Boeing forecasts a global requirement for 29,000 new airliners through 2028 amounting to $3.2tn.

Boeing has also predicted that airlines in Australia, New Zealand and South Pacific Islands will need 670 aircraft over the next 20 years valued at about $90bn.

Boeing Commercial Airplanes marketing vice-president Randy Tinseth said that it is encouraging that 27% of its 20-year forecast already is on order.

“Equally important is that this backlog is well balanced – by type of airplane, by airline business model, and region of the world,” Tinseth said.

While airlines and the aviation industry in general have been hurt by a challenging and volatile business environment, data indicates that recovery has begun.

According to Tinseth, the Australian economy has fared better than the rest of the world, growing while most of the world dipped well below 2008 levels.

“Oceania air travel growth is expected to be above 5%, compared to a world average growth of 4.9%,” Tinseth said.

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Sixty-seven percent of Oceania’s commercial airplane deliveries through 2028 will be for growth and the remainder of airplane deliveries will replace older, less efficient airplanes.

In the Asia Pacific region, long-term air annual air traffic growth is projected to be 6.9% over the next 20 years, Tinseth said.

In the near term, airlines have adapted to the realities of the market by adjusting capacity, improving efficiency and restructuring, while in the longer term, airlines will continue to invest in more efficient, environmentally progressive airplanes.