The forecast improvements are mostly due to lower fuel costs for airlines.

Fueled by the low cost of oil and a smarter use of plane loads, the global industry forecasts that profits will take off in 2015.

The International Air Transport Association (IATA) raised its 2015 profit forecast to an all time high of $29.3 billion on Monday, almost doubling last years numbers. North American carriers as estimated to bag almost half of the global profits.

The IATA said that the lower price of fuel, which accounts to more than one-fourth of the industry’s costs, was the main contributing factor. The association, which had previously placed the 2015 profit forecast at $25 billion, saw fuel bill ebbing from $226 billion in the previous year to $191 billion thereby increasing the profit margin.

However “The industry’s fortunes are far from uniform. Many airlines still face huge challenges,” said IATA director Tony Tyler, in the airlines annual meeting declaration.

For instance, high profits margin of 7.5 percent as expected in North America might not match with that of 2.5 in Asia and 2.8 percent in Europe. If the dollar remains strong, it will result in American airlines to fetch full benefits of the lower oil price whereas it’s the opposite for airlines outside America.

On a global scale, planes are expected to fly at a higher capacity as the industry is becoming more efficient to improve the “load factor”- a measure for proportion of seats filled to a record high of 83 percent this year with a closer match of supply and demand.

The industry is expected to roll out $4.9 billion of value for investors due to restructuring and low interest rates. But it has been noted that there might also be challenges ahead, such as rising costs of airport charges and taxes for some airlines.