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.
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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
- GE Aviation
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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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