Luton, Bedfordshire, United Kingdom, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Aircraft Engine market.
The global Aircraft Engine Market is expected to grow at a 2.78% CAGR from 2023 to 2029. It is expected to reach above USD 80.5 by billion 2029 from USD 62.4 billion in 2022.
The commercial aircraft business and the cargo aircraft industry are the two primary segments of the commercial aviation industry. Both businesses have witnessed a tremendous increase in operations in recent years, providing a boost to the commercial aviation industry. The growing demand for more comfortable and time-efficient passenger and cargo transportation drives the growth of this market.
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Aircraft Engines Market Recent Developments
- In February 2022, Safran Helicopter Engines signed a Memorandum of Understanding (MoU) with ST Engineering to conduct a study on the use of Sustainable Aviation Fuel (SAF) in helicopter engines. The study aims to assist helicopter operators in switching from conventional fossil fuels to SAF.
- In February 2022, Embraer, Widerøe, and Rolls-Royce entered into a research partnership agreement to conduct a 12-month study and research innovative sustainable technologies for regional planes, focusing on developing a conceptual zero-emissions aircraft.
- In January 2022, Qatar Airways placed an order for GE9X engines as part of its global launch order of up to 50 Boeing 777-8 Freighters. GE Aviation received a commitment from the airline for 30 GE9X engines and four GE90-115B engines for Boeing 777-8 aircraft (34 aircraft firm order with an additional 16 purchase right options).
North America Beats Key Regions, APEJ Outpaces with Speedier Growth
The international aircraft engines market is prophesied to see a segmentation into North America and other major regions such as Asia Pacific Excluding Japan (APEJ) and Europe. Amongst these, North America could take the driver’s seat in the market while clutching a top revenue growth. Experts foretell the regional market to rise at a 7.0% CAGR. APEJ, on the other hand, is predicted to expand at a faster pace and gain 3 basis points (BPS) between 2017 and 2022.
The Middle East and Africa (MEA) could just fall short of matching up its revenue earning with that of Europe by 2022 end. Europe is prognosticated to hold a valuation of US$14.9 bn by the same year. However, on the slower side of the international aircraft engines market could be Japan, which is expected to grow at a CAGR of 5.7%.
Commercial Application Offers Lucrative Prospects with Outstanding Growth
The world aircraft engines market is prognosticated to be classified into commercial, military, and general as per a classification by application. According to the researchers authoring the report, the commercial market could attract a larger share of 51.5% by the end of 2022. During the course of the forecast period, this market could expand at an absolute growth of US$2.5 bn annually to dominate other segments by application. On the basis of product, the world market is foreseen to be classified into turbofan, turboprop, and turboshaft.
Need for Military Aircrafts to Drive Sales across the Aircraft Engine Market
The use of aircrafts in the military and aviation industries has become the primary driver of market demand and expansion. Several defense operations are conducted with the help of high-flying and quality aircrafts, necessitating the use of robust engines. The use of military aircrafts for protecting national critical assets and infrastructure has had a positive impact on the dynamics of growth pertaining to the global aircraft engine market. Moreover, premium flight carriers are also pressing for the use of heavy-duty engines in aircrafts which has also unlocked new opportunities for market growth and expansion.
Aircraft Engine Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 62.4 billion in 2022 |
| Revenue forecast in 2029 | USD 80.5 by billion 2029 |
| Growth rate | CAGR of 2.78% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Safran SA,Honeywell International Inc,MTU Aero Engine,Rolls Royce PLC,CFM International SA,Honeywell International Inc.,GE Aviation ,Rolls-Royce Holdings Plc.,Safran SA International,Aero Engines AG ,MTU Aero Engines AG,Textron Inc. ,United Technologies Corporation and others. |
| Key Market Opportunities | Increase in testing activities requiring these aircrafts for improved operational efficiency, there will be a growth in Aircraft Engines for the unmanned aerial vehicle market in the near future. |
| Key Market Drivers | The technology used in the Aircraft Engine Market is proprietary and needs long-term research and development planning implemented efficiently. |
| Customization scope | Rising air traffic owing to less time-consuming travel and shipping of goods is estimated to drive the growth of the market. |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Aircraft Engine Market Players
From large companies to small ones, many companies are actively working in the Aircraft Engine Market. These key players include Safran SA,Honeywell International Inc,MTU Aero Engine,Rolls Royce PLC,CFM International SA,Honeywell International Inc.,GE Aviation ,Rolls-Royce Holdings Plc.,Safran SA International,Aero Engines AG ,MTU Aero Engines AG,Textron Inc. ,United Technologies Corporation and others.
Companies are mainly Aircraft Engine they are competing closely with each other. Innovation is one of the most important key strategies as it has to be for any market. However, companies in the market have also opted and successfully driven inorganic growth strategies like mergers & acquisitions, and so on.
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Key Market Segments: Aircraft Engine Market
Aircraft Engine Market by Type, 2023-2029, (USD Millions, Thousand Units)
- Turboprop
- Turbofan
- Turboshaft
- Piston Engine
Aircraft Engine Market by System Component, 2023-2029, (USD Millions, Thousand Units)
- Compressor
- Turbine
- Gearbox
- Exhaust System
- Fuel System
Aircraft Engine Market by System Platform, 2023-2029, (USD Millions, Thousand Units)
- Fixed Wing Aircraft
- Rotary Wing Aircraft
- Unmanned Ariel Vehicles
Aircraft Engine Market by System Platform, 2023-2029, (USD Millions, Thousand Units)
- Conventional
- Hybrid
Market Driver:
Heavy Demand for Lightweight Engines to Spur Business Opportunities
The market is primarily driven by the ongoing R&D activities by key players for the development of low maintenance innovative engine designs, which in turn, will promote the growth of the market. Similarly, the development of fuel-efficient, cost-effective, and lightweight engine owing to the rising demand from airlines will enable speedy expansion of the marker. For instance, Rolls-Royce Holdings PLC annually spends around USD 1.4 Billion to develop advanced technology-based engines and components.
Moreover, the stringent regulations concerning carbon emissions will spur demand for lightweight eco-friendly engines during the forecast period. for instance, The Advisory Council for Aviation Research and Innovation in Europe (ACARE) established objectives for the aviation industry.
Reduction in Production Rates during the Covid-19 Pandemic will have a Negative Impact on Market Growth
The recent coronavirus outbreak has created a sense of panic across the world. Accounting to the increasing cases of coronavirus and the rapid spread of the disease, governments across the world have been compelled to impose strict lockdowns and advise social distancing practises. The efforts taken to curb the spread of the disease, although for the brighter cause, have had a negative impact on this market. The reduction in production rates as well as capacities will prove denting to the overall market in the coming years.
Increasing Number of Company Mergers and Acquisitions will have a Massive Global Impact
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions as well as collaborations among major businesses and organizations has made the highest impact on market growth. The report focuses on a few of the major company collaborations of recent times and discusses their impact on the growth of the global aircraft engines market.
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