Aircraft Engine Market To Grow With 5.30% CAGR During Forecast Period
Growing technological
advancement and investments drive the global aircraft engine market growth
during the forecast period.
According to TechSci Research
report, “Aircraft Engine Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2035” Global aircraft engine market is
expected to grow with 5.30% CAGR for the future growth during the forecast
years, 2022-2035F, on account of growing demands for aircraft from the tourism
industry. The market value for the global aircraft engine market was USD94.40
Billion in the year 2021. Expanding tourism industry and growing international
tourism in the future are expected to drive the global aircraft engine market's
growth in the next five years. Increasing demand for the aircraft fleet by
multiple private airlines is adding to the growth of the global aircraft engine
market in the next five years. Growing investments in technological advancement
and technology integration in the aircraft and its manufacturing further
facilitate the growth of the global aircraft engine market in the next five
years.
Market players dominate the
market, and the increased investment in manufacturing them also adds to the
future growth of the global aircraft engine market. Demand for higher fuel
efficiency and better aircraft performance further aids the growth of the
global aircraft engine market in the forecast years through 2035. Also, rising
concerns regarding aircraft engine failures, accidental fires, and overheating
engines require advanced and higher performance aircraft engines,
substantiating the growth of the global aircraft engine market in the forecast
period.
Browse over 149 market
data Figures spread through 194 Pages and an in-depth TOC on " Global Aircraft Engine Market"
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The global aircraft engine
market is segmented by engine type, aircraft type, platform, application,
regional distribution, and competitive landscape. Based on engine type, the
market is further segmented into turbofan, piston, turboprop, and turboshaft.
Turbofan is anticipated to continue holding the largest revenue shares of the
market and dominate the market in the next five years due to their advantages,
like their capacity to fly at a higher altitude compared to other engines.
Also, the noise control possibility of these engines makes them highly
preferable. Thus, they are the most suitable engine for long-range flights
because of their lighter weight, thus driving the growth of the global aircraft
engine market in the future five years. Turbofan jets are bypass engines that
produce thrust using a combination of jet core efflux and bypass air, which has
been accelerated by a ducted fan driven by the jet core.
By aircraft type, the market
is also fragmented into narrow body, roto-crafts, business aircrafts, fighter
aircrafts, wide body aircrafts, and regional aircrafts. Based on platform, the
market is differentiated between fixed wing and rotary wing. By application,
the market is distinguished between commercial and military.
Commercial applications of
the aircraft engines are anticipated to hold the largest revenue shares of the
market and dominate the market segment in the upcoming five years on the ground
of expanding the tourism industry. A surge in international tourism, growing
dependency on distribution channels for the supply of the products, and
expanding import-export businesses further support the growth of the global
aircraft engine market in the future five years. Based on region, the market is
divided into the Asia-Pacific, Americas, Europe, and Middle East & African.
Some of the market players,
dominating the global aircraft engine market are
·
Raytheon
Technologies Corporation
·
General
Electric Company
·
Safran
Aircraft Engines
·
Rolls-Royce
plc
·
Honeywell
International Inc.
·
MTU
Aero Engines AG
·
Aero
Engine Corporation of China (AECC)
·
Continental
Aerospace Technologies
·
Textron
Inc.
·
Williams
International
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“Americas is anticipated to
hold the largest revenue shares of the market and dominate the regional segment
of the market in the upcoming five years. Leading aircraft industry in the
countries like the United States, Canada, Brazil, Columbia, etc., support the
regional growth in the future years. A rise in the manufacturing industries and
growing aerospace and defense aviation industry further fuels the growth of the
global aircraft engine market in the forecast years. Moreover, growing concerns
over the environment and demands for fuel efficiency of the aircraft engines
also substantiate the market's growth in the next five years. New market
players may focus on research and product development. Technological
advancement in the aircraft engines to enhance their performance would allow
them to establish their brands in the market and support the market growth in
the future," said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Aircraft Engine Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Engine Type
(Turbofan, Piston, Turboprop, Turboshaft), By Aircraft Type (Narrow Body,
Rotocrafts, Business Aircrafts, Fighter Aircrafts, Wide Body Aircrafts,
Regional Aircrafts), By Platform (Fixed Wing and Rotary Wing), By Application
(Commercial, Military), By Region”, has evaluated the future
growth potential of global aircraft engine and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers make
sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in the global aircraft engine market.
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