According to the aircraft engine market analysis, the value of this market stood at USD 70.10 billion in 2018. This information is shared by Fortune Business Insights™ in its report, titled “Global Aircraft Engine Market Size, Share & Industry Analysis, By Engine Type (Turboprop, Turboshaft, Turbofan, Piston Engine), By Technology (Conventional Engine and Electric/Hybrid Engine), By End-user (Commercial, Military, and General Aviation), By Component (Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System, and Others), and Regional Forecast 2018-2026”.
Besides this, the report also provides a comprehensive assessment of the various factors and dynamics that can potentially influence the size, share, and growth of this market in the given period. The exhaustive research on the different facets of the industry trends is aimed at enabling businesses to take informed decisions based on sound facts and needs of the market.
The global aircraft engine market size is projected to reach USD 97.12 billion by 2026, exhibiting a CAGR of 4.16% during the forecast period. Growing demand for air travel worldwide is foreseen to be one of the primary forces fueling this market. Air travel today has become affordable to the average middle person and in the near future, this type of travel is expected to get even more easy on the pocket. One of the main reasons for this is the swelling numbers of the middle class across the globe. Many organizations estimate that in the next decade, approximately 200 million people will enter the middle class bracket. As a result, their incomes and their contribution to the global GDP will rise exponentially. Consequently, business activities will expand and a greater number of people will require to travel by air, thereby driving this market in the coming decade.
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List of Prominent Players Profiled in Aircraft Engine Market:
MTU Aero Engines AG
United Technologies Corporation
Honeywell International Inc.
Rolls-Royce Holdings Plc.
CFM International SA
International Aero Engines AG
General Electric Co.
Advancements in Aircraft Engineering to Open New Avenues for the Market
Aviation technology has grown by leaps and bounds in the past few decades. Airliners are demanding lightweight airplanes that are fuel-efficient and spatially well-designed. Many of the big companies operating in the aviation industry are making great strides in advancing aircraft technology. For instance, Airbus, Rolls-Royce, and General Electric announced in 2018 that they were diligently working towards developing hybrid engines. Hybrid engines is expected to bring down air travel costs substantially and at the same time, aid in reducing carbon emissions.
Moreover, one of the leading aircraft engine market trends is the advent of 3D printing for aircraft engine and other parts. For example, General Aviation developed the Catalyst engine using 3D printed engine parts.
North America to Hold Lion’s Share in the Market; Asia-Pacific to Register Highest Growth
Having generated USD 27.20 billion in revenue in 2018, North America is slated to continue its dominance of the aircraft engine market share till 2026. This is mainly on account of increased government spending on military helicopters and fighter jets, particularly in the US, and rising demand for more stringent border security measures. Within this region the US is expected to lead the market owing to the widening defense expenditure in the country.
Asia-Pacific is projected to showcase the highest growth rate as a result of increasing spending on defense by the governments in India and China and rising demand for business jets in these countries. Furthermore, well-established presence of companies such as GKN Aerospace will augment the airplane engine market outlook in the forecast period.
Heightened Innovation Energies to Spruce up Competition
Competition in this market is about a major thrust as key players adopt strategies to crystallize their position, the aircraft engine market forecast by Fortune Business Insights says. These strategies include developing new-age products, entering into collaborations, and increasing investment in R&D.
Browse detailed report summary and research scope of this market: https://www.fortunebusinessinsights.com/industry-reports/aircraft-engine-market-101766
Key Industry Developments:
December 2019: Safran SA teamed up with MTU Aero Engines to develop groundbreaking engine for the European Next Generation Fighter (NGF) aircraft, with Safran leading engine design and integration and MTU to focus on engine services.
November 2019: Rolls-Royce Holdings won a $1.2 billion, 5-year Mission Care contract to maintain AE 1107C engines on the V-22 aircraft used by the US Navy, Air Force, and Marine Corps.