Pune, May 25, 2020 (GLOBE NEWSWIRE) -- The global aircraft engine market size is predicted to reach USD 97.12 billion by 2026, exhibiting a CAGR of 4.16% during the forecast period. The introduction of fuel-efficient and cost-effective engines will bolster healthy growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Aircraft Engine Market Size, Share & Industry Analysis, By Engine Type (Turboprop, Turboshaft, Turbofan, Piston Engine), By Technology (Conventional Engine and Electric/Hybrid Engine), By End-user (Commercial, Military, and General Aviation), By Component (Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System, and Others), and Regional Forecast 2018-2026” the market size stood at USD 70.10 billion in 2018. The growing technological advancements in aircraft engines will bode well for the market.
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Market Driver:
Heavy Demand for Lightweight Engines to Spur Business Opportunities
The market is primarily driven by the ongoing R&D activities by key players for the development of low maintenance innovative engine designs, which in turn, will promote the growth of the market. Similarly, the development of fuel-efficient, cost-effective, and lightweight engine owing to the rising demand from airlines will enable speedy expansion of the marker. For instance, Rolls-Royce Holdings PLC annually spends around USD 1.4 Billion to develop advanced technology-based engines and components.
Moreover, the stringent regulations concerning carbon emissions will spur demand for lightweight eco-friendly engines during the forecast period. for instance, The Advisory Council for Aviation Research and Innovation in Europe (ACARE) established objectives for the aviation industry.
The propositions include a reduction in aircraft CO2 emissions by 75% (per passenger kilometer), a decrease in noise by 65%, and oxides of nitrogen (NOx) by 90% by 2050. The growing collaborations and partnerships among companies will boost the aircraft engine market share. For instance, General Electric Company, Rolls-Royce Holdings PLC, and Airbus signed a partnership agreement to develop hybrid engines to serve the demand of airliners.
In addition, the growing efforts of companies to curb the adverse environmental effects by minimizing air and noise pollution will foster the growth of the market. However, the continuing backlogs in aircraft deliveries can be a critical factor in dampening the growth of the market. Besides, the long manufacturing process of engines is expected to dwindle the growth of the market during the forecast period.
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Regional Analysis:
Rising Military Expenditure to Propel Growth
The market in North America is expected to dominate the market during the forecast period owing to the growing government spending on military helicopters, fighter jets, emergency medical services helicopters, and single-engine aircraft. The presence of major players in the US will further encourage growth in North America.
The growing investment for the development of advanced and effective jet and helicopter engines to reinforce military fleet will further accelerate the growth of the market. Also, the growing border security and military funding will create lucrative business opportunities for the market. The search and rescue operations in the US will stoke demand for advanced aircraft engines, which in turn, will escalate market potential.
List of Top Players Profiled in Aircraft Engine Market Research Report 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.
- United Technologies Corporation
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Value Chain Analysis
- Global Aircraft Engine Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Engine Type
- Turboprop
- Turboshaft
- Turbofan
- Piston Engine
- Market Analysis, Insights and Forecast – By Technology
- Conventional Engine
- Electric/Hybrid Engine
- Market Analysis, Insights and Forecast – By Component
- Compressor
- Turbine
- Gear box
- Exhaust Nozzle
- Fuel System
- Others
- Market Analysis, Insights and Forecast – By End User
- Commercial Aviation
- Narrow Body Aircraft
- Wide Body Aircraft
- Very Large Aircraft
- Regional Transport Aircraft
- General Aviation
- Business Jets
- Business Helicopters
- Ultralight Aircraft
- Military Aviation
- Fighter Jets
- Transport Aircraft
- Military Helicopter
- Commercial Aviation
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
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Major Industry Development:
November 2019: Rolls-Royce Holdings Plc, an eminent British engineering company announced that it was awarded a five-year MissionCare contract valued at USD 1.2 Billion from the U.S. government. The contract will involve the maintenance of AE 1107C engines on the U.S. Marine Corps, Navy, and Air Force V-22 aircraft.
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