New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aviation Gas Turbine Global Market Report 2023" - https://www.reportlinker.com/p06466445/?utm_source=GNW
A., EuroJet Turbo GmbH, Honeywell International Inc., IHI Corporation, JSC Klimov, and Kawasaki Heavy Industries Ltd.
The global aviation gas turbine market is expected to grow from $10.03 billion in 2022 to $10.82 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine ar 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 aviation gas turbine market is expected to reach $14.01 billion in 2027 at a CAGR of 6.7%.
The aviation gas turbine consists of sales of compressors, combustion chambers, turbines, and exhaust nozzles.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 aviation gas turbine refers to a rotary engine that converts the flow of combustion gases into energy. The primary role of aviation gas turbines is to power an aircraft, in addition to providing energy and improving combustion quality.
North America was the largest region in the aviation gas turbine market in 2022. The regions covered in aviation gas turbine report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of aviation gas turbines are turbojet, turbofan, turboprop, and others.Turbojet refers to a jet engine that employs a turbine-driven compressor to draw air in and compress it before propelling it into a combustion chamber with fuel.
The propulsion includes electric-based commercial aircraft and special fuel-based commercial aircraft used for various applications such as commercial aircraft, defense aircraft, business aircraft, and others.
The increasing numbers of global travellers are expected to propel the growth of the aviation gas turbine market.Global travellers refer to someone who frequently travels abroad or moved from one location to another location.
Gas turbines operate on the compression, combustion, and expansion principles. The air’s pressure and temperature rise as the air’s velocity decreases. This principle maintains power to weight ratio, thus providing more comfort during the flight. For instance, in 2022, according to the Bureau of Infrastructure and Transport Research Economics (BITRE), an Australia-based economic research, analysis, and statistics providing organization, total passenger movements increased from 1.23 million in November 2021 to 16.68 million passengers In November 2022. Further, in December 2021, according to Bureau Of Transport statistics, Passengers on US airlines increased by 119% from October 2020 to October 2021. Therefore, increasing numbers of global travellers are driving the growth of the aviation gas turbine market.
Technological advancements are a key trend gaining popularity in the aviation gas turbine market.Major companies operating in the aviation gas turbine market are involved in developing new and improved advanced technology to sustain their position in the market.
For instance, in June 2021, Safran SA, a French-based aircraft equipment company, and GE, a US-based aviation company, announced their partnership to create innovative jet engine technology. The technology demonstrator project is being launched as the aviation industry gears up to compete for the next generation of single-aisle aircraft, including the MAX and A320neo, in the active segment of the market while also dealing with increasing environmental strain.
In May 2020, Rolls-Royce, a US-based aeronautics, marine, and industrial gas turbine company, acquired Siemens AG for an undisclosed amount.The acquisition of electric and hybrid-electric aerospace propulsion by Siemens AG represents a significant advance in the development of greener engines.
Siemens AG is a Germany-based, advanced turboprop (ATP) engine engineering and manufacturing company.
The countries covered in the aviation gas turbine 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 aviation gas turbines market research report is one of a series of new reports that provides aviation gas turbines market statistics, including aviation gas turbines industry global market size, regional shares, competitors with an aviation gas turbines market share, detailed aviation gas turbines market segments, market trends, and opportunities, and any further data you may need to thrive in the aviation gas turbines industry. This aviation gas turbines 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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