Press release
Aircraft Engine Market to Grow Exponentially Driven by the Rise of Electric and Hybrid Propulsion
Aircraft Engine Market 2023
As per the SNS Insider report, the aircraft engine market, which was valued at USD 60.11 billion in 2022, is projected to attain USD 122.4 billion by 2030, with a compound annual growth rate (CAGR) of 9.3% during the forecast period of 2023-2030.
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The Major Key Company Profiles included in Aircraft Engine market study are:
Rolls-Royce Motor Cars Limited
Honeywell International Inc.
Safran
Boeing
United Technologies Corporation-Pratt
Whitney Division
General Electric Company
Snecma S.A
Hindustan Aeronautics Limited
JSC "Klimov"-United engine corporation
Aircraft engines serve as the beating heart of aviation, propelling planes through the skies and making air travel a reality. These sophisticated powerplants have undergone decades of innovation and refinement to ensure safe, efficient, and reliable flight.
Market Analysis
The adoption of newer, more eco-friendly engines with reduced carbon emissions will be instrumental in achieving these targets. Manufacturers are responding by investing in biofuel research, exploring alternative fuels, and enhancing engine designs to minimize greenhouse gas emissions. This ongoing shift towards sustainability will reshape the aircraft engine market, with companies that embrace green technology gaining a competitive edge.
Impact of Recession
Recessions invariably leave a mark on the aircraft engine market, creating challenges for manufacturers, airlines, and industry stakeholders. Reduced demand for new aircraft, extended engine service life, and a focus on fuel efficiency are some of the immediate effects. However, such economic downturns can also act as a catalyst for innovation and technological advancements, leading to a more sustainable and efficient aviation industry in the long run.
Segmentation Analysis
The Military Aviation Segment and the Compressor Segment have risen to prominence as dominant forces in the aircraft engine market due to their groundbreaking technologies and vital contributions to aviation. The relentless pursuit of power, efficiency, and sustainability in military aviation has resulted in innovations that cascade down to commercial and general aviation. Simultaneously, the compressor segment's continuous enhancements have played a pivotal role in making aviation more eco-friendly and cost-effective.
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The Aircraft Engine Market Segments and Sub-Segments are Listed Below:
By End-user
Commercial Aviation
Military Aviation
Others
By Type
Turboprop
Turbofan,
Turboshaft
Piston Engine
By Wing Position
Rotary Wing
Fixed Wing
UAV
By Component
Compressor
Turbine
Exhaust Nozzle
Fuel System
Gear Box
Regional Status & Analysis
As we gaze into the future of aviation, it becomes evident that North America is poised to assert its dominance in the aircraft engine market. With a passion for technological innovation, a thriving aerospace ecosystem, and a commitment to sustainability, North American companies are taking flight to new heights. Through collaboration, groundbreaking research, and a focus on creating cutting-edge solutions, they are destined to redefine the way we power our aircraft and shape the course of global aviation for years to come.
Conclusion
The market is set to witness a transformative journey in the coming years. Technological innovations, the pursuit of sustainability, the rise of electric and hybrid propulsion, and the growing demand in emerging markets are the key drivers propelling the market forward. As the industry evolves, aircraft engine manufacturers will play a critical role in shaping the future of aviation, making air travel more efficient, eco-friendly, and accessible for all.
Frequently Asked Questions/ Key Reasons to Purchase this Report
>What is the projected outlook for aircraft engine market growth?
Ans- The market is projected to reach a value of USD 122.4 billion by the year 2030.
>What are the major factors influencing the aircraft engine market?
Ans- As established airlines expand their fleets and new carriers enter the market, the demand for aircraft engines is set to rise significantly.
>Who are the leading players in the aircraft engine market?
Ans- Rolls-Royce Motor Cars Limited, United Technologies Corporation-Pratt & Whitney Division, Honeywell International Inc., Safran, and Boeing, General Electric Company, Hindustan Aeronautics Limited.
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Table of Contents - Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Aircraft Engine Market, By End-user
9. Aircraft Engine Market, By Type
10. Aircraft Engine Market, By Wing Position
11. Aircraft Engine Market, By Component
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
Contact Us:
Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
About US:
SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.
We assist our clients to anticipate industrial, economic, and consumer trends to drive disruptive change by fusing global experience with local information from experts throughout the world. We bring context to strategic and tactical data by bridging approaches based on data science and field research, assisting you in addressing your most pressing problems and spotting possibilities
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