Aircraft Engine Compressor Market to grow by USD 11.73 billion from 2023 to 2028; Increase in aircraft deliveries to drive the growth - Technavio

NEW YORK, Nov. 17, 2023 /PRNewswire/ -- The aircraft engine compressor market is expected to grow by USD 11.73 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 6.61% during the forecast period. The market is segmented by type (heavy duty, medium, and light), application (commercial and business aircraft and military aircraft), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

An increase in aircraft deliveries is a key factor driving market growth. By introducing innovative low-fare business models, several low-cost carriers and regional airlines have revolutionized the airline industry. In addition, with growing air traffic in the core countries of China, Russia, India, Indonesia, and the US, there will be increased demand for aircraft. Furthermore, airlines have been forced to add new aircraft for increasing demand because of this year's increased air traffic.

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Key Highlights:

• The report recognizes the following as some of the key players in the aircraft engine compressor market: Bet Shemesh Engines Ltd., Bharat Forge Ltd., Compressed Air Systems Inc., EuroJet Turbo GmbH, General Electric Co., Honeywell International Inc., IHI Aerospace Co. Ltd., JSC Klimov, Melrose Industries Plc, MTU Aero Engines AG, OC Oerlikon Corp. AG, Raytheon Technologies Corp., Rolls Royce Holdings Plc, Safran SA, The Williams Co. Inc., Turbocam Inc., and UEC Aviadvigatel JSC
• Aircraft Engine Compressor Market is fragmented in nature.
• Market to observe 6.41% YOY growth in 2024.

Market Dynamics:

Major Trend

• The development of electric and hybrid aircraft is a primary trend shaping market growth. 
• To increase range and reduce the negative impact on the environment, hybrid solutions such as Ampaire Electric EEL combine both conventional and electric propulsion.
• Furthermore, there is a strong investment in electric vertical takeoff and landing aircraft by large players such as Boeing and Airbus for urban air mobility.

Significant Challenge 

• The high production cost and delay in engine delivery is a significant challenge restricting market growth.
• Significant R&D and costs are required to develop a new engine or technology. Furthermore, the price of an aircraft engine is fully proportional to its associated development and production costs.
• Moreover, a rigorous test does not ensure that the engines are operating correctly once they have been fitted into an aircraft which can result in many problems.

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Keg Segments:

• The heavy-duty segment is estimated to witness significant growth during the forecast period. Over the past years, there has been a significant rise in demand for hydraulic engine compressors on military aircraft. In addition, these compressors, which are essential parts of jet engines, are made for high-pressure uses in both military and commercial aircraft. In addition, significant brands such as GE Aviation have started to introduce the advanced Heavy Duty Compressors.

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Related Reports:

The aircraft engine electrical wiring harnesses and cable assembly market size is estimated to grow by USD 233.38 million at a CAGR of 5.07% between 2023 and 2028. 

The aircraft tire market size is estimated to grow by USD 323.52 million at a CAGR of 4.07% between 2023 and 2028. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio