Boeing (NYSE: BA) today said that airlines in Russia, Ukraine and the Commonwealth of Independent States (CIS) will require 1,540 new airplanes valued at $200 billion over the next 20 years, driven mainly by growth in the single-aisle market. The region also will need aftermarket aviation services such as passenger-to-freighter conversions, maintenance and repair, and digital services worth $320 billion, according to the 2021 Commercial Market Outlook (CMO), Boeing’s long-term forecast of demand for commercial airplanes and services.

Global and regional air travel markets are recovering largely as Boeing projected last year. Following a strong economic rebound and large pent-up demand, Russia has led all regions in domestic air traffic recovery, with growth expected to continue, according to Boeing.

“Boeing is ready to support carriers in Russia, Ukraine and CIS as they transform their business models and take advantage of opportunities for further growth,” said Randy Heisey, Boeing managing director of Commercial Marketing for Russia, Ukraine and CIS. “Aviation is vitally important for enabling robust domestic tourism growth and a rebound in long-haul leisure travel while also supporting trade and cargo links across a huge geographic region.”

The 2021 CMO for Russia, Ukraine and CIS includes these projections through 2040:

• Air traffic is projected to grow by 2.9% annually, tied to economic growth of 2.1% per year.
• More than half of deliveries to the region will be for growth. The overall fleet is expected to total more than 2,000 airplanes, with demand for more fuel-efficient models.
• Single-aisle airplanes will represent 75% of deliveries, with demand for 1,150 airplanes. Demand will be driven by growth in the low-cost carrier (LCC) segment, including opportunities for new and expanding low-cost airlines.
• Demand for 160 new widebody passenger and freighter airplanes to serve regional leisure markets as well as long-haul passenger and cargo markets.
• The region will require 83,000 new aviation personnel, including 25,000 pilots, 25,000 technicians and 33,000 cabin crews. For Boeing’s global demand forecast, go to the Pilot and Technician Outlook website.