Market Research Report
Aircraft Engines Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||823675|
|Published||Content info||111 Pages
Delivery time: 2-3 business days
|Aircraft Engines Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: March 1, 2019||Content info: 111 Pages||
The market for aircraft engines is anticipated to register a CAGR of over 5%, during the forecast period.
To cater to the growing air traffic, several airlines are revamping their fleet by procuring new aircraft, which is generating demand for new engines.
New aircraft programs are supporting the development of new advanced engines.
Failure of aircraft engine during operation and delay in deliveries are some of the factors hampering the growth of the market.
Growing concern over aviation emission may act as an opportunity for fuel-efficient and lightweight engines.
Demand is the Highest for Turbofan Engines
Currently, the turbofan segment holds a major share in the aircraft engines market, and may continue to do so during the forecast period. Turbofan engines are most widely used in the commercial and military segment. New aircraft programs, like COMAC C919 and Boeing 777X, which are yet to enter service, are powered by newer generation turbofan engine. In 2018, Boeing and Airbus recorded 806 and 800 aircraft deliveries, respectively. With growing aircraft orders in the commercial aircraft segment, which is majorly dominated by the turbofan engine segment, the turbofan engine segment may register the highest CAGR during 2019-2024.
Asia Pacific Region will Experience the Highest Growth between 2019-2024
North America has the largest fleet of aircraft in the world. However, with increasing demand for new aircraft in the Asia-Pacific and Middle Eastern countries, Asia-Pacific is anticipated to register the highest CAGR during the forecast period. China and India are expected to be among the major demand generating countries during this period, since both these countries are experiencing major growth in their air passenger traffic. Moreover, China is expected to overcome the US fleet size within the next four years, in the commercial aircraft segment. The shift in demand has attracted several suppliers of engine parts and components to establish a manufacturing base in the Asian region, in order to reduce supply chain complexities.
The market for aircraft engines is highly concentrated, and is dominated by CFM International, a joint venture between GE and Safran. CFM engines include LEAP and CFM56, which are most widely used on newer generation aircraft. Other prominent players are Rolls Royce and Pratt & Whitney. However, the market for aircraft engines in the general aviation segment is less concentrated with more players. Product innovation and significant investment in R&D are some of the strategies adopted by the existing players.