Aircraft Engine Market worth $92.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 13, 2021 /PRNewswire/ -- According to the new market research report "Aircraft Engine Market by Type (Turboprop, Turbofan, Turboshaft, Piston Engine), Platform (Fixed wing, Rotary Wing, UAV), Component(Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System), Technology, and Region - Forecast to 2026", published by MarketsandMarkets™, the Aircraft Engine Market size is projected to grow from USD 60.8 billion in 2021 to USD 92.9 billion by 2026, at a CAGR of 8.9% from 2021 to 2026. The market is driven by various factors, such as rise in demand of commercial aviation, growing aerospace industry and increasing investment in defense aviation industry and others.
The aircraft engine market includes major players such as Safran SA (France), General Electric Company (US), Honeywell International Inc (US), Rolls Royce PLC (UK), and MTU Aero Engine (Germany). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected aircraft engines production and services globally in 2020.
Increasing operations in the commercial aircraft industry will drive the market
With increasing operation in the commercial aviation sector across various countries spread across different region along with the rising demand of commercial aircraft will drive the demand for aircraft engine market. Narrow body aircraft are turing out to be an integral part of the commercial airlines industry with countries such as US, China, Israel, Turkey and others are investing heavily in operations related to the commercial aircraft industry. Whereas in the commercial aviation industry boeing in its commercial outlook of 2020 reported that the demand for narrow body aircraft is rising in the growing economic country such as India, China and others. Hence, the increasing operations in commercial aircraft industry will drive the demand for aircraft engine market during the forecast period.
Turbofan aircraft engine type is projected to witness a higher CAGR during the forecast period
Based on the type, the turbofan aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. Turbofan engines are much more capable of flying at a higher altitude when compared to other engines, these engines also have a less amount of noise as compared to others, they are the most suitable engine for long-range flights because of their lighter weight.
The fixed-wing segment is projected to witness the highest CAGR during the forecast period
Based on the platform, the fixed-wing aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. With the increasing demand for commercial aircrafts across regions throughout the industry the demand for aircraft engine is also increasing. A fixed-wing aircraft generates a forward thrust and is heavier than other aircraft that use wings to generate lift for flying. A fixed-wing aircraft uses forward airspeed to generate the lift. In a fixed-wing aircraft, the wings are not always static, and the pilot does not always have to fly the aircraft.
Browse in-depth TOC on "Aircraft Engine Market"
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The turbine is projected to witness the highest CAGR during the forecast period
Based on the component, the turbine is projected to grow at the highest CAGR for the aircraft engine market during the forecast period. A turbine is a rotary engine that Is used to extract energy from a flow of combustion gases. So, a turbine harnesses the kinetic energy of these gases and turns them into rotational motion. A turbine in an aircraft engine is composed of a series of blades and allows the flow of gases to enter the turbine which pushes the blade. This creates a rotational motion after which the gases are ejected which has lesser energy.
Conventional aircraft engine projected to witness the highest CAGR during the forecast period
Based on technology, the conventional aircraft engine segment is projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. A conventional aircraft is also referred to as an aero engine. It is the major power component for the propulsion system of the aircraft. Majority of the aircraft engines are either piston aircraft engine or a gas turbine aircraft engine. Some of major types of aircraft engines are turboprop aircraft engine, turbofan aircraft engine, turboshaft aircraft engine and piston aircraft engine.
The North American market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of the aircraft engine market during the forecast period. The key factor responsible for North America, leading the aircarft engine market owing to the rapid growth of the technologically advanced aircraft engine in the region. In North America, the rise in manufacturing industries and growing aerospace and defence aviation industry is encouraging manufacturers of aircraft engine to introduce technologically advanced and efficient products across various aircraft type. The increasing demand for aircraft engine and the presence of some of the leading players operating in the market, such as General Electric Company, Honeywell International Inc., Collins Aerospace, and Textron Inc. is expected to drive the aircraft engine market in North America. These players are focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing Aircraft engine.
Aircraft Fuel Systems Market by Application (Commercial, Military and UAV), Engine Type (Jet engine, Turboprop engine, Helicopter engine and UAV engine), Component, Technology & Region - Global Forecasts to 2020
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