New York, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Engines Global Market Report 2022" - https://www.reportlinker.com/p06240576/?utm_source=GNW
The global aircraft engines market is expected to grow from $36.04 billion in 2021 to $37.70 billion in 2022 at a compound annual growth rate (CAGR) of 4.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $51.71 billion in 2026 at a CAGR of 6.5%.
The aircraft engines market consists of sales of aircraft engines and related services by entities (organizations, sole traders, or partnerships) that produce aircraft engines.An aircraft engine is a component of a propulsion system that generates mechanical power to run the aircraft.
Only goods and services traded between entities or sold to end consumers are included.
The main types of aircraft engines market are turboprop, turboshaft, turbofan, and piston engine.A turboshaft engine is a type of jet engine that has been optimized to produce shaft power to drive machinery instead of producing thrust.
The technology deployed includes conventional engine, electric/hybrid and are used in fixed-wing, rotary-wing, and by application into general aviation, business aviation, recreational aviation, and others.
North America was the largest region in the aircraft engine market in 2021.North America is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing air passenger traffic is expected to propel the growth of the aircraft engine market over the coming years.In 2020, total air passenger traffic increased by 19% until 31 August, with carriers flying more than 70 lakh passengers during the period following a two-month pause from 25 May after the re-opening of domestic airline facilities in a graded manner.
In order to meet the increasing air traffic, the number of airlines is revamping their fleet by purchasing new aircraft that create demand for new engines. The International Air Transport Association (IATA) has disclosed that the number of passengers could double in 2037 to 8.2 billion. Therefore, the growing air passenger traffic drives the growth of the aircraft engine market.
The high maintenance cost of the aircraft engines is expected to restrict the growth of the aircraft engines market in the coming years.Maintenance of aircraft engines is a step-by-step process consisting of washing and drying components of the jet engine, quality checks of the interiors and exteriors, disassembling of the engine, repair, and replacement of any portions, and then reassembly and testing of the engine.
Throughout the process, multiple devices are used to assist trained inspectors and other creative methods, such as robots, can be implemented for maintenance.Small jet engine revamps costs around $200-$300 thousand per engine.
Larger engines will hit $3 million. Therefore, the high maintenance cost of the aircraft engines restraints the growth of the aircraft engines market.
The integration of 3D printed parts in aircraft engines is a key trend gaining popularity in the aircraft engines market.Companies are increasingly using 3D printing technology in aircraft engines as 3D printing-based production for aviation to reduce fuel usage and material costs.
In January 2020, GE Aviation has revealed that the first aircraft of its 777X jet, operated by twin GE9X engines, was finished by the American multinational aerospace giant Boeing.More than 300 3D printed components are fitted in GE9X engines.
According to General Electric (GE), 3D printing has enabled to creation of the GE9X engine 10% more fuel-efficient than the GE90 engine. Market intelligence company Netscribes estimates that additive manufacturing (AM) techniques will produce global annual revenue of $8.7 billion in 2020.
In October 2019, Rolls-Royce, a UK-based aircraft engine manufacturing company, acquired Siemens’s electric Aircraft business (electric and hybrid-electric aerospace propulsion) unit of Siemens conglomerate for an undisclosed amount.The acquisition is intended to boost Rolls-Royce efforts in aircraft electrification, including a hybrid eVTOL concept announced in 2018.
Siemens is a Germany-based conglomerate company.
The countries covered in the aircraft engines market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06240576/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
