The boom of this marketplace is pushed through the growing want for cushty and short passenger and freight transportation. The aircraft engine is also heavily used in the military to combat terrorism, illegal infiltration, and drug trafficking, among other things.
Covid-19 Impact & Market Status
The novel coronavirus outburst has brought fear all worldwide. Because of the rising number of coronavirus cases and the disease's rapid transmission, governments around the world have been forced to implement severe lockdowns and recommend social distancing practises. Although for a good purpose, efforts to stop the spread of the disease have had a negative influence on this sector.
The influence of the COVID-19 outburst on the business was expansively scrutinized in the Global Aircraft Engine Market. During a forecast period, a full risk assessment and industry recommendations were developed for aircraft engines. Due to their effectiveness in population surveillance during the lockdown period, the use of drones and eVTOL has grown throughout this time. Drones are preferred by the majority of industrialised and emerging countries to keep an eye on the populace and assure their safety. The pandemic of COVID-19 has had a negative influence on the industrial verticals, resulting in a sharp drop in 2020 aviation engine orders and delivery.
Turbofan to project leading market segment
Based on the type segment, the global aircraft engine market is classified into turboprop, turboshaft, turbofan, and piston engine. Out of these type segment, the turbofan engine is expected to project the maximum growth in terms of CAGR in the global market. The growth of the turbofan engine market is determined by the growing demand of business and private jets in various countries such as China.
Turbine is predicted to have the maximum CAGR
Based on the component segment, the global aircraft engine market is classified into compressor, turbine, gear box, combustion, and fuel system. Out of all these types, the turbine is predicted to broaden on the quickest CAGR in the aviation engine marketplace in the course of the forecast period. A rotating engine called a turbine generates power from the combustion gases that are circulated in a flow. In order to create rotational motion, a turbine transforms the kinetic energy of the gases.
Commercial aircraft segment to remain atop
Based on the end-user application segment, the global aircraft engine market is divided into wide body, commercial, business, narrow body, very large body, military, recreational aviation. However, the commercial aviation market is expected to remain atop in the global aircraft engine market during the forecast years. The reason behind the growth of commercial aviation in the market is the growing demand and number of travellers from all across the world.
North American Marketplace is Predicted to Make the Maximum Contribution
Through the estimation period, North America is projected to have the most important local percentage of the aviation engine marketplace. Because of the fast growth of technologically advanced plane engines of the region, North America is presently main the aircraft engine industry. The booming aerospace and defence aviation enterprise in North America is encouraging plane engine producers to offer technologically revolutionary and green answers throughout plenty of plane types.
Internal combustion response engines (IC engines) are used to electricity plane and rockets. The jet propulsion technique, which provides force by driving hot exhaust gases out of a tiny nozzle, is used in these engines
In comparison to its rivals, jet engines provide faster speeds and superior performance. Furthermore, due to the numerous benefits it provides, the technology has no direct counterpart. Furthermore, rising aviation traffic and rising living standards in various evolving countries.
Each engine type in the global aircraft engine market has distinct advantages and performs better in various situations. With a CAGR of 10.89 percent, the global aircraft engine market is expected to reach USD 110 billion by 2029.
The portion of an aircraft's propulsion system that generates mechanical power is called an aircraft engine. An intake pulls air in from the front, compresses it with a fan, mixes it with fuel and burns it, and then shoots it out the back as a hot, fast-moving exhaust, driving the plane forward.
Airplane engines are the fundamental propulsion gadgets that generate the thrust required for a plane to fly. Because of their high bypass ratio and fuel efficiency, turbofan engines are the most popular type of jet engine used in commercial aircraft.
Although, the market's expansion is limited by expensive manufacturing and maintenance expenses, as well as a shortage of production facilities. But the global Aircraft engine manufacturers are always developing new technology in order to reduce overall weight and increase fuel efficiency and performance.
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General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc., United Technologies Corporation-Pratt & Whitney Division, Snecma S.A, Hindustan Aeronautics Limited, JSC "Klimov"-United Engine Corporation, Safran, and Boeing are a number of leading manufacturers and companies in the global aircraft engine market.
Latest Innovations in the Aircraft Engine Market: A Snapshot
- GE released Version 6.0 Software for the CT7-2E1 turboshaft engine in June 2021, giving civil and military engine operators access to select updates. The software program improve provides 3 foremost capabilities that offer operators greater flexibility.
- In July 2021, the generator and associated strength electronics have been transferred from the Rolls-Royce web page in Trondheim, Norway, to the newly rebuilt Testbed 108 in Bristol, UK, after an exhaustive improvement check programme. It may be a part of the 2.5-kilowatt (MW) PGS1 prototype programme for destiny local aircraft.
- In April 2021, Safran Aircraft Engines and MTU Aero Engines finished their collaboration settlement via way of means of turning into a 50/50 joint venture, shifting Europe's subsequent technology fighter ahead withinside the FCAS programme. EUMET GmbH is the call of the brand-new company (derived from European Military Engine Team).
Aircraft Engine Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2029 |
| Study Period | 2018-2029 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2029 | USD 110 billion |
| Growth Rate | CAGR of 10.89 % during 2021-2029 |
| Segment Covered | Type, Component, End-user, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and South Africa |
| Key Players Profiled | General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc., United Technologies Corporation-Pratt & Whitney Division, Snecma S.A, Hindustan Aeronautics Limited, JSC "Klimov"-United Engine Corporation, Safran, and Boeing |
Key Segments of the Aircraft Engine Market
Type Overview, 2019-2029 (USD Billion)
- Turboprop
- Turbofan
- Turboshaft
- Piston Engine
Component Overview, 2019-2029 (USD Billion)
- Compressor
- Turbine
- Gearbox
- Exhaust System
- Fuel System
- Others
End-user Overview, 2019-2029 (USD Billion)
- Wide body
- Commercial
- Business
- Narrow body
- Very large body
- Military
- Recreational
Regional Overview, 2019-2029 (USD Billion)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The size of the global market for Aircraft Engine anticipated to reach USD 110 billion by 2029
Geographically, the North America region will dominate market
Based on the end-user application segment, the commercial aviation market is expected to remain atop in the global aircraft engine market during the forecast years