Aircraft Engine Market
PUBLISHED: 2022 ID: SMRC22125
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Aircraft Engine Market

Aircraft Engine Market Forecasts to 2028 - Global Analysis By Type (Piston Engine, Turbofan and Other Types), Component (Turbine, Gearbox and Other Components), Platform (Rotary Wing Aircraft, Fixed Wing Aircraft and Other Platforms), Technology (Conventional and Hybrid), Application and Geography

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4.7 (84 reviews)
Published: 2022 ID: SMRC22125

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $55.31 BN

Projected Year Value (2028)

US $114.37 BN

CAGR (2022 - 2028)

12.87 %

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Fastest Growing Market

North America

According to Stratistics MRC, the Global Aircraft Engine Market is accounted for $55.31 billion in 2022 and is expected to reach $114.37 billion by 2028 growing at a CAGR of 12.87 % during the forecast period. When referring to an aircraft, an aircraft engine is the part that provides thrust to an aircraft while it is being taxied or flying. An aeroplane engine's key parts are the fan, compressor, combustor, turbine, mixer, and nozzle. Each part of the aeroplane engine is essential. The compressor, which compresses the incoming air and raises the temperature and pressure, follows the fan in ensuring that an aircraft engine receives the necessary air intake. Compressed air and jet fuel are both introduced into the combustion chamber. The turbine that propels the aeroplane is rotated by the reaction. Exhaust air from the reaction was produced, and it was sent to the mixer where too much nozzle air was added to lower the pressure and temperature of the exhaust air. The mixer keeps the engine of an aeroplane running quietly and at the right temperature. The exhaust is finally released back into the atmosphere by the nozzle.

According to the International Air Transport Association (IATA), the number of passengers traveling by air is expected to double to 8.2 billion by 2037.



Market Dynamics:

Driver:

Surge in Adoption of Cost-Effective and Fuel Efficient Aircraft

Globally recognised OEMs and aircraft producers are concentrating on creating fuel-efficient planes to cut down on fuel usage. Fuel cost increases have prompted manufacturers to concentrate on improving the aircraft's fuel economy. The overall weight of an aeroplane can be decreased to boost fuel efficiency, which has prompted various manufacturers to create lightweight engines for aircrafts. The industry is expanding due to the use of lightweight materials like carbon fibre, reinforced plastic, and other composite materials that are both light and strong.

Restraint:

Longevity of Aircraft Engines

Long life cycles are a feature of aircraft engines. However, it might be a factor that prevents the market from expanding. Only new aeroplanes will have a need for fresh engines because of the lengthy lifespan of older ones. The market is anticipated to be hampered by engines' extended lifespan. Additionally, delays in the production of aeroplanes have negatively impacted the market's expansion. Since the manufacture of aeroplanes and their engines are strongly correlated, delays in the production of aircraft are preventing the delivery of aircraft engines.

Opportunity:

Increasing Commercial Aircraft Deliveries

Individuals' disposable income has increased as a result of economic expansion in developing nations like China and India. The rapidly developing middle class in these nations is one of the main factors contributing to the increase in air travellers. The supply chain for aviation engines closely reflects the rising demand for commercial aircraft types from India. Fighter and transport aircraft make up military aviation. It is anticipated that the market would develop as more military forces throughout the world utilise fighter jets and fixed-wing UAVs. Airlines have increased the number of their aircraft due to the rising demand for air travel, which is anticipated to accelerate market expansion. Due to their enhanced features and higher fuel efficiency, next generation aircraft are being bought more frequently. One of the major elements driving the increase in product demand is the growing purchase of business jets and commercial helicopters.

Threat:

Stringent regulatory environments

In order to ensure the safety of both passengers and aircraft, the aerospace industry has highly tight standards. Because of this, the aviation sector has created regulatory standards to address these challenges and constantly updating them to attain the highest level of safety for the sector's advancement and safety. In order to meet these standards, aviation engine producers must also create new products. The replacement of heavy engine components with lightweight metal components demonstrates one of these regulatory norms. In order to maintain the safety and regulatory standards of the aviation industry, prominent companies in the market for aircraft engines offer maintenance services.

Covid-19 Impact

The COVID-19 and subsequent lockdowns have had a negative effect on the aviation sector. Aircraft have ceased to be used as a means of transportation as a result of this epidemic. The year 2020 saw a reduction in worldwide air traffic of almost 60% as a result of the COVID-19 epidemic, bringing the aviation sector to a complete standstill. To safeguard their employees, a number of businesses have already developed regulations that limit non-essential travel. Supply chains have grown increasingly sophisticated and essential to the competitiveness of many organisations, and remote and flexible working arrangements have been taken into consideration. However, because of how interconnected and global they are, they are also more susceptible to a variety of risks, with more possible points of failure and less room for error to account for delays and interruptions.

The fixed wing aircraft segment is expected to be the largest during the forecast period

The fixed wing aircraft segment is estimated to have a lucrative growth. Conventional aircraft are also identified as aero engines. The most crucial part of an aircraft propulsion system's power supply is this. The demand for the category is being driven by the increased use of conventional engines in modern commercial and military aircraft. The best performance is provided by combustion engines with conventional powertrain due to their straightforward design, well-established and authorised technology, and superior performance in terms of mission range.

The conventional segment is expected to have the highest CAGR during the forecast period

The Conventional segment is anticipated to witness the fastest CAGR growth during the forecast period. Conventional aircraft are also identified as aero engines. The most crucial part of an aircraft propulsion system's power supply is this. The demand for the category is being driven by the increased use of conventional engines in modern commercial and military aircraft. The best performance is provided by combustion engines with conventional powertrain due to their straightforward design, well-established and authorised technology, and superior performance in terms of mission range.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period, as a result of the Indian government's increasing defence spending. In turn, this has increased demand for fighter aircraft and military helicopters in the nation. Additionally, the region's increasing air passenger traffic has increased the demand for new aircraft purchases, which is anticipated to assist the market's expansion.

Region with highest CAGR:

North America is predicted to dominate the global market. Additionally, the U.S. government is investing in the performance and efficiency of helicopters and their engines, which is anticipated to support market expansion. Additionally, it is anticipated that the market in North America would be driven by increased defence investments in the purchase of fighter jets, military helicopters, single-engine aircraft, and emergency medical services helicopters.



Key players in the market

Some of the key players profiled in the Aircraft Engine Market include Honeywell International Inc., CFM International SA, Rolls-Royce Holdings Plc., Safran SA, GE Aviation, International Aero Engines AG, MTU Aero Engines AG, Textron Inc., United Technologies Corporation, General Electric Company, Hindustan Aeronautics Limited and Boeing.

Key Developments:

In December 2021, CFM International, a joint venture of General Electric and Safran Aircraft Engines, was awarded a contract by Saudi Arabian Airlines for CFM International LEAP-1A engines to power its new fleet of 35 Airbus A321neo and 30 Airbus A320neo planes.

In October 2021, GE Aviation was awarded a contract worth USD 1.58 billion by the U.S. Air Force to supply F110 engines for the Boeing F-15EX Eagle II. As a result of this decision, GE will be the only propulsion source for the entire planned F-15EX fleet of the U.S. Air Force.

In October 2019, Rolls-Royce, a UK-based aircraft engine manufacturing company, acquired Siemens's electric aircraft business (electric and hybrid-electric aerospace propulsion) unit of the Siemens conglomerate for an undisclosed amount. The acquisition is intended to boost Rolls-Royce's efforts in aircraft electrification, including a hybrid eVTOL concept announced in 2018. Siemens is a Germany-based conglomerate company.

Types Covered:
• Piston Engine
• Turbofan
• Turbo- shaft
• Turboprop
• Other Types

Components Covered:
• Turbine
• Gearbox
• Compressor
• Exhaust System
• Fuel System
• Fan
• Combustor
• Mixer
• Nozzle
• Other Components

Platforms Covered:
• Rotary Wing Aircraft
• Fixed Wing Aircraft
• Unmanned Ariel Vehicles
• Other Platforms

Technologies Covered:
• Conventional
• Hybrid

Applications Covered:
• Military
• Commercial
• General Aviation
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
 

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Aircraft Engine Market, By Type
5.1 Introduction
5.2 Piston Engine
5.3 Turbofan
5.4 Turboshaft
5.5 Turboprop
5.6 Other Types

6 Global Aircraft Engine Market, By Component
6.1 Introduction
6.2 Turbine
6.3 Gearbox
6.4 Compressor
6.5 Exhaust System
6.6 Fuel System
6.7 Fan
6.8 Combustor
6.9 Mixer
6.10 Nozzle
6.11 Other Components

7 Global Aircraft Engine Market, By Platform
7.1 Introduction
7.2 Rotary Wing Aircraft
7.3 Fixed Wing Aircraft
7.4 Unmanned Ariel Vehicles
7.5 Other Platforms

8 Global Aircraft Engine Market, By Technology
8.1 Introduction
8.2 Conventional
8.3 Hybrid

9 Global Aircraft Engine Market, By Application
9.1 Introduction
9.2 Military
9.2.1 Combat Aircraft
9.2.2 Non-combat Aircraft
9.3 Commercial
9.3.1 Wide-body Aircraft
9.3.2 Narrow-body Aircraft
9.3.3 Regional Aircraft
9.4 General Aviation
9.4.1 Business Jet
9.4.2 Turboprop Aircraft
9.4.3 Helicopter
9.4.4 Piston Engine Aircraft
9.5 Other Applications

10 Global Aircraft Engine Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Honeywell International Inc.
12.2 CFM International SA
12.3 Rolls-Royce Holdings Plc.
12.4 Safran SA
12.5 GE Aviation
12.6 International Aero Engines AG
12.7 MTU Aero Engines AG
12.8 Textron Inc.
12.9 United Technologies Corporation
12.10 General Electric Company
12.11 Hindustan Aeronautics Limited
12.12 Boeing

List of Tables
1 Global Aircraft Engine Market Outlook, By Region (2020-2028) ($MN)
2 Global Aircraft Engine Market Outlook, By Type (2020-2028) ($MN)
3 Global Aircraft Engine Market Outlook, By Piston Engine (2020-2028) ($MN)
4 Global Aircraft Engine Market Outlook, By Turbofan (2020-2028) ($MN)
5 Global Aircraft Engine Market Outlook, By Turboshaft (2020-2028) ($MN)
6 Global Aircraft Engine Market Outlook, By Turboprop (2020-2028) ($MN)
7 Global Aircraft Engine Market Outlook, By Other Types (2020-2028) ($MN)
8 Global Aircraft Engine Market Outlook, By Component (2020-2028) ($MN)
9 Global Aircraft Engine Market Outlook, By Turbine (2020-2028) ($MN)
10 Global Aircraft Engine Market Outlook, By Gearbox (2020-2028) ($MN)
11 Global Aircraft Engine Market Outlook, By Compressor (2020-2028) ($MN)
12 Global Aircraft Engine Market Outlook, By Exhaust System (2020-2028) ($MN)
13 Global Aircraft Engine Market Outlook, By Fuel System (2020-2028) ($MN)
14 Global Aircraft Engine Market Outlook, By Fan (2020-2028) ($MN)
15 Global Aircraft Engine Market Outlook, By Combustor (2020-2028) ($MN)
16 Global Aircraft Engine Market Outlook, By Mixer (2020-2028) ($MN)
17 Global Aircraft Engine Market Outlook, By Nozzle (2020-2028) ($MN)
18 Global Aircraft Engine Market Outlook, By Other Components (2020-2028) ($MN)
19 Global Aircraft Engine Market Outlook, By Platform (2020-2028) ($MN)
20 Global Aircraft Engine Market Outlook, By Rotary Wing Aircraft (2020-2028) ($MN)
21 Global Aircraft Engine Market Outlook, By Fixed Wing Aircraft (2020-2028) ($MN)
22 Global Aircraft Engine Market Outlook, By Unmanned Ariel Vehicles (2020-2028) ($MN)
23 Global Aircraft Engine Market Outlook, By Other Platforms (2020-2028) ($MN)
24 Global Aircraft Engine Market Outlook, By Technology (2020-2028) ($MN)
25 Global Aircraft Engine Market Outlook, By Conventional (2020-2028) ($MN)
26 Global Aircraft Engine Market Outlook, By Hybrid (2020-2028) ($MN)
27 Global Aircraft Engine Market Outlook, By Application (2020-2028) ($MN)
28 Global Aircraft Engine Market Outlook, By Military (2020-2028) ($MN)
29 Global Aircraft Engine Market Outlook, By Commercial (2020-2028) ($MN)
30 Global Aircraft Engine Market Outlook, By Combat Aircraft (2020-2028) ($MN)
31 Global Aircraft Engine Market Outlook, By Non-combat Aircraft (2020-2028) ($MN)
32 Global Aircraft Engine Market Outlook, By Wide-body Aircraft (2020-2028) ($MN)
33 Global Aircraft Engine Market Outlook, By Narrow-body Aircraft (2020-2028) ($MN)
34 Global Aircraft Engine Market Outlook, By Regional Aircraft (2020-2028) ($MN)
35 Global Aircraft Engine Market Outlook, By General Aviation (2020-2028) ($MN)
36 Global Aircraft Engine Market Outlook, By Business Jet (2020-2028) ($MN)
37 Global Aircraft Engine Market Outlook, By Turboprop Aircraft (2020-2028) ($MN)
38 Global Aircraft Engine Market Outlook, By Helicopter (2020-2028) ($MN)
39 Global Aircraft Engine Market Outlook, By Piston Engine Aircraft (2020-2028) ($MN)
40 Global Aircraft Engine Market Outlook, By Other Applications (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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