A regional economic boom and an ever increasing demand for goods is expected to double the size of the freighter fleet in the Middle East over the coming 20 years, according to a Boeing projection.

The report also projects an increase in the size of the global fleet for freighters.

The Boeing report says that the global air cargo market is expected to grow by three times over the next two decades, averaging 5.8 per cent annually. The freighter fleet will nearly double in size, to 3,892 aircraft, from the current 1,948 freighters, Boeing said.

Boeing says the growth rate will result in the addition of 3,358 freighters to the global fleet size, with the expectation that 1,414 freighters will be phased out.

According to the report, the Middle East region will invest more than $260 billion (Dh954bn) over the next 20 years to expand its air fleet and a significant number of planes will be dedicated for the freight business given the demand for fast deliveries in the region.

While the Middle East is experiencing a slowdown in growth for air freight, it continues to outperform the industry. The International Air Transport Association (Iata) forecasts the air freight industry growth to fall from last year's 4.8 per cent to about four per cent this year, while regional air freight is expected to grow by an average of eight per cent, as compared to 10 per cent last year.

At the recently concluded Farnborough air show in the United Kingdom, Middle East airlines placed the highest number of orders.

According to Boeing, future global freighter fleet additions will include 863 new freighters, valued at about $206bn, and 2,495 freighters that will be passenger conversions. Wide-body freighters, with more than 80 tonnes of payload capacity, will dominate the new production freighter total with 641 aircraft. 

More than 60 per cent of the fleet, it said, will be additions in the medium wide-body category with payloads of 40 to 80 tonnes. "A shift towards larger freighters and new, more efficient airplanes will help keep air cargo transport affordable," Boeing said.

Freighters will continue to comprise about 10 per cent of the world jetliner fleet, but they will be larger, and dedicated freighters will make up 54 per cent of air cargo capacity by 2027, added Boeing.

Asia-Pacific is expected to lead investments in fleet expansions with over $1.9 trillion expected to be injected into fleet expansion programmes in the next 20 years, followed by North America with investments worth $740bn, while Europe and the Commonwealth of Independent States will make a combined investments of $810bn.