Airlines operating in Ireland will require more than 300 new airplanes worth $22 billion over the next 20 years, according to US aircraft maker Boeing.
Boeing projects that European airlines, as a group, will need 7,000 airplanes worth about $530 billion over the next 20 years. Of those, 66 per cent will be single-aisle airplanes, while twin-aisle airplanes will account for 18 per cent of all jetliners sold.
Writing in Boeing's annual outlook report on the world aviation market, Mr Drew Magill, market analyst at Boeing, states the percentage of smaller airplanes flown in Europe will increase as airlines meet public demand for more direct routes.
Mr Magill noted that since 1990, the number of non-stop flights in Europe has grown at an average rate of about 5 per cent and the average airplane size has fallen.
Air traffic within Europe is expected to grow 4.1 per cent per year over the next 20 years.
Traffic on transatlantic routes between Europe and North America is projected to increase 4.9 per cent annually.
Mr Magill also predicted that low-cost carriers are likely to double their market share in the next 10 years.
Worldwide, Boeing estimates the fleet will require 25,000 new jets by 2023 worth about $2 trillion.