Commercial Aircraft Gas Turbine Engine Market
Global Commercial Aircraft Gas Turbine Engine Market: Information by Engine Type (Turbojet, Turbofan, Turboprop, and Turboshaft), by Aircraft Type (Fixed-Wing Aircraft and Rotary-Wing Aircraft), by Fit (Line-Fit and Retrofit) and by Region (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America)—Forecast till 2025
The global commercial aircraft gas turbine engine market is predicted to expand at 6% CAGR during the forecast period (2016-2021) owing to the growth in aircraft fleet, asserts Market Research Future (MRFR). Aircraft gas turbine engines are the extensively used propulsion systems in the aviation sector. Turbofan and turboprop are the two types of turbine engines used. The market across the globe is estimated to expand at a rapid pace.
Drivers and Constraints Impacting the Market
The global commercial aircraft gas turbine engine market is likely to grow rapidly owing to several driving factors. With the growth in aircraft fleet and new models, improved fuel-efficient gas turbine engines, and growth in PMA, the global commercial aircraft gas turbine market is considered to propel during the assessment period. Gas turbine engines efficiently converts the fuel energy into mechanical energy which is further used to propel the aircraft.
With increasing investments in engine and craft leasing activities, the market is likely to expand across the globe during the forecast period. Meanwhile, the latest 3D printed engine element is gaining momentum across the global market, thereby propelling the market growth. Also termed as additive manufacturing, 3D printing comprises synthesizing consecutive layers of materials with the help of software or computerized management technology in order to produce a part or an object. With the help of this method, the producers can manufacture micro and tiny components of virtually any size and form. This advanced method of printing is cost-effective and allows just-in-time production of elements and components.
On the flip side, shortage of adequate funds for manufacturing new craft is considered to hamper the adoption of latest engines as the price of a new engine is almost thrice the price of the entire craft. This has led to the growth of engine leasing business across the globe. Moreover, factors such as emission of carbon, custom duties and taxes, and problems related to spare part pricing are estimated to deter the market growth in the coming years.
Commercial Aircraft Gas Turbine Engine Market: Segmental Analysis
The commercial aircraft gas turbine engine market has been segmented on the basis of engine type.
By mode of engine type, the commercial aircraft gas turbine engine market has been segmented into turbofan, turbojet, and turboprop. Among these, the turbofan segment is considered to occupy the maximum market share and is expected to maintain its dominance during the appraisal period. in turbofan engine, a certain amount of air is exhausted without passing it through the core, which results in additional thrust. Such engines are also referred to as bypass jets and are considered more efficient than turboprops.
Regional Insights
Geographically, the commercial aircraft gas turbine engine market span across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.
Among all the regions, the Asia Pacific region is predicted to be the fastest growing region owing to the augmenting manufacturing of commercial aircraft in economies such as Japan and China. China’s largest aircraft companies named COMAC and AVIC will be shareholders in Aero Engine Group of China (AEGC). China represents the largest commercial opportunity for the aeronautical industry across the globe. The Chinese government has decided to prepare a domestic commercial-aircraft manufacturing industry which can reduce the dependency foreign suppliers and compete with the established OEMs globally.
Industry Updates
July 17 2018: Rolls Royce has planned to launch a brand-new hybrid electric vehicle, also termed flying taxi that will feature aircraft gas turbine engine. This Rolls-Royce EVTOL plane can accommodate four to five people, with a flying range of 500 miles at a top speed of 200 miles per hour.
Competitive Dashboard
The prominent players operating the global commercial aircraft gas turbine engine market are International Aero Engines, Pratt & Whitney Division, CFM International, MTU Aero Engines, Avio Aero, Power Jet, Rolls-Royce, NPO Saturn, Williams International, Snecma, Engine Alliance, and General Electric.
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