Aircraft Engine Market Global Industry Trends, Sales Revenue, Industry Growth, Development Status, Top Leaders, Future Plans and Opportunity Assessment 2027
The global aircraft engine market size is
projected to reach USD 85.44 billion by the end of 2027. The increasing
investments in technological integration will play a huge role in the growth of
the market in the coming years. The presence of several large scale companies
across the world will have a huge impact on the growth of the overall market.
According to a report published by Fortune Business Insights, titled “Aircraft
Engine Market Size, Share & COVID-19 Impact Analysis, By Engine Type
(Turboprop, Turboshaft, Turbofan, and Piston Engine), By Technology
(Conventional Engine, Electric/Hybrid Engine), By Component (Compressor,
Turbine, Gear Box, Exhaust Nozzle, Fuel System, and Others), By Platform (Commercial
and Military), By End-Use (OEM, Aftermarket), and Regional Forecast, 2020-2027”. The
market was worth USD 79.93 billion and will exhibit a CAGR of 11.27% during the
forecast period, 2020-2027.
Aircraft engines are products that are associated with any type of
propulsion system in the aircraft and are the power component for the entire
system. These engines are responsible for the performance of the aircraft and
are directly proportional to the operating efficacies of the engine with regard
to speed, propulsion, thrust, and flight. The massive investments in the
development of an efficient aircraft engine will have a massive impact on the
growth of the overall aircraft engine market in the coming years.
The presence of several large scale manufacturers will also emerge
in favor of the growth of the overall market in the foreseeable future.
Technological advancements in manufacturing processes as well as the equipment
used in the production side will bode well for market growth.
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.
In November 2019, Rolls Royce announced that it has bagged a
contract from the US Navy for the development and maintenance of the V-22
Osprey engines. Throught this contract, the company will provide support for
the V-22 AE1107C at several aircraft production sites. The contract, said to be
around USD 1.2 billion, will indirectly influence the growth of this overall
market in the coming years.
North America to Emerge Dominant; Presence of Several Large Scale
Companies will Aid Market Growth
The report analyses the latest market trends across five major
regions, including North America, Latin America, Europe, Asia Pacific, and the
Middle East and Africa. Among all regions, the market in North America is
projected to emerge dominant in the coming years. The product applications have
provided the platform for the companies operating in the market. The presence
of several large scale companies will also bode well for the growth of the
market in this region. As of 2019, the market in North America was worth 31.01
billion and this value is projected to increase at a considerable pace in the
coming years. The market in Asia Pacific will rise at the highest CAGR in the
coming years, driven by the increasing aircraft production in several countries
across this region.
List of the Leading Companies Profiled in the Aircraft Engine Market Report
are:
- CFM
International SA (Paris, France)
- Honeywell
International Inc. (North Carolina, United States)
- GE Aviation
(Ohio, United States)
- Rolls-Royce
Holdings Plc. (London, United Kingdom)
- Safran SA
(Paris, France)
- International
Aero Engines AG (Connecticut, United States)
- MTU Aero Engines
AG (Munich, Germany)
- Textron Inc.
(Rhode Island, United States)
- United
Technologies Corporation (Connecticut, United States)
Industry Developments:
April 2020 – GE Aviation announced that it has bagged
a contract from the US Air Force. The contract is said to be worth USD 707
million and is aimed at building F110 turbofan fighter aircraft engines for
Slovakia, Taiwan, Bulgaria, and Qatar.
Gain More Insights into this Research with Table of Content:
https://www.fortunebusinessinsights.com/industry-reports/aircraft-engine-market-101766
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