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.
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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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