LOS ANGELES, May 19, 2020 /PRNewswire/ -- The global aircraft engines market value is expected to reach over US$ 109,327.9 Mn by 2027 with CAGR of around 5.7% from 2020 to 2027.
Aircraft engines are used to propel an aircraft by technology including jet propulsion or turbine or piston technology. The global aircraft engine market is segmented into type, application, and platform. On the basis of type, aircraft engine includes turboprop engine, turbofan engine, turboshaft engine, and piston engine. By platform, the market is divided into fixed-wing and rotary-wing. By application, the market is bifurcated across commercial aviation, military aviation, and general aviation.
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By type, the turbofan engine segment is anticipated to experience major CAGR over the forecast period from 2020 to 2027. The turbofan engine is a variant of a turboprop engine and also known as a fanjet or bypass engine. A turbofan engine is the most common type of jet engines used in commercial aircraft, due to high bypass ratio and fuel efficiency.
On the basis of the platform, the fixed-wing segment is projected to experience the fastest growth. A fixed-wing aircraft is capable of flight using wings that generate lift caused by the aircraft's forward airspeed and the shape of the wings. The increasing demand for fixed-wing aircraft is particularly driving the market value.
Based on the application, the commercial aviation segment accounted for the major share in the market. The rapidly increasing number of air passengers owing to the increasing disposable income is supporting the market value.
In 2019, North America held the major share of the global aircraft engines market. The increasing demand for commercial and general aviation aircraft is driving the market value. Moreover, the Asia Pacific region is expected to register the fastest growth due to an increasing number of foreign and domestic travelers. The major economies of the region including China and India are contributing to the market value.
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Some of the leading competitors are CFM International SA, General Electric Co., Honeywell International Inc., International Aero Engines AG, MTU Aero Engines AG, Rolls-Royce Holdings Plc., Safran SA, Textron, Inc., and United Technologies Corporation. Aircraft Engines companies have announced mergers and acquisitions to strengthen their position in the Aircraft Engines industry. Major players are also moving into new regions or advanced technologies. For instance, Boeing has developed the newest twin-engine for Dreamliner aircraft that leads Norwegian's transatlantic expansion and has promised to deliver efficiency than other product lines before the same.
Some of the key observations regarding aircraft engines industry include:
- In 2020, NASA has developed unique materials for the Next Generation of Aircraft. The component like turbine engine guide vane has been made with advanced silicon carbide materials developed at NASA Glenn.
- Pratt & Whitney, designers, manufacturers and services aircraft engines and related part for commercial, military and business aircraft. Chris Calio, lead the segment as the president and company has registered approximate sales of US$ 21 billion in 2019.
- The Swedish fighter Gripen E engine was tested by frost in 2020. The information is stated on the website of Defense Aerospace. Saab in winter tested its fighter JAS-39E Gripen E with frost at the temperature ranging from -20 to -26 C in different weather conditions. The test was successfully done and has shown excellent engine and all onboard systems in cold weather.
- Rolls-Royce Trent 1000 engines are installed in the Dreamliner and featuring a slew of passenger-friendly amenities with fuel-efficiency and lower operating cost per seat which is enabling extremely low fares.
- GE Aviation was awarded a contract by US army for the production of 2,500 T700 turboshaft engines for US army, navy, air force, marines, coast guard, foreign military sales (FMS) and other government agency in 2017
- Rolls Royce has received a contract by lion Group, Malaysia of US$ 300 Million for the supply of Trent 700 engines in 2017. The company has also received a contract from China Eastern Airlines (China) of US$ 1.7 billion for Trent 700 aircraft engines in 2016.
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