Singapore, February 15, 2016. Aviation giant  Boeing  projected  a demand for 3,750 new airplanes, valued at $550 billion, over the next 20 years in Southeast Asia.

While presenting its  Southeast Asia Current Market Outlook (CMO) in Singapore, ahead of the biennial Singapore Airshow, forecasting the region will continue its strong annual traffic growth at 6.5 percent.

“Southeast Asia continues to be an important market for Boeing and we expect airlines in the region will need 3,750 new airplanes worth $550 billion over the next 20 years,” said Dinesh Keskar, senior vice president of Asia Pacific and India Sales, Boeing Commercial Airplanes. “In this highly competitive market, airlines are adding capacity and adapting with new business models, such as the growing number of low cost carriers. Boeing continues to offer the most comprehensive, fuel efficient and technologically advanced family of airplanes to meet our customers’ needs.”

The annual forecast projects three-fourths of Southeast Asia’s new deliveries will be for growth, with largest demand for single-aisle airplanes such as the Next- Generation 737 and new 737 MAX. There will also be demand for 800 widebody airplanes such as the 777, 777X and the 787 Dreamliner family. The number of low cost carriers is expected to grow to more than 45 percent of the total Southeast Asian market.

New Airplane Deliveries to Southeast Asia in  2015-2030 projected were  ninety regional jets worth $5Billion, 2,860 single-aisle planes worth $310Billion, 510 small wide-body worth $140Billion, 250 medium wide-body worth $90Billion and forty large wide-body planes worth $10B. A total of 3,750 airplanes for the region worth $550 Billion was the prediction.

Boeing projects a worldwide demand for 38,050 new airplanes over the next 20 years, with Southeast Asian carriers needing more than nine percent of the total global demand during the period.