Aircraft Engine Shaft Market to be dominated by North America region through 2027
Fleet modernization and expansion plans of countries and
increased demand for new generation engines are expected to drive the global
aircraft engine shaft market growth in the forecast period, 2023-2027.
According to TechSci Research report, “Aircraft Engine Shaft
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”,
the global aircraft engine shaft market is
anticipated to grow at a significant rate in the forecast period, 2023-2027.
The market is driven by the rise in the demand for cost-effective and
fuel-efficient aircraft across the globe. Most of the original equipment
manufacturers and aircraft manufacturers are constantly looking for solutions
that can help develop fuel-efficient aircraft to lower fuel consumption. The
aircraft engine shaft connects the fan section, compressor, and engines
together and transfers the energy from the back of the engine to drive the
front. That means it should be able to transfer forces from the turbine all the
way down to the compressor and fan. Therefore, due to its crucial function in
the aircraft, it is expected to witness massive demand from all over the globe.
The global aircraft engine shaft market is segmented engine
type, material, aircraft type, application, regional distribution, and
competitive landscape.
Based on the engine type, the market is divided into
turboprop, turbofan, turboshaft, and piston. A turboshaft engine is expected to
capture the highest market share in the forecast period, 2023-2027. The demand
for turbofan engines is growing with the development of modern airliners
because of their high thrust and efficiency. Low-bypass-ratio engines are
considered more fuel-efficient than the basic turbojet. A turbofan generates
more thrust for a nearly equal amount of fuel used by the core and therefore is
considered highly efficient. Turbofan engines are expected to witness massive
demand in the region due to the growing demand for business jets in the Asia-pacific
region.
Based on material, the market is bifurcated into steel and
iron. The steel segment is expected to witness substantial growth in the
forecast period as it is stronger and tougher than many types of iron. Elements
are added to the steel to make it desirable according to the requirements.
Steel’s strength, durability, and resistance to heat make them ideal for the aircraft
engine shaft. Steel is preferred as it has good strength and can be heated and
treated for specific characteristics.
Based on aircraft type, the market is divided into narrow
body aircrafts, wide body aircrafts, regional aircrafts, business aircrafts,
rotorcrafts, and fighter aircrafts. Narrow body aircrafts are expected to hold
the largest market share in the forecast period. Narrow body aircraft boasts
low operation cost and higher fuel efficiency in short route flights. Narrow
body aircrafts have long-range and efficiency and the lowest fuel burn.
High-end investments by the market players in the research and development
activities to make them advanced and introduce newer generation aircraft that
can fly longer distances are expected to fuel the demand in the coming years.
Based on application, the market is divided into commercial
and military. The military segment is expected to account for a significant
market share in the forecast period owing to the rise in defense expenditure by
the developing countries to counter growing terrorism activities. Military
aircraft developers use advanced engine technologies to support the aircraft by
providing the required power. Also, the rise in procurement of military
aircraft by countries like India, the United States is expected to contribute
to the market growth.
Major operating companies operating in global aircraft
engine shaft market are:
- PBS Aerospace
- Rolls-Royce
- Safran
- GE Aviation
Honeywell
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“North America is expected to dominate the global aircraft
engine shaft market in the forecast period, 2023-2027. The presence of major
market players such as Honeywell and GE Aviation in the region supports the
high market demand. North America has a well-developed technological
infrastructure, and the aircraft engine shaft uses advanced technologies in the
manufacturing process, boosting its demand across the globe. Also, the
government allocates massive funds for developing the defense sector and procurement
of advanced helicopters, fighter jets, emergency medical services helicopters,
single-engine aircraft, and military aircraft. According to SIPRI, in 2021, the
United States was the top defense spender worldwide. The rise in the focus on
the research and development activities and development of advanced aircraft
engine shaft and engine technologies is expected to propel the global aircraft
shaft market growth till 2027” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Aircraft Engine Shaft Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Engine
Type (Turboprop, Turbofan, Turboshaft, Piston), By Material (Steel, Iron), By
Aircraft Type (Narrow Body Aircrafts, Wide Body Aircrafts, Regional Aircrafts,
Business Aircrafts, Rotorcrafts, Fighter aircrafts), By Application
(Commercial, Military), and By Region”, has evaluated the future growth potential of global aircraft
engine shaft 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 take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global aircraft engine
shaft market.
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