Boeing forecasts market demand for 1,170 new airplanes in Russia and the CIS region over the next 20 years, valued at $140 billion.

The company released the numbers as part of its annual Current Market Outlook (CMO) for Russia and the CIS region.

International traffic is expected to grow at an annual rate of 4.8 percent and Boeing predicts Russian and CIS airlines will need 810 single-aisle and 170 widebody airplanes to handle the increase. With strong demand for replacing an increasingly aging fleet of Russian-built airplanes, 47 percent of deliveries will be used to replace older, less-efficient airplanes.

“Russia and CIS region continues to have a strong commercial aerospace market,” said Sergey Kravchenko, president, Boeing Russia and CIS. “We are ready to meet any customers’ demands and expectations, offering them the most fuel-efficient, reliable and capable airplanes.”

Boeing estimates 190 regional jets, both western and Russian built, will be required over the next 20 years; this demand is being driven by the growth that the intra-CIS region has been experiencing.

Boeing projects a worldwide demand for 39,620 new airplanes over the next 20 years with Russia and the CIS requiring nearly three percent of the total global demand. Boeing’s Current Market Outlook is the longest running jet forecast and regarded as the most comprehensive analysis of the aviation industry.