Number of Airplane Passengers Could Double in Next 20 Years

Demand for new airplanes around the world will continue to soar, as millions of people in developing nations take to the skies for the first time. Over the next 20 years, global airlines will need 38,050 new airplanes, jet manufacturer Boeing said in its annual market forecast. That's up 3.5% from last year's projection. In order to fill that demand, Boeing, its rival Airbus and smaller manufacturers such as Embraer and Bombardier will have to build more than five new planes a day, every day for the next two decades. The current jet-buying spree has been driven by cheap credit and relatively high fuel prices, making the economics work for purchasing new, fuel-efficient planes. But as fuel prices have fallen and interest rates are expected to climb, some aviation experts have warned that airlines should continue to fly older jets, rather than buy expensive new ones.