The Global Military Aircraft Engines Market expected to reach US$14.1 Billion by 2027
LONDON, June 14, 2017 /PRNewswire/ -- Highlights
· The Global Military Aircraft Engines Market 2017-2027
· Global military aircraft engines industry is anticipated to value US$9.7 Billion by the end of 2017, registering a compound annual growth rate (CAGR) of 3.73% to value US$14.1 Billion by 2027.
· The combat and transport aircraft engine segments will account for 54.9% and 19.6% of the military aircraft engine market, respectively, followed by the rotorcraft and other aircraft engine segments, with a cumulative share of 25.5%.
· Over the forecast period, the industry will be led by North America with a share of 28.9%, followed by Asia-Pacific at 26.1%, and Europe at 25.7%.
· The Middle Eastern market for military aircraft engines is expected to account for 13.2%, followed by the Latin American and African markets with a cumulative share of 6%.
· Expenditure in the Asia-Pacific region will be driven by China, India, and Australia.
· European expenditure will be propelled by engine procurement requirements for new fleets and aircraft requiring maintenance.
· The Middle East is a promising market for the industry, supported by the demand for aircraft to counter terrorism, illegal infiltration, drug trafficking, and border encroachments.
Summary
Many countries have embarked on a military modernization program, including the development of a range of aircraft covering multirole, fighters, bombers, transport, training, reconnaissance and surveillance. Over the forecast period (2017–2027), cumulative global expenditure on military aircraft engines will value US$126.4 billion, driven by upgrade projects, fleet replacement and modernization programs.
Global military aircraft engines industry is anticipated to value US$9.7 Billion by the end of 2017, registering a compound annual growth rate (CAGR) of 3.73% to value US$14.1 Billion by 2027. The combat and transport aircraft engine segments will account for 54.9% and 19.6% of the military aircraft engine market, respectively, followed by the rotorcraft and other aircraft engine segments, with a cumulative share of 25.5%.
Due to budget cuts, modern aircraft are required to be more versatile than their predecessors, which necessitate the need for more powerful and efficient engines. With the top-defense spenders investing in the development of fourth- and fifth-generation fighters, the combat engines segment is anticipated to dominate the industry over the forecast period, posting a CAGR of 4.96%.
Over the forecast period, the industry will be led by North America with a share of 28.9%, followed by Asia-Pacific at 26.1%, and Europe at 25.7%. The Middle Eastern market for military aircraft engines is expected to account for 13.2%, followed by the Latin American and African markets with a cumulative share of 6%.
Expenditure in the Asia-Pacific region will be driven by China, India, and Australia. European expenditure will be propelled by engine procurement requirements for new fleets and aircraft requiring maintenance. The Middle East is a promising market for the industry, supported by the demand for aircraft to counter terrorism, illegal infiltration, drug trafficking, and border encroachments. Research and development (R&D) programs being undertaken by major economies are contributing significantly to the industry growth. Top defense spenders are concentrating on the design, development, and production of a line of powerful and more reliable engines. For example, China is already working on the development of fifth generation fighter aircraft (J-20) engine.
The report "The Global Military Aircraft Engines Market 2017-2027" offers a detailed analysis of the global military aircraft engines industry over the next 10 years, and provides market size forecasts. It covers key technological and market trends, and analyzes factors influencing the demand for military aircraft engines.
Companies mentioned In this report: General Electric, Rolls-Royce, Honeywell, Pratt & Whitney, Snecma S.A, Hindustan Aeronautics Limited (HAL), CFM International, JSC Klimov
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
http://www.reportbuyer.com
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: [email protected]
Tel: +44 208 816 85 48
Website: www.reportbuyer.com
SOURCE ReportBuyer
Share this article