Dallas, Texas, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The global aircraft engine market is expected to reach close to $110 Bn by 2029 with an annualized growth rate of 10.89% through the projected period 2022-2029.
Aircraft engines with lightweight, compact sizes and higher fuel efficiency are in demand these days. The upward thrust in demand for air transportation has led airliners to increase their plane fleet length. This call for the brand new plane is predicted to force an increase in the marketplace. In addition, the growing concern over reducing pollution has taken attention away from the development of innovative aircraft engines, such as electric or hybrid engines, which may be expected to fuel the market growth. The engine designer reduced 855 individual parts to 12.
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Aircraft Engine Market Analysis by Players
- General Electric Company
- Rolls-Royce Motor Cars Limited
- Honeywell International Inc.
- United Technologies Corporation-Pratt & Whitney Division
- Snecma S.A.
- Hindustan Aeronautics Limited
- JSC "Klimov"-United Engine Corporation
- Safran
- Boeing
This is said to reduce engine weight and require less fuel to reach the same speed. Additive manufacturing increases product durability and strength. CFM International SA develops advanced LEAP engines for Boeing and Airbus' new narrow-body aircraft. The engine uses complex 3D printed fuel nozzles to reduce fuel consumption by 15% and reduce emissions.
Rising fuel prices have led manufacturers to focus on aircraft fuel efficiency. Reducing the airplane's gross weight will increase the coherence of the fuel in the aircraft. This has led some manufacturers to develop lighter engines to reduce the gross weight of the aircraft. The use of insubstantial materials such as insubstantial and strong graphite fiber, toughen plastics, and other composites is driving the growth of the market.
Extended Life Cycles of Aircraft Engines May Limit Market Growth Aircraft engines are made to have long life cycles. However, it can be a factor impeding the market growth. The market is awaited to be hampered by long engine life. Aircraft production is directly proportional to aircraft engines, so aircraft production heaps impede the supply of aircraft engines. However, the current backlog of aircraft deliveries is anticipated to temper the market boom for aviation engines.
Aircraft Engine Market Analysis by Type
- Turboprop
- Turbofan
- Turboshaft
- Piston Engine
Aircraft Engine Market Analysis by Component
- Compressor
- Turbine
- Gearbox
- Exhaust System
- Fuel System
- Others
Aircraft Engine Market Analysis by End-Users
- Wide body
- Narrow body
- Very large body
- Commercial aviation
- Business aviation
- Military aviation
- Recreational aviation
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Components, technology, engine type, end-use, and region are the key segments used to divide the global market for aviation engines. The market is divided into compressors, turbines, gearboxes, combustion chambers, fuel systems, and others based on the component. Due to the increase in demand for turbofan engines, the compressor segment is predicted to grow at a higher CAGR throughout the forecast period. In terms of technology, this market is classified into electric/hybrid and conventional engines.
Due to the rising deployment of conventional engines in modern commercial and military aircraft, the conventional engine sector is predicted to hold the greatest market share. When the end user is taken into account, the market is divided into commercial and military segments. During the period of forecasting for the aircraft engine market, the commercial category is predicted to be the largest and fastest-growing segment. Because there are so many major players there, North America is predicted to dominate the worldwide market.
Saudi Arabian Airlines places an order with CFM International, a joint venture between General Electric and Safran Aircraft Engines, for CFM International LEAP-1A engines to power a new fleet of 35 Airbus A321neo and 30 Airbus A320neo aircraft in December 2021.
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