Boeing presented its Current Market Outlook for the Southeast Asia and Oceania regions during the Association of Asia Pacific Airlines’ 60th annual Assembly of Presidents meeting in Manila.

Boeing said over the next 20 years, the company forecasts a demand for 3,860 new airplanes, valued at $565 billion, in Southeast Asia; while an investment of $160 billion for 1,020 new airplanes is expected in the Oceania region.

“Southeast Asia and Oceania remain important markets for Boeing as airlines continue to add capacity, modernize their fleets and shift their business models to adapt to this competitive market,” said Dinesh Keskar, senior vice president of Asia Pacific and India Sales, Boeing Commercial Airplanes. “While we see the majority of the demand being for single-aisle airplanes such as the 737 MAX, fuel-efficient twin-aisle airplanes such as the 787 Dreamliner and the 777X will also be needed, enabling airlines to profitably open new routes, never before possible.”

The annual report projects that more than 75% of the airplanes needed in both regions will be for single-aisle airplanes, as they continue to see a rise in the number of low cost carriers as well as strong annual traffic, with growth rates of 6.4% and 4.7%, for Southeast Asia and Oceania, respectively.

Worldwide, Boeing projects a demand for 39,620 new airplanes, over the next two decades. Boeing’s Current Market Outlook is the longest running jet forecast and regarded as the most comprehensive analysis of the aviation industry.