Press release
Aircraft Engines Market Report 2024: Strategies And Recent Developments | General Electric Company, Rolls-Royce Limited, Honeywell International Inc
Aircraft Engines Market Size
The Business Research Company offers in-depth market insights through Aircraft Engines Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The aircraft engines market size has grown exponentially in recent years. It will grow from $44.31 billion in 2023 to $54.96 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth in the historic period can be attributed to commercial aviation growth, technological advancements, regulatory requirements, airline fleet modernization.
The aircraft engines market size is expected to see steady growth in the next few years. It will grow to $64.84 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to sustainable aviation, emerging technologies, market growth in emerging economies, urban air mobility (uam). Major trends in the forecast period include fuel efficiency and emissions reduction, advanced materials and manufacturing, high bypass turbofans, geared turbofan engines.
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Market Segmentation:
The main types of aircraft engines on the market are turboprop, turboshaft, turbofan, and piston engines. A turboshaft engine is a type of jet engine that is optimized to produce shaft power to drive machinery instead of producing thrust. The technology deployed includes conventional engines, electric/hybrid, and is used in fixed-wing, rotary-wing, and by application in general aviation, business aviation, recreational aviation, and others.
Major Driver - Surging Air Passenger Traffic Fuels Aircraft Engine Market Growth
The growing air passenger traffic is expected to propel the growth of the aircraft engine market over the forecast period. For instance, in February 2023, according to the International Civil Aviation Organization (ICAO), a Canada-based specialized agency of the United Nations that governs international civil aviation, the total number of air passengers carried globally increased by 47% in 2022 compared to 2021. Moreover, a 70% increase was observed in revenue passenger kilometers (RPKs) compared to 2021. In order to meet the increasing air traffic, a number of airlines are revamping their fleet by purchasing new aircraft that create demand for new engines. The International Air Transport Association (IATA) has disclosed that the number of passengers could double in 2037 to 8.2 billion. Therefore, the growing air passenger traffic drives the growth of the aircraft engine market.
Competitive Landscape:
Major companies operating in the aircraft engines market include General Electric Company, Rolls-Royce Limited, Honeywell International Inc., United Technologies Corporation, Safran S.A., IAE International Aero Engines AG, MTU Aero Engines, Textron Inc., Hindustan Aeronautics Limited, Klimov, Continental Motors Group, United Engine Corporation, Motor Sich, AVIC Aircraft, Aero Engine Corporation of China, Barnes Group, Pratt & Whitney, UEC-Aviadvigatel JSC, Ivchenko-Progress, NPO Saturn, PowerJet, EuroJet Turbo GmbH, Xi'an Aero-Engine Corporation (XAEC), Guizhou Aircraft Industry Corporation (GAIC), IHI Corporation, Williams International, Austro Engine GmbH, Textron Aviation Inc., BRP-Rotax GmbH & Co KG, Teledyne Continental Motors, Thielert Aircraft Engines GmbH, UEC Saturn, CFM International, Engine Alliance
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Top Trend - Rapid Adoption Of 3D Printing Transforms Aircraft Engines
The integration of 3D printed parts into aircraft engines is a key trend gaining popularity in the aircraft engine market. Companies are increasingly using 3D printing technology in aircraft engines as well as 3D printing-based production for aviation to reduce fuel usage and material costs. For instance, in February 2021, Wipro 3D, an India-based industrial machinery manufacturing company, collaborated with Hindustan Aeronautics Limited to manufacture a metal 3D-printed aircraft engine component. This collaboration aims to focus on the development, manufacturing, and airworthiness certification of a crucial aero-engine component designed for operation in high-temperature zones. Hindustan Aeronautics Limited, an India-based aerospace and defense company.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aircraft Engines Market Characteristics
3. Aircraft Engines Market Trends And Strategies
4. Aircraft Engines Market - Macro Economic Scenario
5. Aircraft Engines Market Size And Growth
…..
27. Aircraft Engines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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