While financial markets are facing some turbulence the aviation sector continues to soar as aerospace manufacturer Boeing predicts it will create 39,620 new aeroplanes over the next 20 years at a total value of $5.9trn (£4.5trn, €5.3trn).
At this year's Farnborough International Airshow the American manufacturer will be celebrating 100 years of making planes and proudly announced the upward growth of the industry with a forecast for new birds reflecting a 4.1% increase. With more passengers in the sky than ever before airlines are under increasing pressure to satisfy demand for flights so are investing in additions to its fleets. The biggest market for demand is in Asia (specifically China) where new aeroplane orders are almost double that of any other country over the next two decades.
"The aviation sector will continue to see long-term growth with the commercial fleet doubling in size," said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes. "We expect to see passenger traffic grow 4.8% a year over the next two decades."
Despite Boeing's next-generation 787 Dreamliner being the flagship of its fleet it's the increase in demand for the single-aisle aeroplane that is driving growth as low-cost carriers continue to fly into the market.
"There's no question the heart of the single-aisle market is around the new Boeing MAX 8 and the current 737-800. Aeroplanes that size already account for 76% of the global single-aisle backlog, and our products have the clear advantage in that space," said Tinseth.
It's forecast that the single-aisle market will account for over 28,000 new planes, which is more than a 5% increase from last year.
As for its Dreamliner, which is made of a composite material rather than aluminium and considered one of the aviation industry's biggest technological leaps, it uses 20% less fuel use and 20% fewer emissions. Airlines are eager to replace their old fleet with 571 orders have been placed for the 787-9 by 38 customers worldwide so far.
Away from commercial use the cargo industry is in demand for bigger, more efficient planes as it means they can transport more content in one go. With cargo traffic forecasted to grow at 4.2% per year thanks to things like internet shopping, Boeing projects the need for 930 new freighters and 1,440 converted freighters. All this adds to the huge $6trn cheque Boeing projects to cash in two decades.