New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Turbofan Engine Global Market Report 2023" - https://www.reportlinker.com/p06466622/?utm_source=GNW
, Aero Engine Corporation of China, AVIC Aircraft Corporation Ltd., and Raytheon Technologies Corporation.
The global aircraft turbofan engine market is expected to grow from $2.84 billion in 2022 to $3.02 billion in 2023 at a compound annual growth rate (CAGR) of 6.18%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aircraft turbofan engine market is expected to reach $3.90 billion in 2027 at a CAGR of 6.59%.
The aircraft turbofan engine marker consists of the sale of low bypass ratio turbofan engines, medium bypass ratio turbofan engines, high bypass ratio turbofan engines, and geared turbofan engines.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
An aircraft turbofan engine is a jet engine that powers modern commercial and military aircraft. The turbofan engine is designed to provide high efficiency and low noise compared to earlier jet engine designs.
North America was the largest region in the aircraft turbofan engine market in 2022.Asia-Pacific 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 main types of aircraft turbofan engine are PW4000, GEnx, Trent 1000, F414, GP7000, and others.PW4000 refers to the first model of high-thrust engines that consists of a 94-inch fan engine.
This aircraft turbofan engine offers thrust in the range between 74,000 and 98,000 pound force. The main types of aircraft are narrow body aircraft and wide body aircraft, which has fixed wing or rotary wing, and used in military aviation, commercial air transport, and other applications.
Rising aircraft orders are expected to boost the growth of the aircraft turbofan engine market going forward.The demand for air travel is growing, due to which airlines are investing in new aircraft to expand their fleets and replace older, less fuel-efficient planes.
This has led to an increase in orders for commercial airliners, which in turn is driving demand for aircraft engines. For instance, according to data by the General Aviation Manufacturers Association, a Belgium-based association of aircraft manufacturers and related enterprises, turboprop aircraft deliveries increased by 10.4%, with 582 units in 2022 as compared to 2021, and that of business aircraft increased by 7.12% to 712 in 2022 from 710 in 2021. Aircraft deliveries were valued at $22.9 billion in 2022, an increase of almost 5.8%. Therefore, rising aircraft is driving the growth of the aircraft turbofan engines market.
Product innovation is the key trend gaining popularity in the aircraft turbofan engine market.Major companies operating in the aircraft turbofan engine market are concentrating on developing innovative products to sustain in the market.
For instance, in November 2021, Pratt & Whitney Canada, a Canada-based aircraft engine manufacturer, launched the turboprop PW127XT engine series.The PW127XT engine series is a high-performance turboprop engine designed for regional airliners.
The engine features advanced technologies, such as a dual-channel, full-authority digital engine control system, which provides precise control over the engine’s performance and reduces pilot workload.
The increase in the number of air passengers is expected to propel the aircraft turbofan engine market.An air passenger refers to a person or business involved primarily in the transportation of people by aircraft in interstate commerce.
As air travel becomes more accessible and affordable, more people are choosing to fly, leading to an increase in demand for air transportation.This, in turn, has created a growing demand for more efficient and reliable aircraft engines, and turbofan engines are among the most popular choices for commercial airliners.
For instance, in March 2022, the International Air Transport Association (IATA), a Canada-based association that supports airline activity and helps formulate industry policy and standards, projects that there will be 4.0 billion passengers worldwide in 2024 (including multi-sector connecting flights as one passenger), reaching pre-COVID-19 levels (103% of the amount for 2019). The total number of travelers in 2021 was 47% higher than in 2019, and in 2022, 83% are anticipated, followed by 94% in 2023, 103% in 2024, and 111% in 2025. Therefore, the rise in the number of air passengers is driving the growth of the aircraft turbofan engine market.
The countries covered in the aircraft turbofan engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The aircraft turbofan engine market research report is one of a series of new reports that provides aircraft turbofan engine market statistics, including aircraft turbofan engine industry global market size, regional shares, competitors with a aircraft turbofan engine market share, detailed aircraft turbofan engine market segments, market trends and opportunities, and any further data you may need to thrive in the aircraft turbofan engine industry. This aircraft turbofan engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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