Russia and the Commonwealth of Independent States (CIS) will need 1,060 new airplanes worth about US$70 billion over the next two decades, according to The Boeing Company's annual forecast for the commercial airplane market.

Airplanes in the Boeing 737 size range will account for 44 per cent of all commercial jetliners delivered to Russian and CIS airlines during the next 20 years, amounting to 470 units valued at $30 billion, the report said.

Eleven per cent - or 110 units at a value of $20 billion - will be twin-aisle airplanes like the Boeing 777 and 787. Forty-three per cent will be smaller regional jets, while airplanes of the Boeing 747 size or larger will comprise two per cent of the market.

"We will witness significant growth in the demand for air travel as the economies of Russia and the CIS continue to expand," said Craig Jones, vice president of Sales for Russia/CIS, Boeing Commercial Airplanes. "Both domestic and international air traffic has increased in Russia and the CIS by 36 per cent over the last 10 years. Most indicators point towards continued economic growth for the region."

Mr Jones pointed to liberalisation of air traffic regulations, airline consolidation and the reduction or elimination of high tariffs on new airplanes as factors that could generate additional demand for new airplanes.

Air traffic within Russia and the CIS is expected to grow by six per cent each year over the next 20 years. Traffic on transatlantic routes between Russia/CIS and North America are projected to increase by 4.1 per cent annually, the statement said.