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A release from aerospace major The Boeing Company (BA - Analyst Report) projects the Asia-Pacific region to be the latest hunting ground for commercial aircraft manufacturers. The surge in middle class population and the growing demand for cheap flying options are expected to drive the commercial aircraft industry in this region.

The study revealed that Asia-Pacific will require 12,820 airplanes worth $1.9 trillion in the next two decades. The deliveries will account for a sizeable 36% of the global commercial airplane delivery in the aforesaid period. These deliveries will triple the size of the Asia-Pacific aircraft fleet by 2032 from 2012 levels.

Not surprisingly, Boeing is likely to be a major beneficiary of this demand explosion, as nearly 69% of the new additions will be in the single-aisle market. The emphasis being on swift, low-cost travel, Boeing with its fuel efficient single-aisle airplanes like the Next-Gen 737 and the 737 MAX will definitely secure a good many of these potential orders.

Twin-aisle airplanes are projected to comprise 28% of projected Asia-Pacific deliveries. Boeing with its 747-8 Intercontinental, 777 and the 787 Dreamliner also looks good to snap up more orders in this segment.

Boeing’s ongoing investment in research and development enables it to churn out more fuel efficient and passenger friendly aircraft. The unveiling of its new 787-10 model at the Paris Air Show last year grabbed attention and order bookings to boot.

Boeing Commercial Airplanes (BCA) has lately been driving the company’s growth engine. The strong backlog of orders at Boeing is a testament to that fact. Boeing exited 2013 with a backlog of 5,080 airplanes valued at a record $374 billion.

Given its impressive track record of both innovation and fuel efficiency, we expect Boeing to come out with newer variants of single-aisle as well as twin-aisle aircraft, keeping it a step ahead of its competitors.

The future of BCA looks bright given its robust backlog and the expected boom in the commercial airplane market in Asia-Pacific. We believe the contribution coming in from this division could allow the company to offset any slackness in orders from its defense business.

Boeing currently has a Zacks Rank # 3 (Hold). Some better-ranked stocks in the aerospace and defense industry include Alliant Techsystems Inc. (ATK - Analyst Report), Northrop Grumman Corporation (NOC - Analyst Report) and Lockheed Martin Corporation (LMT - Analyst Report). While Alliant Techsystems and Northrop Grumman carry a Zacks Rank #1 (Strong Buy), Lockheed holds a Zacks Rank #2 (Buy).

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