Publish Date: 2021-02-15
The Aircraft Engines Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
Aircraft engines have evolved from the basic reciprocating engines to the advanced turbofan engines with advancement in aviation technology. Aircraft engines are primary propulsion devices used to provide thrust to an aircraft before and during flight. The global landscape of aircraft engine market is evolving rapidly with manufacturers focusing on improving fuel efficiency and flight safety. Increased number of commercial aircraft deliveries fueled by rapid growth in air traffic and rising investment in strengthening air power is anticipated to drive the growth of the global aircraft engine market during the forecast period. The COVID-19 pandemic has significantly impacted the air passenger movement and is expected to impact the manufacturing and delivery of commercial aircrafts across the globe, thereby hampering the growth of the global aircraft engine market.
Improved fuel efficiency delivered by turbofan engine to drive the growth of market in coming years
The global aircraft engines market is segmented on the basis of engine type, aircraft type, shape, applications, and geography. Based on engine type, the global aircraft engines market is segmented into turboprop engine, turbofan engine, turboshaft engine, piston engine, and others. The turboprop engine segment contributed a prominent share in terms of revenue and volume to the global aircraft engine market in 2019 and is anticipated to grow significantly during the forecast period. The turbofan engine is anticipated to be the fastest growing segment during the forecast period owing to rising adoption of turbofan engine across wide range of fixed wing aircrafts. The turbofan engine offers improved fuel efficiency and thus are being increasingly adopted by the commercial aircraft manufacturers, thereby driving the growth of the global aircraft engine market.
Rising number of commercial aircraft deliveries and growth of commercial aviation is driving the demand of aircraft engines
Based on applications, the global aircraft engines market is segmented into commercial aviation, business aviation, military aviation, and recreational aviation. The commercial aviation segment is further sub-segmented into narrow body aircraft, wide body aircraft, very large body aircraft, and regional aircraft. The commercial aviation segment contributed a dominating share to the global aircraft engine market in 2019 and is anticipated to be a dominating segment throughout the forecast period. Increased air traffic due to growth in passenger movement across the globe has fueled the demand for new commercial aircrafts across emerging countries. This has resulted in increased deliveries of aircraft engines for commercial aviation.
Based on geography, the global aircraft engines market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global aircraft engines market in terms of revenue and volume in 2019 and is expected to witness prominent growth during the forecast period. Presence of leading aircraft manufacturers and aircraft engine manufacturers across the United States is driving the growth of aircraft engine market. Rising investment in military aviation and commercial aviation is anticipated to drive the growth of the North America aircraft engine market during the forecast period. Europe contributed a prominent share to the global aircraft engine market in 2019 and is expected to witness steady positive growth during the forecast period. Asia Pacific is anticipated to be the fastest growing segment during the forecast period.
Major players active in the global aircraft engines market include Aero Engine Corporation of China, Aviation Industry Corporation of China, Ltd., Barnes Group Inc., Continental Motors Group, General Electric Company, Honeywell International Inc., IAE International Aero Engines AG, Motor Sich JSC, MTU Aero Engines AG, Pratt & Whitney (Raytheon Technologies Corporation), Rolls-Royce Holdings plc, Safran Aircraft Engines, Textron, Inc., and United Engine Corporation.
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