Selbyville, Delaware, Dec. 03, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on afterburner market which estimates the global market valuation for afterburner will cross US$ 125 million by 2026. The increasing production and deployment of fighter aircraft in the emerging countries will drive the demand for afterburners.
Manufacturers are continuously improving to reduce the overall weight of engines to minimize fuel consumption and lower the cost of flying hours. Industry players have also adopted additive or 3D manufacturing that reduces the parts in the fuel nozzle in jet engines from twenty to one, resulting in reduced assembly times and 25% weight reduction of the components.
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Furthermore, players have joint ventures with aircraft manufacturers to surge their market presence and for an extended product portfolio and service. For instance, in 2018, Boeing and Safran formed a joint venture company, Initium Aerospace, which designs, builds, and services aircraft Auxiliary Power Units (APUs). This strategy will allow market participants to obtain the technology connected to next generation engine and service agreement from the particular aircraft manufactures, since aircraft service charge nearly 30% of the overall aircraft cost over in its lifespan, which is one of the key strategy to gain an competitive advantages.
The air superiority fighter segment will witness over 13% CAGR in afterburner market size due to long-range capability, stealth ability, and secondary ground-attack capability. Air superiority fighter has high maneuverability, supersonic ability, and long-range weapon ability, increasing product penetration over the forecast period.
In 2019, Asia Pacific held over 25% share of the global afterburner market. Development in the India fighter aircraft market with increasing aircraft production will drive industry growth. In 2019, India developed four additional assembly lines for the production of LCA Tejas. Moreover, the increasing aging fleet across the region will further drive the industry size. The industry players across the region are also focusing on getting into contracts with governments for maintenance or servicing of the aircraft engines.
The prominent afterburner industry participants of afterburners are focusing on investments in new engine technology, acquisition, collaboration, and joint ventures to upsurge their global presence or to acquire cutting-edge technology to cater to the cumulative demand from the afterburner market. In 2020, EUROJET signed an agreement with NATO Eurofighter & Tornado Management Agency to provide 56 new fighter aircraft engines to the German Air Force. The rising presence of prominent manufacturers will drive the overall industry growth.
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Some major findings of the afterburner market report include:
- Asia Pacific will hold significant share in global afterburner market owing to large fighter aircraft production and increasing investments in the development of next generation fighter aircraft. South Korea and Indonesia are jointly developing the KAI KF-X next generation fighter aircraft, and the first test flight is expected to be held by the end of 2022 and manufacturing scheduled to begin by the mid-2026.
- The interceptor aircraft is expected to observe significant growth across the emerging economics owing to its excessive speed and powerful armament compared to its counter parts.
- The rising remanufacturing and repair services of aircraft engines may hinder the market during the study time frame.
- Afterburner industry players are focusing on developing more lightweight and compact afterburners to improve fuel efficiency, since they help in reducing the load on aircraft engines.
- The ongoing covid-19 pandemic has halted the aircraft engine production worldwide owing to stringent lockdown and social distancing norms by various government authorities across the globe. The average shutdown duration of aircraft manufacturing facilities worldwide is approximately 30 working days, which is likely to negatively affect the global sales of afterburners in 2020.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Global afterburners industry 360° synopsis, 2016 - 2026
2.1.1 Business trends
2.1.2 Engine type trends
2.1.3 Plane type trends
2.1.4 Regional trends
Chapter 3 Global Afterburners Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Raw material supply
3.2.2 Value addition at each stage
3.2.3 Vendor matrix
3.2.3.1 List of key Afterburners manufactures
3.2.3.2 List of key/potential customers
3.3 Pricing analysis (including COVID-19 impact)
3.3.1 Regional price trends
3.3.2 Cost structure analysis, 2019
3.4 Innovation & sustainability
3.4.1 Technology landscape
3.4.2 Future trends
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.5.3 Asia Pacific
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing focus on light-weighting and fuel efficiency products
3.6.1.2 Growth in fighter aircraft back-log
3.6.1.3 Increasing aging aircraft fleet worldwide
3.6.1.4 Rising investment in the Next-Generation military aircrafts
3.6.2 Industry pitfalls & challenges
3.6.2.1 Prohibitive cost of afterburner system
3.7 Military aircraft industry overview
3.8 Growth potential analysis, 2019
3.9 Porter’s analysis
3.10 Competitive landscape
3.10.1 Top player’s analysis, 2019
3.10.2 Strategy dashboard
3.11 PESTLE analysis
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/afterburner-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.