Global Aircraft Engines Market Witnessed to Gain Huge Prominence in Commercial Applications and Post a CAGR of 6.7% Through 2022

In the recent years, the market for aircraft engines has witnessed immense growth along with the aviation industries. With the consistently growing need for aircraft engines, the manufacturers are involved in the development of advanced, fuel-efficient powerful and economical engines for aircraft. According to the findings of a new study, the global aircraft engines market is forecasted to gain impetus from a swelling count of air passengers traveling across global borders and the resulting increase in air passenger traffic. To present detailed analysis on the global demand for aircraft engines, analysts have compiled a new study titled “Aircraft Engines Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022”, which has been freshly broadcasted to the wide repository of Market Research Hub (MRH). This report is a compilation of significant market driving factors and restraints studied alongside vital trends and opportunities present in the market.

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At first, the executive summary of the report provides a snapshot of the aircraft engines market with information on leading segments, country wise market information with respect to market size, growth rate and factors. As per the recent findings, global aircraft engines market is envisioned to post a CAGR of 6.4% during the forecast period 2017-2022 to reach a valuation of US$92.3 bn by the completion of 2022, from its value of US$67.8 bn in 2017. One of the prime reasons behind this growth is the rising requirement of advanced and new commercial and private aircrafts. This could be because of the venture of new airline companies into the industry and network expansion of firms currently operating in the market.

Geographically, this extensive research gives a whole new wide view of the markets based on its growth and development in different regions of the world like North America, Japan, the Middle East and Africa, Europe, Latin America and Asia Pacific excluding Japan (APEJ). Analysts find that the global aircraft engines market is projected to significantly benefit from the dominance of North America in 2017, bagged a value of US$29.3 bn. In the coming years, the research anticipates that Asia Pacific Excluding Japan (APEJ) will grow at a faster rate.

The next section of the report presents detailed insights into various segments, elaborating on their share and size in above-mentioned regions. The report broadly segments the aircraft engines market based on product type, end-use industry and application type. On the basis of product type, the international aircraft engines market is foreseen to be segregated into turbofan, turboprop, and turboshaft.

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Some of the prime applications include commercial, military, and general. Amongst, the commercial segment is anticipated to rank higher with a 6.7% CAGR expected to be recorded during the forecast Although the demand could be more in commercial applications, aircraft engines are projected to gain a high prominence in the military sector countering drug trafficking, illegal infiltration, and terrorism.

Furthermore, the study sheds light on the key players operating in this market include Rolls-Royce plc, GE Aviation, Pratt & Whitney, CFM International, Engine Alliance, IAE International Aero Engines AG, MTU Aero Engines, Safran, and Honeywell Aerospace.

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This release was published on openPR.