Amman, Jordan,  Boeing [NYSE: BA] has forecast that the Middle East will require 2,370 new airplanes worth an estimated $470 billion over a 20-year period from 2012 to 2031. The projection reflects the growth of airlines across the Middle East, as traffic from and within the region is expected to grow 6.4 percent, compounded annually, during the next 20 years.

According to the Boeing Current Market Outlook (CMO), twin-aisle aircraft, such as the Boeing 777 and 787, will account for 46 percent of the region’s new airplane deliveries over the 20-year period. Single-aisle airplanes, such as the Boeing 737NG and MAX, will account for 45 percent of regional deliveries through  2031, while large airplanes such as the Boeing 747 will account for 8 percent of forecasted demand. Regional jets are expected to account for the remaining 1 percent of the demand. While 31 percent of the airplanes will replace current fleet assets, 69 percent of the demand is expected to be driven by the rapid growth of air travel in the region.

“The Middle East region has achieved remarkable success in leveraging its unique geographic position to establish aviation hubs that, collectively, serve most major airports around the planet,” said Randy Tinseth, vice president of marketing for Boeing Commercial Airplanes, who presented the CMO in Amman. “We have seen that the region has consistently outperformed the global aviation market over the past few years, achieving traffic growth well above the world average, and this trend is expected to continue.”

According to the CMO, revenue passenger-kilometers in the region will more than triple by 2031, supported by healthy development of long-haul, short-haul, and domestic travel.

“This continued success  is the result of strong business fundamentals and strategic investments, combined with the visionary approach of this region’s leaders,” Tinseth said. “For instance, here in Jordan, we see Royal Jordanian investing in efficient new, long-haul airplanes such as the 787 Dreamliner. The country has also worked to improve its ground infrastructure as is evident from the recent opening of the new terminal at Queen Alia International Airport, which is expected to encourage growth.”   

Globally, Boeing has forecast a long-term demand for 34,000 new airplanes, valued at $4.5 trillion. These new airplanes will replace older, less efficient airplanes, benefiting airlines and passengers and stimulating growth in emerging markets and innovation in airline business models. To meet the growing demand for new airplanes, Boeing has increased production of its popular 737, 777 and 787 airplane families. 

As of March 2013, Boeing had a backlog of 4,445 airplanes, 308 of which have been ordered by customers in the Middle East, including Royal Jordanian, which has seven Boeing 787 Dreamliners on order.