According to a new report published by UnivDatos Markets Insights, the Aircraft Engine Market is expected to grow at a CAGR of around 9% from 2022-2028. The analysis has been segmented into Type (Turboprop, Turbofan, Turboshaft, and Piston Engine); Component (Compressors, Turbines, Gearboxes, Exhaust Systems, Fuel Systems, and Others); Platform (Fixed-Wing Aircraft, Rotary-Wing Aircraft, and Unmanned Ariel Vehicles); Technology (Conventional and Hybrid); Region/Country.
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The aircraft engine market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the aircraft engine market. The aircraft engine market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the aircraft engine market at the global and regional levels.
Market Overview
An aircraft engine is a component of an aircraft's propulsion system that produces mechanical power. Aircraft engines are most often either light piston engines or gas turbines. The growing commercial aircraft operations and rise in military aircraft operations are some of the most prominent factors impacting the aircraft engine market. In addition, factors such as increasing demand for fuel-efficient aircraft engines, increasing demand for unmanned aerial vehicles (UAVs) for commercial and military applications, and growing collaboration for developing advanced aircraft engines are boosting the growth of the aircraft engine market. For instance, GE Aerospace extended a contract with Tata Advanced for aircraft engine components. The multi-year long-term contract is valued at over USD 1 Bn and will extend well beyond 2030.
Some of the major players operating in the market include General Electric, Rolls-Royce plc, Raytheon Technologies Corporation, Safran, Honeywell International Inc., Textron Inc., International Aero Engines AG, The Williams Companies Inc., MTU Aero Engines AG, Eurojet.
COVID-19 Impact
The COVID-19 and restaurants lockdown has adversely impacted the aviation industry. This pandemic has resulted in the standstill of aircraft as a mode of transport. The drastic drop in passenger numbers has resulted in flights being canceled or flying between airports, resulting in a significant drop in airline revenues and reducing many airlines’ investments in acquiring new aircrafts. For instance, according to the International Civil Aviation Organization (ICAO), the airline industry was hit hard by the pandemic with a total revenue loss of USD 372 Bn.
The global aircraft engine market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on platform, the market is divided into fixed-wing aircraft, rotary-wing aircraft, and unmanned ariel vehicles. The fixed-wing segment catered to a prominent share of the global aircraft engine market. Flexibility, data security, high speed, and low latency are the most prominent factors driving the growth of this segment. The on-premises deployment provides physical control to the enterprises over the data, it keeps access to critical data limited to the enterprises only
· By technology, the market is segmented into conventional and hybrid. The conventional engine technology segment catered to a significant share of the market in 2020. This is primarily due to the increasing adoption of the conventional engine in most of the present commercial and military aircraft. However, the hybrid engine technology segment is expected to grow at a higher CAGR during the forecast period
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Aircraft Engine Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
The Asia-Pacific is anticipated to hold a prominent share of the global aircraft engine market during the forecast period majorly due to the rising defense budget of major economies in the region. This has created the demand for the procurement of military helicopters and fighter jets, which is expected to boost the growth of the market. For instance, in 2021, the Indian government spent USD 76.6 Bn on its military, out of which 39% was allocated to the Indian Air Force which was used majorly to build military aircraft indigenously.
The major players targeting the market include
· General Electric
· Rolls-Royce plc
· Raytheon Technologies Corporation
· Safran
· Honeywell International Inc.
· Textron Inc.
· International Aero Engines AG
· The Williams Companies Inc.
· MTU Aero Engines AG
· Eurojet
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Aircraft Engine market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the aircraft engine market?
• Which factors are influencing the aircraft engine market over the forecast period?
• What are the global challenges, threats, and risks in the aircraft engine market?
• Which factors are propelling and restraining the aircraft engine market?
• What are the demanding global regions of the aircraft engine market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
Table Of Content:
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL AIRCRAFT ENGINE MARKET COVID-19 IMPACT
6 GLOBAL AIRCRAFT ENGINE MARKET REVENUE (USD BN), 2020-2028F
7 MARKET INSIGHTS BY TYPE
8 MARKET INSIGHTS BY COMPONENT
9 MARKET INSIGHTS BY PLATFORM
10 MARKET INSIGHTS BY TECHNOLOGY
11 MARKET INSIGHTS BY REGION
12 AIRCRAFT ENGINE MARKET DYNAMICS
13 AIRCRAFT ENGINE MARKET OPPORTUNITIES
14 AIRCRAFT ENGINE MARKET TRENDS
15 DEMAND AND SUPPLY-SIDE ANALYSIS
16 VALUE CHAIN ANALYSIS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILED
19 DISCLAIMER
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