Global Narrow-body Aircraft Engine Market 2017-2021
About Narrow-body Aircraft Engine
Narrow-body aircraft are mainly classified into single-aisle and regional aircraft. Single-aisle aircraft, powered by turbofan engines, have passengers seated in two-axial groups, with a capacity of up to six passengers abreast. Likewise, regional aircraft, powered by both turboprop and turbofan engine configurations, are operated in short-haul and medium-haul routes, where each aircraft carries comparatively fewer passengers than conventional single-aisle aircraft.
Technavio’s analysts forecast the global narrow-body aircraft engine market to grow at a CAGR of 6.1% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global narrow-body aircraft engine market for 2017-2021. To calculate the market size, the report considers the new engine demand and the replacement engine demand.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Narrow-body Aircraft Engine Market 2017-2021
Technavio recognizes the following companies as the key players in the global narrow-body aircraft engine market: CFM International, GE Aviation, International Aero Engines, Pratt & Whitney, and Rolls-Royce.
Other Prominent Vendors in the market are: MTU AERO ENGINES.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Design innovations for engine parts. The noise generated by aircraft is mainly due to the unsteady airflow into the jet engine. It is a major concern for the aviation industry and the environment as the noise is very high and causes an increasingly acute environmental problem. Further, the noise pollution is increasing steadily with the exponential growth in air traffic. To address such concerns, the designs of narrow-body engines are being modified to adhere to the noise pollution limits set by various regulatory bodies such as FAA, EASA, and others.”
According to the report, one of the major drivers for this market is Decline in fuel prices decrease operating cost of aircraft. The aviation industry is highly price-sensitive and competitive as the majority of customers prefer low-cost options over brand loyalty. Customers' preference has also gradually shifted toward air travel over land transport as the former offers time and monetary savings. With such increasing demand for air travel, the production of aircraft has also increased. This increase has been mainly witnessed in the regional travel aircraft segment, which uses narrow-body aircraft.
Further, the report states that one of the major factors hindering the growth of this market is High cost associated with replacement of engines. The engines of narrow-body aircraft are heavily priced, and the cost of a single engine accounts for almost one-third of the total cost of a whole new jet. The average cost of an engine of a single-aisle aircraft is around $9.72 million, and the average cost of an engine of a regional jet cost around $4 million. The engine and the other components in narrow-body aircraft must be under constant supervision. In addition, engine MRO must be performed on a regular basis to ensure that the components are not damaged. As there is a high demand for narrow-body aircraft, the chances of replacing the engine with better performance one are higher but the risk associated (risk of compatibility, payload-carrying capacity, and adequate thrust generation) is also high, making it unsafe, dangerous, and more prone to damage and failure of the entire aircraft.
CFM International, GE Aviation, International Aero Engines, Pratt & Whitney, Rolls-Royce, MTU AERO ENGINES
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook