The global aircraft engines market is foreseen to draw a handsome demand owing to the rising requirement of advanced and new commercial and private aircrafts. This could be because of the foray of new airline companies into the industry and network expansion of firms currently operating in the market. The ongoing need to supersede or replace out of date aircrafts could be another factor improving the demand for aircraft engines. GE Aviation’s introduction of the M601H-80 Turboprop Derivative Engine II-49 and other new trends along with fast technological advancement could result in the speedy substitution of older aircrafts.
The global aircraft engines market is foretold by Transparency Market Research (TMR) to earn a revenue of US$92.3 bn by the end of 2022 at a 6.4% CAGR. In 2017, the market bagged a revenue of US$67.8 bn.
Global Aircraft Engines Market: Major Insights
The international aircraft engines market is prognosticated to fortify its growth while taking advantage of the snowballing size of air passenger traffic powered by economic development in several nations of the world. The demand for fuel-efficient aircrafts is prophesied to propel due to popular trends observed in the markets for different aircraft equipment. As a result, airline carriers could be encouraged to launch more budget aircrafts, further advancing the growth of the market.
Canada holding a leading position in the manufacturing of turbine-powered aviation engines for commercial and business copters and aircrafts is foreknown to up the growth of North America. On the other hand, Asia Pacific could ride on the buildout of inter-regional trade in India and China.
The international aircraft engines market is anticipated to be segregated as per application and product, where each category could include a leading segment. In terms of application, the market is predicted to be classified into commercial, military, and general. Out of these applications, commercial could exhibit a dominating revenue of US$46.0 bn by the completion of 2022. It could rise a CAGR of 6.7% and showcase a higher absolute growth of US$2.5 bn annually. According to a categorization by product, the market is expected to witness the presence of segments such as turbofan, turboprop, and turboshaft.
On the basis of regional segmentation, the international aircraft engines market is envisioned to include key segments such as North America, which could dominate with a colossal revenue share. By the closure of 2022, this region could earn a valuation of US$41.2 bn. Japan, however, could be among the lethargically growing markets, which is envisaged to bag a US$5.8 bn by the same year. Europe and the Middle East and Africa (MEA) could gather a closer revenue earning by the end of the forecast period. Asia Pacific Excluding Japan (APEJ) is projected to exhibit a speedier growth in the market. In 2017, APEJ collected a share of 15.6%.
Global Aircraft Engines Market: Vendor Landscape
Some of the prominent companies looking to strengthen their status in the worldwide aircraft engines market are forecast to be Rolls-Royce plc, GE Aviation, Pratt & Whitney, CFM International, Engine Alliance, IAE International Aero Engines AG, MTU Aero Engines, Safran, and Honeywell Aerospace.