Aircraft Engines Market to Achieve Significant Growth in the Near Future

The global aircraft engines market is envisioned to develop with the progression of the aircraft manufacturing industry gaining demand on the back of some vital factors. There is a rising requirement for less time-consuming and comfortable travel of passengers and transportation of goods. 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. As for the commercial sector, aircraft engines could be increasingly installed in new commercial aircrafts manufactured at a growing rate to match the pace of the mounting count of airline passengers.

The global aircraft engines market is envisaged 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. In 2017, the market was valued at a US$67.8 bn.

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Commercial Application Offers Lucrative Prospects with Outstanding Growth

The world aircraft engines market is prognosticated to be classified into commercial, military, and general as per a classification by application. According to the researchers authoring the report, the commercial market could attract a larger share of 51.5% by the end of 2022. During the course of the forecast period, this market could expand at an absolute growth of US$2.5 bn annually to dominate other segments by application. On the basis of product, the world market is foreseen to be classified into turbofan, turboprop, and turboshaft.

Buyers of the report are anticipated to gain a sound knowledge and understanding about different segments of the world aircraft engines market. The segmentation study presented by the analysts could empower players to secure a strong position in the market through proper planning and research. Each of the segments analyzed in the report are evaluated with the help of comparisons based on revenue, market share, and year-on-year (Y-o-Y) growth.

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North America Beats Key Regions, APEJ Outpaces with Speedier Growth

The international aircraft engines market is prophesied to see a segmentation into North America and other major regions such as Asia Pacific Excluding Japan (APEJ) and Europe. Amongst these, North America could take the driver’s seat in the market while clutching a top revenue growth. Experts foretell the regional market to rise at a 7.0% CAGR. APEJ, on the other hand, is predicted to expand at a faster pace and gain 3 basis points (BPS) between 2017 and 2022.

The Middle East and Africa (MEA) could just fall short of matching up its revenue earning with that of Europe by 2022 end. Europe is prognosticated to hold a valuation of US$14.9 bn by the same year. However, on the slower side of the international aircraft engines market could be Japan, which is expected to grow at a CAGR of 5.7%.

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The worldwide aircraft engines market could witness the presence of some of the leading players such as 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.