Frankfurt — Boeing is anticipating a high demand globally for new jets through 2031, but has cut its 20-year industrywide forecast in its latest market outlook.

Some 19,575 new passenger and cargo planes are expected to be delivered by airline manufacturers to customers between 2022 and 2031, Boeing said in an annual market forecast released before the Farnborough International Airshow in England was due to begin Monday.

The estimates are higher than the 10-year projections from 2021, even though those figures had factored in 710 planes for Russian airlines.

Boeing has however lowered its demand projection for new aircraft in its 20-year forecast to 2041, unlike its European rival Airbus.

Boeing now predicts global demand of 41,170 aircraft over the next two decades, compared to a projection of 43,610 a year ago - this marks a drop even with the planes for Russia taken into account, according to Darren Hulst, head of marketing for Boeing's commercial aircraft division.

Boeing based its industrywide forecast on lower growth in the global economy and a more saturated aviation market in the second decade.

Sanctions imposed against Moscow because of its invasion of Ukraine prohibit Western aircraft manufacturers from supplying the Russian market.

Russia has also failed to return hundreds of aircraft leased abroad to their owners for months, which in practice eliminates demand in the country for Airbus and Boeing.

Unlike Boeing, Airbus anticipates a greater need for new aircraft over the next 20 years than recently. In its own market outlook published a few days ago, Airbus predicted industry sales of 39,490 aircraft by 2041 - 470 more than last year's estimate to the year 2040.

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