Canadian jet manufacturer Bombardier Aerospace has updated its long-term forecast for the private jet market, and the outlook couldn’t be rosier. The aviation wing of the Montreal-based conglomerate now expects the delivery of 13,200 new business jets by 2017, worth a total value of $300 billion.

This represents a 33% increase over the forecast the firm had delivered just last year, and comes in spite of lingering fears of a prolonged economic slow-down. Bombardier believes that whatever threats may loom in the U.S. domestic market—which until recently accounted for the majority of business jet sales—will be more than compensated for by the expansion of private jet use in emerging international markets. Bombardier is among the first manufacturers to refocus its efforts towards international markets; four years ago, the U.S. domestic market accounted for 70 percent of orders, while in 2007 they made up one third.

Bombardier’s dominant position in the industry is owed to its strong range of jets, not the least of which is its Global Exrpess XRS, currently considered the crème de la crème of business jets. But with the first of Gulfstream’s recently announced G-650s expected to be delivered in 2011 and a strong and sustained challenge from Brazil’s Embraer, there will be plenty of jostling for pole position in the private jet industry. Nevertheless, Bombardier expects there will be plenty of orders to go around.