NEWARK, Del, June 21, 2022 (GLOBE NEWSWIRE) -- In FY 2022, the global Turbofan Engines market is expected to be worth US$ 1.05 billion, up from US$ 988 million in FY 2021. The industry grew by 6.3 percent year over year over the previous year. Turbofan Engines sales are expected to grow at a CAGR of 17.2 percent from 2022 to 2032, reaching a value of US$ 5.1 billion by the end of 2032.
The current variation of fundamental gas turbine engines are turbofan engines. The heart of a turbofan engine is surrounded by a fan in the front and an extra turbine at the back. Many blades make up the fan turbine and fans, which are coupled by an extra shaft. A two-spool engine is the name for this type of design. For improved efficiency, certain sophisticated turbofan engines have multiple spools.
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In addition, turbofan engines have a number of advantages over other engines, including turbojet and turboprop engines. In comparison to other engines, turbojet engines are more efficient and quieter to operate. Turbofan engines are employed in a variety of aircraft because of these benefits. Turbofan engines are used in commercial aircraft.
Turbofan Engines Market: Dynamics
The growing urbanization and increasing global passenger traffic need a faster and more comfortable way to travel. In order to fulfill this need, the airline industry is continuously growing at a significant rate. Additionally, the growing transportation sector also needs a faster way to transport goods. Air transportation is the most efficient method. The growing airline industry is increasing the demand for new technologies and fuel-efficient engines. This factor is expected to drive the turbofan engines market at a significant rate over the forecast period.
Turbofan Engines Market: Regional Outlook
North America is expected to be the most lucrative market for turbofan engines owing to the continuously growing demand for new technologies in airline industries and the increasing demand for efficient engines. The region is expected to register significant growth in the turbofan engines market over the forecast period. The Asia Pacific is anticipated to have significant growth in the turbofan engines market, owing to emerging economies such as China, India, and Japan.
The growing population and air traffic are projected to increase the demand for fuel-efficient engines in aircraft. The increasing number of airports and the demand for new aircraft with better and efficient engines for transportation as well as travel are expected to significantly increase the demand for turbofan engines in the region.
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Turbofan Engines Market: Market Participants
Some of the market participants in the global turbofan engines market are:
- GE Aviation
- Rolls-Royce plc
- United Technologies Corporation – Pratt & Whitney Division
- CFM International
- Engine Alliance LLC
- International Aero Engines
- Williams International
- SE Ivchenko-Progress
- United Engine Corporation
- EUROJET Turbo GmbH
- IHI Corporation
- Safran SA
Turbofan Engines Market: Segmentation
On the basis of type, the global turbofan engines market is segmented into:
- Wide Body Aircrafts
- Narrow Body Aircrafts
On the basis of end use, the global turbofan engines market is segmented into:
- Commercial
- Transportation Aircrafts
- Business Jets
- Military
- Transport Aircrafts
- Fighter Jets
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Report Highlights
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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