Global Fixed Wing Turbine Aircraft Market Segmented by Type and Geography - Opportunities, trends and Challenges (2018 - 2023)
Due to increase in orders from developing and developed nations to increase their aircraft fleet and re-equipment cycles of aging military aircrafts like fighter and bomber aircrafts drives the aviation gas turbine market and is expected to grow at CAGR of 6% during the forecast period.
The numbers of millionaires in the world are rising at a tremendous pace. The number of millionaires in the world increased by more than 13% in 2015, as compared to 2014, taking the total number past 17 million mark. In China alone, the number rose by 25% in 2015, only second to the US. It is projected that the millionaire population would contribute half of the world’s income by 2019. This statistic presents a tremendous opportunity for the players of General Aviation Market, with Asia Pacific Region witnessing huge growth over the forecast period on account of rising number of millionaires and high growth economies of India and China.
The Business Jet Market Currently is a USD21 Billion Market and in the General Aviation Market Business Jets contribute the most revenue and it is this sector which is poised to show one of the fastest growth rates in the future also.. The three broad categories of business jets are Large Cabin, Medium and Small Cabin Jets.
Owing to increased defence expenditures in the Asia Pacific and Middle East region, the market for military turbine aircraft, is expected to rise substantially. India and China especially are ramping up purchases of such aircraft to modernize their fleet, and these markets include those of Middle East offer great opportunities for the military as well as business jet market segment. Both of the segments usually use same platforms; hence an increase in sale of either platform benefits the manufacturer.
Dec 2016: Mitsubishi Hitachi Power Systems, Inc. launched enhanced air-cooled J Series gas turbine M501JAC. This is expected to bring revolutionary change in power generation by providing unparalleled record production during commercial operation with enhanced efficiency and reliability.
Key Players: ATR, Boeing, Bombardier, Embraer, Pilatus, Textron Aviation, Gulfstream among others.
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