Dublin, Sept. 02, 2021 (GLOBE NEWSWIRE) -- The "Aircraft Engines Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global aircraft engines market is expected to grow from $59.65 billion in 2020 to $67.21 billion in 2021 at a compound annual growth rate (CAGR) of 12.7%. The market is expected to reach $91.28 billion in 2025 at a CAGR of 8%.
Major players in the aircraft engines market are General Electric Company, Rolls Royce, Honeywell International, United Technologies Corporation, Safran, International Aero Engines, MTU Aero Engines, Textron, Hindustan Aeronautics, and Klimov.
The aircraft engines market consists of sales of aircraft engines and related services by entities (organizations, sole traders or partnerships) that produce aircraft engines. An aircraft engine is a component of propulsion system that generates mechanical power to run the aircraft. Only goods and services traded between entities or sold to end consumers are included.
The integration of 3D printed parts in aircraft engines is a key trend gaining the popularity in the aircraft engines market. Companies are increasingly using 3D printing technology in aircraft engines as 3D printing-based production for aviation to reduce fuel usage and material costs. In January 2020, GE Aviation has revealed that the first aircraft of its 777X jet, operated by twin GE9X engines, was finished by the American multinational aerospace giant Boeing. More than 300 3D printed components are fitted in GE9X engines.
The aircraft engines market is segmented by type into turboprop; turboshaft; turbofan; piston engine, by technology into conventional engine; electric/hybrid, by platform into fixed wing; rotary wing and by application into general aviation; business aviation; recreational aviation; others.
The growing air passenger traffic is expected to propel the growth of the aircraft engine market over coming years. In 2020, total air passenger traffic increased by 19% until 31 August, with carriers flying more than 70 lakh passengers during the period following a two-month pause from 25 May after the re-opening of domestic airline facilities in a graded manner. In order to meet the increasing air traffic, the number of airlines are revamping their fleet by purchasing new aircraft that create demand for new engines. In 2018, the International Air Transport Association (IATA) has disclosed that the number of passengers could double in 2037 to 8.2 billion. Therefore, the growing air passenger traffic drives the growth of the aircraft engine market.
The high maintenance cost of the aircraft engines is expected to restrict the growth of the aircraft engines market in the coming years. Maintenance of aircraft engines is a step-by - step process consisting of washing and drying components of the jet engine, quality checks of the interiors and exteriors, disassembling of the engine, repair and replacement of any portions, and then reassembly and testing of the engine.
Throughout the process, multiple devices are used to assist trained inspectors and other creative methods, such as robots, can be implemented for maintenance. Small jet engine revamp costs around $200-$300 thousand per engine. Larger engines will hit $3 million. Therefore, the high maintenance cost of the aircraft engines restraints the growth of the aircraft engines market.
Key Topics Covered:
1. Executive Summary
2. Aircraft Engines Market Characteristics
3. Aircraft Engines Market Trends and Strategies
4. Impact of COVID-19 on Aircraft Engines
5. Aircraft Engines Market Size and Growth
5.1. Global Aircraft Engines Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Aircraft Engines Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Aircraft Engines Market Segmentation
6.1. Global Aircraft Engines Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Turboprop
- Turboshaft
- Turbofan
- Piston Engine
6.2. Global Aircraft Engines Market, Segmentation by Technology, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Conventional Engine
- Electric/Hybrid
6.3. Global Aircraft Engines Market, Segmentation by Platform, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Fixed Wing
- Rotary Wing
6.4. Global Aircraft Engines Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- General Aviation
- Business Aviation
- Recreational Aviation
- Others
7. Aircraft Engines Market Regional and Country Analysis
7.1. Global Aircraft Engines Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Aircraft Engines Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- General Electric Company
- Rolls Royce
- Honeywell International
- United Technologies Corporation
- Safran
- International Aero Engines
- MTU Aero Engines
- Textron
- Hindustan Aeronautics
- Klimov
- Continental Motors Group
- United Engine
- Motor Sich
- AVIC Aircraft
- Aero Engine Corporation of China
- Barnes Group
For more information about this report visit https://www.researchandmarkets.com/r/bq6f10
