Aircraft Engine Market to depict appreciable growth prospects over 2019-2028 | Safran Aircraft Engines, General Electric Co., Pratt & Whitney (United Technologies Corporation), Rolls-Royce plc, Honeywell International Inc.

Aircraft engines are primary propulsion devices that produce the necessary thrust to generate lift for the aircraft to fly. These engines were synonymous in design to reciprocating engines used in automobiles but in the present world, a shift from reciprocating engines to jet engines has been observed. Turbofan engines are the most common type of jet engines used in commercial aircraft, owing to their high bypass ratio and fuel efficiency. Manufacturers of aircraft engines are continuously engaged in innovating such systems in order to reduce the overall weight and improve fuel efficiency and performance.

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An aircraft engine is a part of the propulsion system for an aircraft that produces mechanical power. The product is a light weighted piston engine or light weighted gas turbine. Additionally, thriving aircraft manufacturing sector is envisaged to create lucrative growth avenues for aircraft engines market over the years ahead. In the aircraft engine, the air is drawn from the front via an inlet and is compressed with the help of a fan and then mixed with the fuel for combustion. This compressed air is then fired out to thrust the aircraft forward.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

Continental Motors Group, Safran Aircraft Engines, General Electric Co., Pratt & Whitney (United Technologies Corporation), IAE International Aero Engines AG, United Engine Corporation, Rolls-Royce plc, Motor Sich JSC, AVIC Aircraft, Corporation Ltd., Aero Engine Corporation of China, MTU Aero Engines AG, Barnes Group Inc., Honeywell International Inc.

Air travel has increased considerably over the years. A large chunk of the population, with high disposable income, now finds traveling through flights an affordable option, which is pushing airline carriers to increase their fleet size to cater to this demand. This factor is one of the primary factors driving the growth of the aircraft engines market as airline carriers are increasingly ordering more and more aircraft. Air pollution caused by the exhaust fumes generated after the combustion of fuel in aircraft engines is a pressing concern acknowledged by government bodies across various economies.

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Key Factors Impacting Market Growth:

o Increasing air passenger traffic worldwide
o Increasing military expense in several regions
o Stringent regulatory policies and standards are promoting aviation safety
o Cost-intensive and require highly skilled personnel to manufacture as well as maintain aircraft engines

Key Developments:

o In April 2017, GE Aviation was awarded a contract by the US army for the production of 2,500 T700 turboshaft engines for the US Army, Navy, Air Force, Coast Guard, Marines, Foreign Military Sales (FMS) and other government agency.
o In February 2018, Safran(France) took control of Zodiac Aerospace. This helped them significantly expand their aircraft equipment portfolio.
o In November 2018, UTC Aerospace Systems(US) acquired Rockwell Collins and is one of the largest acquisitions in the history of the aerospace manufacturing industry.
o In June 2019, Rolls-Royce announced that the Royal Thai Air Force was the first international customer to update its C-130H transport fleet with the Rolls-Royce T56 Series 3.5 engine upgrade. The technology upgrade has achieved considerable success with the US Air Force C-130 and National Oceanic and Atmospheric Administration (NOAA) P-3 fleets.

Insights about regional distribution of market:
The North American region is expected to have the highest share in the market during the forecast period. Two of the biggest aircraft manufacturers, Boeing(US) and Bombardier(Canada) are present in this region and hence is expected to have a lot of demand for aircraft engines. Moreover, the US military expenditure is the highest in the world and the demand for aircraft engines is also high from the military aviation segment.

However, with increasing demand for new aircraft in the Asia-Pacific and Middle Eastern countries, Asia-Pacific is anticipated to register the highest CAGR during the forecast period. China and India are expected to be among the major demand generating countries during this period since both these countries are experiencing major growth in their air passenger traffic.

Market Segmentation:

By Type:
o Turbofan
o Turboprop
o Turboshaft

By Wing Position:
o Fixed Wing
o Rotary Wing

By Aircraft Type:
Military Aviation
o Fighter Jet
o Transport Aircraft
o Military Helicopters

Commercial Aviation
o Narrow Body
o Wide Body
o Regional

General Aviation
o Business Jet
o Helicopter
o Turboprop
o Piston Engine

By Region:

o North America
By Country (US, Canada, Mexico)
By Type
By Wing Position
By Aircraft Type

o Western Europe:
By Country (Germany, UK, France, Spain, Rest of Western Europe)
By Type
By Wing Position
By Aircraft Type

o Eastern Europe:
By Country (Russia, Turkey, Rest of Eastern Europe)
By Type
By Wing Position
By Aircraft Type

o Asia Pacific
By Country (China, Japan, India, Rest of Asia Pacific)
By Type
By Wing Position
By Aircraft Type

o Middle East:
By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
By Type
By Wing Position
By Aircraft Type

o Rest of the World
By Region (Latin America, Brazil, Rest of the World)
By Type
By Wing Position
By Aircraft Type

Reasons To Buy This Report:

o Market size estimation of the global aircraft engine market on a regional and global basis
o The unique research design for market size estimation and forecast
o Profiling of major companies operating in the market with key developments
o Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

o By Segment
o By Sub-segment
o By Region/Country

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This release was published on openPR.