Global Aircraft Engines Market was valued at US$ 63.17 Bn in 2019 and is expected to reach US$ 109.85 Bn by 2027 at a CAGR of 7.17 % during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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Global Aircraft Engines Market Dynamics:
Growing air passenger traffic is leading towards a rise in number of aircraft fleets with more efficient planes. This in turn is estimated to be the major factor driving the growth of the aircraft engines market across the globe. Various emerging regions in aviation traffic are witnessed across the globe and are expected to remain resilient in the coming decade. The economic and income growth in large emerging markets such as China and India has been a primary driver for the global GDP growth and also, for air travel. The manufacturers have to face certain challenges in the production of aircraft engines. As aircraft engines are the main propulsion system of an aircraft and any negligence during the manufacturing can cause a great disaster. Therefore the demand for durable and efficient aircraft engines is growing causing intense competition among the manufacturers.
Global Aircraft Engines Market Segment Analysis:
By type, the turbofan segment of the aircraft engines market is estimated to reach the highest growth during the forecast period. This growth is attributed to the recent rise in demand for turbofan engines by airlines around the world because of the fuel efficiency and reliability of these engines.
Global Aircraft Engines Market Regional Insights:
The market in North America is poised for above-average growth, owing to the increase in the number of passengers traveling on a yearly basis. The presence of a prominent aircraft manufacturer in the region is another driving factor for the growth of the aircraft engine market. The European region also has the potential to grow at a healthy rate in the market, owing to the presence of aircraft engine manufacturers in Russia and the U.K. In the Asia Pacific region, China is on the verge of manufacturing its own commercial aircraft to reduce the costs involved in imports. In line with this, China has set up its own aircraft engine manufacturing plant, which is expected to boost the production output of aircraft engines in the region. A large number of orders for new aircraft placed by significant carriers of the Middle East & Africa region are also expected to help the aircraft engines market grow further over the forecast period.
The aircraft engine market is a well-established market with a number of international players characterizing the market. Aircraft engine manufacturers are consistently engaged in the development of available aircraft engines by making them more fuel-efficient and powerful. Manufacturers are also determined to develop strategic associations with leading aircraft companies to provide aircraft engines.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by product type, end-user, and region and, projects the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the aircraft engine market.
Global Aircraft Engines Market, Key Highlights:
• Global Aircraft Engines Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Aircraft Engines Market
• Global Aircraft Engines Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Aircraft Engines Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Aircraft Engines Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Aircraft Engines Market are also profiled.
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Global Aircraft Engines Market, By Type
• Turboprop
• Turbofan
• Turboshaft
• Piston Engine
Global Aircraft Engines Market, By Wing Position
• Fixed Wing
• Rotary Wing
Global Aircraft Engines Market, By End User
• Commercial Aviation
• Military Aviation
• Others
Global Aircraft Engines Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in the Global Aircraft Engines Market
• General Electric Company
• Rolls-Royce Motor Cars Limited
• Honeywell International Inc.
• United Technologies Corporation-Pratt & Whitney Division
• Snecma S.A
• Hindustan Aeronautics Limited
• JSC "Klimov"-United Engine Corporation
• Safran
• Boeing.
• General Aviation
• Rolls-Royce Holdings PLC
• CFM International SA
• GE Aviation
• Internatinal Aero Engines AG
• MTU Aero Engines AG
• Textron Inc
• Pratt & Whitney Division Snecma S.A
• Raytheon Technologies Corporation
• Engine Alliance LLC
• Extron Inc.
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