This year, Boeing has estimated a demand of an overwhelming 39, 620 airplanes over the following 20 years marking a 4.1 percent increase over the forecast of last year.

On the very first day of Farnborough International Airshow 2016, Boeing released its Current Market Outlook. Here, the company predicted that the total valuation of the brand new airplanes would be about $5.9 trillion.

Randy Tinseth, vice president, marketing, Boeing Commercial Airplanes has declared that the aviation industry would witness long-term growth that would lead to doubling of the commercial fleet although the financial markets have been hit of late.

He also said that he was expecting the air passenger traffic to expand by at least 4.8 percent over the next twenty years. The emerging markets triggering growth and reasonably priced aircraft carriers are believed to be the crucial factors that drive the growth of the aviation sector.

As many as 28, 140 new airplanes would be required in order to make this prediction come true. This would mark an increase in the number of airplanes to over 5 percent over the last year.

9,100 airplanes would be required immediately, with a large number of planes that would be sent for replacement in the period between 2021 and 2028.

Boeing has decided to replace the huge airplanes with medium and small-sized ones including the 777x, 777 and 787.

Cargo traffic is expected to grow by 4.2 percent every year. This is one of the main reasons why Boeing Airlines would require 1, 440 converted freighters and 930 new freighters.