Global Aircraft Engine Market To Be Driven By Increasing Technological Advancements To Enhance Fuel Efficiency In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Aircraft Engine Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives in-depth analysis of the global aircraft engine market, assessing the market based on its segments like engine type, aircraft type, wing type, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 80.6 Billion (Demand for commercial aircraft engine)
- Forecast Market Size (2026): USD 85.2 Billion (Demand for commercial aircraft engine)
The demand for more comfortable and less time-consuming passenger and freight transportation is driving the growth of this industry. The military’s employment of aircraft engines to combat terrorism, illegal infiltration, drug trafficking, and other threats is also a major driver of the aviation engine business. However, high manufacturing and maintenance costs, as well as a lack of production facilities, limit the market’s expansion.
Aircraft Engine Industry Definition and Major Segments
In the aviation propulsion system, aircraft engines are the major power generators. By drawing air via an inlet, compressing it, combining it with fuel, and combusting it, they provide mechanical power and lift. The rocket is propelled by the hot, fast-moving gas ejected by the exhaust. Manufacturers are constantly making technological breakthroughs in order to increase fuel efficiency and performance in response to rising worldwide demand and growing environmental concerns.
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On the basis of engine type, the market is segmented into:
- Piston Engine
Based on wing type, the market is divided into:
- Fixed Wing
- Rotary Wing
The industry, on the basis of aircraft type, is categorised into:
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Aircraft Engine Market Trends
An aviation engine is a component of the aircraft’s propulsion system that generates mechanical power. Air is sucked in at the front by an intake, compressed by a fan, combined with fuel and combusted, and then shot out at the back as a hot, fast-moving exhaust, propelling the airplane forward. The demand for more comfortable and less time-consuming passenger and freight transportation is driving the growth of this industry. The military’s employment of aircraft engines to combat terrorism, illegal infiltration, drug trafficking, and other threats is also a major driver of the aviation engine business. However, high manufacturing and maintenance costs, as well as a lack of production facilities, limit the market’s expansion. Newer generation passenger airplanes can fly longer distances thanks to technological developments. As airlines want to buy such aircraft for their fleets, players are focusing enhancing the fuel efficiency of passenger aircraft while also extending their range. With a bright view for regional and worldwide air passenger traffic figures in the past, some airlines have already placed aircraft orders in the last few years to grow their fleet sizes and tailor their services to more passengers. Due to increasing demand for domestic air travel in developing economies, the Asia-Pacific region is predicted to increase the most during the projected period. Due to a steep drop in passenger travel, the COVID-19 pandemic had a significant impact on airline revenues in the region.
Key Market Players
The major players in the market are Honeywell International Inc., Safran Group, General Electric Company, Rolls-Royce plc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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