Visiongain has published a new report entitled Aircraft Engine 2023-2033.
As per the report by Visiongain, the Aircraft Engine Market was valued US$68.3 billion in 2022 and is projected to grow at a CAGR of 9.3% during the forecast period 2023-2033.
Forecasts by Engine Type (Turboprop, Turbofan, Turboshaft, Piston Engine, Turbojet), by Component (Compressor, Turbine, Gearbox, Exhaust System, Fuel System, Others), by Aircraft Type (Commercial Aviation (Narrow-body Aircraft, Wide-body Aircraft, Regional Aircraft), General Aviation (Business Jet, Helicopter, Turboprop Aircraft, Piston Engine Aircraft), Military Aviation (Combat Aircraft, Non-combat Aircraft)) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis
Utilisation of Aircraft Engines Has the Potential to Augment Operational Efficiency and Bolster Safety and Reliability
The utilisation of aircraft engines has the potential to augment operational efficiency and bolster safety and reliability. Aircraft engines are a critical component for a variety of aircraft, including narrow-body and wide-body aircraft, private planes, transport planes, fighter planes, commercial and military helicopters, and unmanned aerial vehicles (UAVs). Increasing commercial aircraft operations will likely fuel the future expansion of aircraft engines. Furthermore, major nations in Asia-Pacific, North America, and Europe are increasing their military operations, which is anticipated to boost the demand for military aircraft engines.
The expansion of this segment is attributed to the escalating geopolitical instability and the emergence of evolving threats. The military sector's demand has experienced fluctuations on an annual basis due to increasing strategic considerations. It is anticipated that the markets in Asia Pacific and Europe will experience growth. However, the implementation of this approach could face limitations in certain regions, such as the Middle East, as a result of financial restrictions on public expenditures.
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How has COVID-19 had a Significant Impact on the Aircraft Engine Market?
The global aircraft engine industry has been significantly and widely impacted by the COVID-19 pandemic. Due to travel restrictions, lockdown procedures, and decreased passenger demand, the aviation sector has been among the most severely impacted. The demand for aeroplane engines and the overall engine market have consequently been impacted by these effects.
A significant drop in air travel has been one of the pandemic's main effects. To stop the virus from spreading, governments imposed quarantine and travel restrictions, which drastically cut the number of passenger flights. Airlines were forced to put a sizable portion of their fleets on the ground, which decreased demand for brand-new planes and, by extension, plane engines. The financial performance of engine manufacturers was impacted by airlines delaying or cancelling engine orders.
The aftermarket area of the aircraft engine market was also impacted by the decline in demand for air travel. There was less demand for engine maintenance, repairs, and spare parts as a result of fewer flights and lower aircraft utilisation. The income of suppliers and companies that provide engine maintenance was directly impacted by this.
In addition, the pandemic's financial strain on airlines prompted cost-cutting initiatives and restructuring efforts. Airlines experienced significant revenue losses, which prompted layoffs, fleet retirements, and a postponement of capital investments. This had an effect on the business of engine manufacturers as investments in new engines and engine upgrades were delayed.
The aircraft engine industry's supply chain was also impacted by the pandemic. The supply chain was hampered by manufacturing and transportation restrictions, which delayed and disrupted the production and delivery of engines and engine components. In order to maintain production levels, engine manufacturers had to overcome logistical difficulties and modify their business practises.
The aviation industry's emphasis on health and safety regulations also had an impact on aircraft engines. In order to reduce the risk of gearbox, improved cleaning and sanitization protocols resulted in new requirements and considerations for engine handling and maintenance. For engine service providers, these measures increased costs and complexity.
The COVID-19 pandemic presented opportunities for innovation and adaptation in the aircraft engine industry despite the significant challenges. In order to improve safety, efficiency, and sustainability, engine manufacturers and suppliers concentrated on creating and implementing new technologies and solutions. The creation of more environmentally friendly and fuel-efficient engines has received more attention as the industry works to recover and align itself with sustainability objectives.
How will this Report Benefit you?
Visiongain’s 304-page report provides 111 tables and 157 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the aircraft engine market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for aircraft engine. Get financial analysis of the overall market and different segments including engine type, component, aircraft type, and capture higher market share. We believe that there are strong opportunities in this fast-growing aircraft engine market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Demand for Fuel-efficient Aircraft Engines
The engine's fuel efficacy has a direct effect on fuel consumption and airline operating expenses. According to the International Air Transport Association's fuel fact document, the global airline industry's fuel expenditure in 2021 was estimated to be US$100 billion, or approximately 19.0 percent of operating expenses. In 2022, the fuel cost is projected to be US$132 billion, representing 19.5% of operating expenses at a price of approximately US$67.0 per barrel Brent.
Major engine manufacturers are implementing fuel-saving measures. Pratt & Whitney claims that its new engines will use an internal mechanism to reduce the speed of the fan, which could reduce fuel consumption by 20 percent. CFM International has successfully transitioned from the LEAP to RISE engine programme. There are ongoing efforts to incorporate biofuels into aircraft motors. Airbus/Rolls-Royce hybrid electric aircraft with a gas-turbine engine will provide maximum power for take-off and climb, while the engine is turned down and the electric fans recuperate during descent. NASA is developing cutting-edge technologies to reduce aircraft engine carbon dioxide emissions by more than half.
Growing Efforts from Government and Defence Contractors to Build Indigenous Engines to Drive Industry Growth
While there are several obstacles to developing domestic aircraft engines, including high development costs, technical complexity, and time-consuming research, some nations have started such programmes. By developing their own engines, for instance, nations like China, India, and Russia have made significant strides towards lessening their reliance on imported engines and reaching technical self-sufficiency. For instance, the Ministry of Defence (India) is working on indigenous manufacturing of aero-engines to achieve complete self-reliance. Furthermore, as of June 2023; the Biden administration is set to approve a deal that would permit General Electric Co to manufacture jet engines for Indian military aircraft within India which is anticipated to fuel demand of aircraft engine growth over the forecast period.
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Where are the Market Opportunities?
Innovation in Technology and Approaches to Redefine Mobility
Innovations like travel efficiency redefinition are needed to redefine mobility. Autonomous devices & ultra-light materials could transform the mobility system by enabling new business models & services. Unmanned aerial vehicles, artificial intelligence, biometric technology, robotics, blockchain technology, alternative fuel sources, and electric aircraft are among the innovations in aviation. Aviation facilitates discussions about innovation and its potential impact on new transportation modes.
The World Economic Forum (WEF) suggests using private sector & government innovations to address mobility issues in a coordinated & collaborative manner to optimise the transport system. Unfortunately, these efforts may worsen transport issues by increasing congestion, complexity, and inefficiencies between public and private transport.
Environmentally friendly alternative fuels could transform aviation. AI and Big Data investments could boost safety, efficiency, and sustainability. These technologies can improve airspace and aviation infrastructure.
3D printing has also improved the aircraft industry. 3D printing makes intricate structures possible. 3D printing builds objects from computer-generated geometry by layering material. Design creation & customization are increasingly using 3D printing. 3D printing creates inexpensive components using user-defined parameters. Wipro 3D, WIN's metal additive manufacturing (AM) division, collaborated with HAL's Engine Division in February 2021 to 3D print a metal aircraft engine component. The partnership will develop, manufacture, and certify a high-temperature aero-engine component.
Increasing Commercial Aviation Sector
Between 2023 and 2033, the global commercial aircraft industry is expected to experience significant growth, becoming a capital-intensive sector that generates sustainable economic growth and revenues. While commercial aviation in the United States and Europe has already undergone a considerable level of normalization over the years, Asia has witnessed a remarkable boom in the past decade. The economic resurgence of traditionally less developed countries has played a vital role as a catalyst for the growth of Asian and multinational commercial aviation. Additionally, the economic development of Asia's aviation sector has led to the emergence of a larger middle class with increased financial capacity to travel. As a result, there has been a substantial revitalization of middle-class individuals with greater purchasing power. This trend is projected to drive growth in specific segments, including the aircraft engine industry.
The economic growth in countries like India and China has resulted in higher incomes for people, especially in the middle-class population. This has led to an increase in the number of people who can afford to travel by air. As a result, there is a growing demand for commercial aircraft, which has a direct impact on the supply of aircraft engines. Additionally, the use of fighter jets and unmanned aerial vehicles (UAVs) by armed forces worldwide is also contributing to the market growth. According to the International Air Transport Association (IATA), the number of air passengers is expected to double to 8.2 billion by 2037. This increased demand for air travel has prompted airlines to expand their fleets, driving the growth of the market. The adoption of new generation aircraft, which offer improved features and fuel efficiency, is also on the rise. Moreover, the demand for business jets and commercial helicopters is another important factor driving the need for these products.
Competitive Landscape
The major players operating in the aircraft engine market are CFM International, GE Aerospace, IHI Corp., Mitsubishi Heavy Industries Ltd, MTU Aero Engines AG, Pratt & Whitney (Subsidiary of Raytheon), Rolls-Royce plc, Rostec, Safran, Textron Inc., Collins Aerospace, Honeywell International, Inc., Barnes Group Inc., UEC-Aviadvigatel, and Lycoming Engines. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 5th June 2023, Barnes Group Inc. acquired MB Aerospace (MB). MB Aerospace offers aero-engine component manufacturing and repair services to major aerospace and defence engine OEMs, Tier 1 suppliers, and MROs. The transaction is anticipated to close in the fourth quarter of 2023, pending regulatory approvals and other customary closing conditions.
- On 4th June 2023, Pratt & Whitney, a subsidiary of Raytheon Technologies, announced that LATAM Airlines Group S.A. ("LATAM") had selected GTF engines to power additional A320neo family aircraft. Pratt & Whitney will also provide engine maintenance to the airline as part of a long-term EngineWise® Comprehensive service agreement.
- On 17th May 2023, GE Aerospace announced its plans to invest up to US$20 million to add a new test cell and equipment to the Electrical Power Integrated Systems Centre (EPISCenter) in Dayton, Ohio, in order to meet the growing demand for hybrid electric aircraft engine component testing over the next few years.
To access the data contained in this document please email oliver.davison@visiongain.com
To find more Visiongain research reports on the Defence sector, click on the following links:
- Aviation Maintenance, Repair & Overhaul (MRO) Market Report 2023-2033
- Airport Security Market Report 2023-2033
Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: oliver.davison@visiongain.com
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