Chicago, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The Aircraft Engine Market by Type (Turboprop, Turbofan, Turboshaft, Piston Engine), Platform (Fixed wing, Rotary Wing, UAV), Component(Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System), Technology, and Global Growth Driver and Industry", Increasing commercial aircraft operations are most likely to drive the growth of aircraft engines in the future. Major countries in Asia Pacific, North America, and Europe are seeing a rise in military operations, which increases the demand for aircraft engines in military aircraft. Also, replacement services will also be a factor in driving the Aircraft Engine Industry. These engines will also emerge useful in UAVs.
Aircraft Engine Industry Report Scope:
| Report Metric | Details |
| Estimated Market Size | USD 60.8 Billion |
| Projected Market Size | USD 93 Billion |
| Growth Rate | CAGR of 8.9% |
| Market size available for years | 2021–2026 |
| On Demand Data Available | 2030 |
Key Market Players in Aircraft Engine Market
- Safran SA (France),
- General Electric Company (US),
- Rolls Royce (UK),
- Honeywell International Inc (US)
- MTU Aero Engine (Germany)
Aircraft Engine Industry Dynamics
Aircraft Engine Market Driver: Rising Demand for Fuel-Efficient Aircraft Engines
Airlines are looking forward to aircraft engines that provide greater fuel efficiency. Some emissions caused due to aviation, such as nitrous oxide, can be reduced by engines with greater fuel efficiency. Aircraft size also contributes to the factor of fuel consumption as the bigger the aircraft higher will be the fuel consumption. Therefore, aircraft manufacturers such as Airbus and Boeing tried to produce aircraft structures that are as fuel-efficient as possible. However, many airlines are still finding smaller body aircraft more fuel-efficient.
Hence, aircraft with smaller twin-engine widebodies like Boeing 787 and Airbus A350 are considered to be more fuel-efficient. As a result, their demand is rising across the aviation industry. Rolls-Royce manufactures engines such as Trent XWB that is dedicated to Airbus A350 aircraft as it provides the best balance. The engine provides features such as best fuel efficiency, longer lifecycle, and reduced weight with greater aerodynamics, which is the key factor for aircraft engines consuming less fuel during operation.
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Aircraft Engine Market Opportunity: Engine Component Manufacturing Challenges
Aircraft engines and components related to them are some of the most critical components of an aircraft. Hence, manufacturing these components is also a challenge for OEMs and product manufacturers. These products must be manufactured under the regulatory and safety requirements of the aviation industry. So, the engine system has seen some evolution in manufacturing components from high-strength steels and titanium. Companies such as General Electric have invested more in finding technologies that could ease and fasten the process of aircraft engine manufacturing. They now use 3D printers to produce various components of aircraft engines such as fuel nozzles and fuel systems with the help of ceramics. The end process consists of a heat treatment test as components of an engine must withstand temperatures and absorb millions of foot-pounds of kinetic energy on an operation.
Aircraft Engine Market Restrain: Rising Demand for Zero-Emission Aircraft
According to Fox News, in 2018, United Airlines started printing its inflight magazine on a lighter piece of paper, which helped in reducing the weight of the magazine by 1 ounce. During that period, United Airlines had 744 mainline aircraft with a seating capacity of 210. This initiative helped save 170,000 gallons of fuel for that particular year, which ultimately resulted in profit. The airline industry profit margins are too low, and with the rising demand for aircraft, more than half of the revenue generated goes into fuel. Hence, the alternative to a conventional aircraft engine, which is an electric engine, holds a promise to eliminate the cost of fuel significantly, which will also help in saving the environment as well. Therefore, the rising demand for electric aircraft engines will be an opportunity for aircraft engine manufacturers during the forecast period
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Aircraft Engine Market Challenge: Stringent Regulatory Environment for Aircraft Engine Manufacturing and MRO
The aerospace industry has very strict policies regarding the safety of both passengers and aircraft. Therefore, the aviation industry has made regulatory standards to undertake these issues and keeps on modifying them to achieve the best safety standard for the safety and improvement of the aviation industry. Hence, aircraft engine manufacturers also have to make new product developments to keep up with these standards.
“Browse in-depth TOC on "Aircraft Engine Market Trends, Growth Drivers"
311 – Tables
49 – Figures
222 – Pages
The North American Market is Projected to Contribute the Largest Share From 2021 to 2026
North America is projected to be the largest regional share of the aircraft engine market during the forecast period. In North America, the U.S. and Canada are the two countries considered for the study. The aviation industry is one of the most profitable industries in North America. Major aircraft manufacturers such as Boeing (U.S.) and Bombardier (Canada) are based in this region. The high disposable incomes of consumers in North America have contributed to the rise in air travel, which, in turn, is leading to an increase in air passenger traffic. This rise in air passenger traffic has led to an increase in the number of aircraft deliveries in this region, which is leading to the high demand for aircraft engines. The region has been benefiting from low oil prices, improved efficiency in aircraft operations, and a steady labor market. Thus, the profitability of airline owners is higher in North American countries. These are the factors due to which North America will be the largest market for aircraft engines.
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