Dublin, May 20, 2022 (GLOBE NEWSWIRE) -- The "Global Aircraft Engine Market, By Engine Type (Turboprop, Turboshaft, Turbofan, Piston), By Aircraft Type (Narrow Body Aircrafts, Wide Body Aircrafts, Regional Aircrafts, Others), By Platform, By Application, By Region, Competition, Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Aircraft Engine Market was valued at USD96.72 billion in 2021 and is anticipated to grow with a CAGR of 9.20% to reach USD166.81 billion by 2027.
The flourishing tourism industry and increase in demand for the commercial aircraft industry are the primary factors driving the growth of the Global Aircraft Engine Market through the forecast period.
Also, the ongoing technological advancements and increasing demand for fuel-efficient, high-performance aircraft engines are the other crucial factors expected to bolster the demand of the Global Aircraft Engine Market.
The growing expenditure capacity of consumers and the high preference for comfort and convenience while traveling are expected to impact the aircraft demand across the globe. The ever-increasing air traffic makes aircraft manufacturers invest in research and development activities to find innovative solutions to create a safer and more reliable traveling experience for consumers. Fluctuating crude oil prices makes the manufacturers look for solutions to manufacture lightweight engines.
The increasing demand for lightweight engines to boost engine efficiency makes aircraft manufacturers adopt 3D printing technology during the designing and manufacturing process. The use of novel materials like reinforced plastic, carbon fiber, and other composite materials to develop aircraft engines is expected to create lucrative growth opportunities for the United States aircraft engine market.
Based on aircraft type, the market is divided into narrow body aircrafts, regional aircrafts, business aircrafts, rotocrafts, wide body aircrafts, and fighter aircrafts. Narrow body aircrafts are holding the largest market share in 2021, with a market share of 30.80%, and are expected to maintain their dominance throughout the forecast period.
Narrow body aircrafts have higher fuel efficiency and low cost of operation, which is one of the major reasons they are preferred for short-haul routes. Also, the surging demand for domestic traveling and changing consumer preference to travel via airway is further expected to influence the market growth in the forecast period.
Objective of the Study:
- To analyze the historical growth in the market size of the Global Aircraft Engine Market from 2017 to 2021
- To estimate and forecast the market size of the Global Aircraft Engine Market from 2022 to 2027 and growth rate until 2027
- To classify and forecast the Global Aircraft Engine Market based on engine type, aircraft type, platform, application, company and regional distribution
- To identify the dominant region or segment in the Global Aircraft Engine Market
- To identify drivers and challenges for the Global Aircraft Engine Market
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Aircraft Engine Market
- To identify and analyze the profiles of leading players operating in the Global Aircraft Engine Market
- To identify key sustainable strategies adopted by the market players in the Global Aircraft Engine Market
Competitive Landscape: Detailed analysis of the major companies present in the Global Aircraft Engine Market.
- Pratt & Whitney
- GE Aviation
- Safran Aircraft Engines
- Rolls-Royce plc
- Honeywell International INC.
- MTU Aero Engines AG
- Aero Engine Corporation of China (AECC)
- Continental Aerospace Technologies
- Textron Inc.
- Barnes Group Inc.
Report Scope:
Years considered for this report:
- Historical Years: 2017-2020
- Base Year: 2021
- Estimated Year: 2022
- Forecast Period: 2023-2027
Aircraft Engine Market, Engine Type:
- Turbofan
- Piston
- Turboprop
- Turboshaft
Aircraft Engine Market, By Aircraft Type:
- Narrow Body Aircrafts
- Regional Aircrafts
- Business Aircrafts
- Rotocrafts
- Wide Body Aircrafts
- Fighter Aircrafts
Aircraft Engine Market, By Platform:
- Fixed Wing
- Rotary Wing
Aircraft Engine Market, By Application:
- Commercial
- Military
Aircraft Engine Market, By Region:
- Americas
- United States
- Canada
- Brazil
- Mexico
- Europe
- United Kingdom
- France
- Germany
- Russia
- Spain
- Italy
- Poland
- Asia Pacific
- China
- Japan
- South Korea
- Australia
- India
- Middle East and Africa
- Israel
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/ip8ulw
