion. While freighters will cost $260 billion and regional jets at $110 billion, the US company said in its forecast.
Tinseth noted that strong demand is generated by replacements from the US, Europe and Japan carriers in the future. Last year, 3.8 billion people travelled and over the next 20 years, it will be in excess of nine billion.
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