Aircraft Engines Market
Aircraft Engines Market (Application - Commercial, Military, and General; Product - Turbofan, Turboprop, and Turboshaft) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022
Press Release :
Global Aircraft Engines Market: Snapshot
The global aircraft engines market is envisioned to develop with the progression of the aircraft manufacturing industry gaining demand on the back of some vital factors. There is a rising requirement for less time-consuming and comfortable travel of passengers and transportation of goods. Although the demand could be more in commercial applications, aircraft engines are projected to gain a high prominence in the military sector countering drug trafficking, illegal infiltration, and terrorism. As for the commercial sector, aircraft engines could be increasingly installed in new commercial aircrafts manufactured at a growing rate to match the pace of the mounting count of airline passengers.
The global aircraft engines market is envisaged to post a CAGR of 6.4% during the forecast period 2017-2022 to reach a valuation of US$92.3 bn by the completion of 2022. In 2017, the market was valued at a US$67.8 bn.
Commercial Application Offers Lucrative Prospects with Outstanding Growth
The world aircraft engines market is prognosticated to be classified into commercial, military, and general as per a classification by application. According to the researchers authoring the report, the commercial market could attract a larger share of 51.5% by the end of 2022. During the course of the forecast period, this market could expand at an absolute growth of US$2.5 bn annually to dominate other segments by application. On the basis of product, the world market is foreseen to be classified into turbofan, turboprop, and turboshaft.
Buyers of the report are anticipated to gain a sound knowledge and understanding about different segments of the world aircraft engines market. The segmentation study presented by the analysts could empower players to secure a strong position in the market through proper planning and research. Each of the segments analyzed in the report are evaluated with the help of comparisons based on revenue, market share, and year-on-year (Y-o-Y) growth.
North America Beats Key Regions, APEJ Outpaces with Speedier Growth
The international aircraft engines market is prophesied to see a segmentation into North America and other major regions such as Asia Pacific Excluding Japan (APEJ) and Europe. Amongst these, North America could take the driver’s seat in the market while clutching a top revenue growth. Experts foretell the regional market to rise at a 7.0% CAGR. APEJ, on the other hand, is predicted to expand at a faster pace and gain 3 basis points (BPS) between 2017 and 2022.
The Middle East and Africa (MEA) could just fall short of matching up its revenue earning with that of Europe by 2022 end. Europe is prognosticated to hold a valuation of US$14.9 bn by the same year. However, on the slower side of the international aircraft engines market could be Japan, which is expected to grow at a CAGR of 5.7%.
The worldwide aircraft engines market could witness the presence of some of the leading players such as Rolls-Royce plc, GE Aviation, Pratt & Whitney, CFM International, Engine Alliance, IAE International Aero Engines AG, MTU Aero Engines, Safran, and Honeywell Aerospace.
Need for Military Aircrafts to Drive Sales across the Global Aircraft Engine Market
The demand within the global aircraft engines market is treading along an ascending pathway in recent years. There is little doubt about the relevance of using seamless and quality-driven aircraft engines across the aviation industry. The safety and integrity of aircrafts largely depends on the quality of their engines, creating fresh demand within the global market. Government and state authorities closely monitor the manufacturing process of aircrafts, and have also set up dedicated authorities and facilities for overhaul of aircraft engines. Therefore, it is evident that the global aircraft is moving along a lucrative trajectory in recent times. Furthermore, the imposition of safety regulations for aircraft manufacturing has further driven market demand.
- The use of aircrafts in the military and aviation industries has become the primary driver of market demand and expansion. Several defense operations are conducted with the help of high-flying and quality aircrafts, necessitating the use of robust engines. The use of military aircrafts for protecting national critical assets and infrastructure has had a positive impact on the dynamics of growth pertaining to the global aircraft engine market. Moreover, premium flight carriers are also pressing for the use of heavy-duty engines in aircrafts which has also unlocked new opportunities for market growth and expansion.
- Several new aviation companies have emerged across the globe, each coming with their own two cents for improvement to the industry. This has put tremendous pressure on aircraft manufacturers to heed to the highest standards of quality and analysis for engine parts manufacturing. The collaboration of aircraft manufacturers with assembling entities has also boded well for the growth of the global aircraft engines market. Henceforth, the total volume of sales generated across the global aircraft engines market is slated to reach unprecedented heights in the years to follow. It is also worthwhile to note that the global aviation industry has improved by a noticeable chase in recent years.
Global Aircraft Engines Market: Overview
The global aircraft engines market is foreseen to gain impetus from a swelling count of air passengers traveling across global borders and the resulting increase in air passenger traffic. The demand for aircraft engines could also improve while riding on the replacement of old engines and the adoption of new ones. High focus on improving fuel economy could be another factor enhancing the growth of the market. China and India witnessing an increase in aircraft numbers are foretold to up the demand in the Asia Pacific region.
This report is a compilation of significant market driving factors and restraints studied alongside vital trends and opportunities. The global aircraft engines market is deeply evaluated by the authors, taking into consideration its competitive landscape and other chief aspects.
Global Aircraft Engines Market: Dynamics
The world aircraft engines market is prophesied to gain traction with the rising count of aircraft deliveries in the recent time. While this could be one of the important growth factors for the market, vendors are predicted to be pampered by the growing popularity of new aircraft engines with greater fuel efficiency. Furthermore, the mounting number of aircraft orders could increase the demand in the market. Turbofan may showcase its prominence in the coming years with its rising preference for application in new airlines planned to improve with lightweight, fuel-efficient, and innovative engines.
Global Aircraft Engines Market: Segmentation
The international aircraft engines market is envisaged to be classified as per application and product. In terms of application, the market could see a segmentation into commercial, military, and general. Amongst these, the commercial segment is anticipated to rank higher with a 6.7% CAGR expected to be recorded during the forecast timeframe 2017-2022. It could expand at a US$2.5 bn on an annual basis and put up a dominating absolute growth surpassing that of other segments in the application category.
In terms of type of product, the international aircraft engines market is prognosticated to be segregated into turbofan, turboprop, and turboshaft. The analysts profoundly study all of these segments with the help of revenue, year-on-year (Y-o-Y) growth, and market share comparisons. Their market size and forecast are also projected in the report for the review period between 2012 and 2022.
Regionally, Asia Pacific Excluding Japan (APEJ) is envisioned to grow at a faster rate in the international aircraft engines market. However, North America could be a leading segment, which bagged a US$29.3 bn in 2017. Europe and the Middle East and Africa (MEA) are projected to earn a similar revenue share by the end of 2022. While Latin America could be another region to look at, Japan is forecast to exhibit a sluggish growth in the market.
Global Aircraft Engines Market: Competition
The report sheds light on the company share of key players operating in the worldwide aircraft engines market and also the vendor landscape in general. According to the report, players such as Rolls-Royce plc, GE Aviation, Pratt & Whitney, CFM International, Engine Alliance, IAE International Aero Engines AG, MTU Aero Engines, Safran, and Honeywell Aerospace could make a mark in the market.