Boeing [NYSE: BA] projects a demand for 4,210 new airplanes, valued at $650 billion, over the next 20 years in Southeast Asia.

The company presented its Southeast Asia Current Market Outlook (CMO) today during a briefing at Boeing's regional headquarters in Singapore. The annual report forecasts the region will continue its strong annual traffic growth at 6.2 percent, outpacing the world's average growth rate by 1.5 percent.

"Southeast Asia continues to be one of fastest growing markets in the world – and a key focus area for Boeing – as the region accounts for more than 10 percent of the total global demand," said Dinesh Keskar, senior vice president of Asia Pacific and India Sales, Boeing Commercial Airplanes.

"Driven by fierce competition and growing passenger demand, airlines in Southeast Asia need the most capable, flexible, economical and passenger preferred airplanes available," added Keskar. "With their new technologies, superior capabilities and advanced efficiencies, the continued orders for the 737 MAX, including the new 737 MAX 10, as well as the 787 Dreamliner, demonstrate the value Boeing's airplanes are providing to airlines in region."

Single-aisle airplanes, such as the 737 MAX family, will account for more than 70 percent of new deliveries. As in previous years, the low-cost business model continues to be a main driver of traffic growth in Southeast Asia, growing to more than 50 percent of the total Southeast Asian market by the end of the forecast period.

Boeing projects a worldwide demand for 41,030 new airplanes over the next 20 years. Boeing's Current Market Outlook is the longest running jet forecast and regarded as the most comprehensive analysis of the aviation industry. The full report can be found at www.boeing.com/cmo.