05-Jan-2021 | Zion Market Research
As per the Zion Market Research analysts, the global aircraft engines market is anticipated to expand from around USD 75.69 billion in 2018 to about USD 89.98 billion by 2025, growing at around 5.97% CAGR during the forecast period. United Technologies Corporation, General Electric Aviation, Rolls Royce Holdings PLC, and Safran SA are few of the prominent players in the aircraft engines market. The maximum share of the total growth tactic implemented by the prominent market players was held by contracts. To cite, a contract was granted by the US army to GE Aviation in 2017 for the manufacture of 2,500 T700 turboshaft engines for the US Navy, Army, Marines, Air Force, Foreign Military Sales (FMS), Coast Guard, and other government agencies.
Rising Air Passenger Traffic Globally To Drive The Demand For Aircraft Engines
The growth of the global aircraft engines market is majorly driven by the rising aircraft orders in consequence of escalating air passenger traffic around the world. Airliners are preferring lightweight engines and 3D-printed, fuel-efficient aircraft engine components to substitute the old engines within their aircraft. However, the growth of the market can be obstructed by the prevailing backlogs of aircraft deliveries. Limited manufacturing capability of key aircraft manufacturing firms has resulted in a huge aircraft delivery backlog.
Rising Focus On Fuel Economy To Propel The Turbofan Engine Market Segment Growth
The aircraft engines market is bifurcated on the basis of platform, application, engine type, and region. By platform, the aircraft engines market is divided into rotary-wing and fixed-wing. The fixed-wing segment is anticipated to expand at a rapid pace in the years to come as there is more stipulation for fixed-wing aircraft across military, general aviation, and commercial applications. The aircraft engines market, based on application, is divided into military, general aviation, and commercial. The rise in the passenger count has driven the need for new commercial aircraft, which has further propelled aircraft engine market growth. The market, on the basis of engine type, is categorized into turbofan, turboprop, piston, and turboshaft engine. The highest growth rate is anticipated to be witnessed by the turbofan engine market segment as airlines are emphasizing on rising fuel economy offered by these engines.
North America To Dominate The Global Aircraft Engines Market In The Forecast Period
Regionally, the global aircraft engines market is categorized into Asia Pacific, Latin America, Europe, North America, and the Middle East & Africa. In 2018, the maximum share in the global aircraft engines market was recorded by North American. Further, during the forecast period, Asia Pacific region is anticipated to witness substantial market growth owing to the rise in aircraft and passenger traffic in nations such as China and India.
Browse the full “Aircraft Engines Market By Type (Turboprop Engine, Turbofan Engine, Turboshaft Engine, And Piston Engine), By Application (Commercial Aviation, Military Aviation, And General Aviation), By Platform (Fixed Wing, And Rotary Wing), And By Region: Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 - 2026.” Report at https://www.zionmarketresearch.com/report/aircraft-engines-market
The global aircraft engines market is segmented as follows:
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