Aircraft Engine Market Global Size, Growth Insight, Share, Trends, Industry Key Players, Regional Forecast To 2027

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Aircraft Engine Market Global Size, Growth Insight, Share, Trends, Industry Key Players, Regional Forecast To 2027

The global aircraft engine market size isprojected to reach USD 85.44 billion by the end of 2027. The increasinginvestments in technological integration will play a huge role in the growth ofthe market in the coming years. The presence of several large scale companiesacross the world will have a huge impact on the growth of the overall market.According to a report published by Fortune Business Insights, titled “AircraftEngine Market Size, Share & COVID-19 Impact Analysis, By Engine Type(Turboprop, Turboshaft, Turbofan, and Piston Engine), By Technology(Conventional Engine, Electric/Hybrid Engine), By Component (Compressor,Turbine, Gear Box, Exhaust Nozzle, Fuel System, and Others), By Platform (Commercialand Military), By End-Use (OEM, Aftermarket), and Regional Forecast, 2020-2027”. Themarket was worth USD 79.93 billion and will exhibit a CAGR of 11.27% during theforecast period, 2020-2027.

Aircraft engines are products that are associated with any type ofpropulsion system in the aircraft and are the power component for the entiresystem. These engines are responsible for the performance of the aircraft andare directly proportional to the operating efficacies of the engine with regardto speed, propulsion, thrust, and flight. The massive investments in thedevelopment of an efficient aircraft engine will have a massive impact on thegrowth of the overall aircraft engine market in the coming years.

The presence of several large scale manufacturers will also emergein favor of the growth of the overall market in the foreseeable future.Technological advancements in manufacturing processes as well as the equipmentused in the production side will bode well for market growth.

Reduction in Production Rates during the Covid-19 Pandemic willhave a Negative Impact on Market Growth

The recent coronavirus outbreak has created a sense of panicacross the world. Accounting to the increasing cases of coronavirus and therapid spread of the disease, governments across the world have been compelledto impose strict lockdowns and advise social distancing practises. The effortstaken to curb the spread of the disease, although for the brighter cause, havehad a negative impact on this market. The reduction in production rates as wellas capacities will prove denting to the overall market in the coming years.

Increasing Number of Company Mergers and Acquisitions will have aMassive Global Impact

The report encompasses several factors that have contributed tothe growth of the overall market in recent years. Among all factors, theincreasing number of company mergers and acquisitions as well as collaborationsamong major businesses and organizations has made the highest impact on marketgrowth. The report focuses on a few of the major company collaborations ofrecent times and discusses their impact on the growth of the global aircraftengines market.

In November 2019, Rolls Royce announced that it has bagged acontract from the US Navy for the development and maintenance of the V-22Osprey engines. Throught this contract, the company will provide support forthe V-22 AE1107C at several aircraft production sites. The contract, said to bearound USD 1.2 billion, will indirectly influence the growth of this overallmarket in the coming years.

North America to Emerge Dominant; Presence of Several Large ScaleCompanies will Aid Market Growth

The report analyses the latest market trends across five majorregions, including North America, Latin America, Europe, Asia Pacific, and theMiddle East and Africa. Among all regions, the market in North America isprojected to emerge dominant in the coming years. The product applications haveprovided the platform for the companies operating in the market. The presenceof several large scale companies will also bode well for the growth of themarket in this region. As of 2019, the market in North America was worth 31.01billion and this value is projected to increase at a considerable pace in thecoming years. The market in Asia Pacific will rise at the highest CAGR in thecoming years, driven by the increasing aircraft production in several countriesacross this region.

List of the Leading Companies Profiled in the Aircraft Engine Market Reportare:

CFM International SA (Paris, France)
Honeywell International Inc. (North Carolina, United States)
GE Aviation (Ohio, United States)
Rolls-Royce Holdings Plc. (London, United Kingdom)
Safran SA (Paris, France)
International Aero Engines AG (Connecticut, United States)
MTU Aero Engines AG (Munich, Germany)
Textron Inc. (Rhode Island, United States)
United Technologies Corporation (Connecticut, United States)

Industry Developments:

April 2020 – GE Aviation announced that it has baggeda contract from the US Air Force. The contract is said to be worth USD 707million and is aimed at building F110 turbofan fighter aircraft engines forSlovakia, Taiwan, Bulgaria, and Qatar.

Gain More Insights into this Research with Table of Content:

https://www.fortunebusinessinsights.com/industry-reports/aircraft-engine-market-101766

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