Looking to the future, Boeing sees a bright one for the aircraft market.

In its latest long-term market outlook, the airplane manufacturing giant forecasts demand for 35,280 airplanes (up from its previous projection of 34,000) over the next 20 years, more than doubling the global fleet. Those jets are estimated to be worth more than $4.8 trillion.

That will mean growth for airplane makers. As Randy Tinseth, vice president for marketing, told Reuters: “There is room for us to grow in terms of (production) rate, there is room for Airbus to grow in terms of rate and frankly there is probably also room for a third competitor. We do have some upside in terms of long-term rates.” Last year, Boeing was the largest airplane manufacturer in the world, followed by Airbus.

About 40 percent of these projected deliveries will replace older, less efficient planes, meaning the rest is helping grow the global fleet. So where is that growth coming from? More than 24,000 of those new deliveries will be single-aisle airplanes “due to the growth of low-cost carriers and airlines from emerging markets,” according to Boeing. The Asia-Pacific region will lead the world in new airplane deliveries with 12,820, more than one-third of all new deliveries worldwide.

And airlines are looking for more efficiency in those new aircrafts.

“After dealing with high fuel prices and a very competitive market, airlines are demanding airplanes with high efficiency, low operating costs, environmentally progressive technologies and a great passenger experience,” Tinseth said in a blog post. “We’re stepping up to meet those demands with products like the new 737 MAX, the 777-X and the 787-10X.”