Aircraft Engine Market: Current Analysis and Forecast (2022-2028)
Description
Aircraft Engine Market: Current Analysis and Forecast (2022-2028)
Aircraft engines, often called aero engines, are the power components of aircraft propulsion systems. Most aircraft engines are either piston engines or gas turbines, but some are rocket-powered and in recent years many small unmanned aerial vehicles (UAVs) have used electric engines. The rise in military aircraft operations is a prominent factor driving the growth of the aircraft engine market.
The Aircraft Engine Market is expected to grow at a steady rate of around 9% owing to the growing commercial aircraft operations and rise in military aircraft operations. Furthermore, factors such as the rising demand for fuel-efficient aircraft engines, the growing demand for UAVs for commercial and military applications, and the growing military budget all around the globe are also fueling the growth of the aircraft engine market. For instance, according to Air Force Financial Management & Comptroller of the United States, the Air Force budget of USD 156.3 Bn is a 2.3% increase from the level approved for FY21, and the Space Force budget of USD 17.4 Bn is a 13.1% increase from the level adopted for FY21. The Air Force Operations and Maintenance (O&M) budget for fiscal 2022 includes more than USD 2.3 Bn increase from fiscal 2021 committed funding.
Aircraft engines, often called aero engines, are the power components of aircraft propulsion systems. Most aircraft engines are either piston engines or gas turbines, but some are rocket-powered and in recent years many small unmanned aerial vehicles (UAVs) have used electric engines. The rise in military aircraft operations is a prominent factor driving the growth of the aircraft engine market.
The Aircraft Engine Market is expected to grow at a steady rate of around 9% owing to the growing commercial aircraft operations and rise in military aircraft operations. Furthermore, factors such as the rising demand for fuel-efficient aircraft engines, the growing demand for UAVs for commercial and military applications, and the growing military budget all around the globe are also fueling the growth of the aircraft engine market. For instance, according to Air Force Financial Management & Comptroller of the United States, the Air Force budget of USD 156.3 Bn is a 2.3% increase from the level approved for FY21, and the Space Force budget of USD 17.4 Bn is a 13.1% increase from the level adopted for FY21. The Air Force Operations and Maintenance (O&M) budget for fiscal 2022 includes more than USD 2.3 Bn increase from fiscal 2021 committed funding.
- Based on type, the market is classified into turboprop, turbofan, turboshaft, and piston engine. Among these, the turbofan engine is expected to grow at a high CAGR during the forecast period. This is because most modern airliners use turbofan engines because of their high thrust and good fuel efficiency. This type of engine is commonly used on wide-body airliners like the Boeing 747 and the Airbus A300
- On the basis of component, the market is divided into compressors, turbines, gearboxes, exhaust systems, fuel systems, and others. The compressor segment captured a noticeable share of the global aircraft engine market in 2020. The growth of this segment is attributed to the growing demand for turbofan engines. Compressor performance has a large influence on total engine performance and it increases the pressure of the air to create favorable conditions for the combustion and expansion of the hot gases through the turbine
- Based on platform, the market is divided into fixed-wing aircraft, rotary-wing aircraft, and unmanned ariel vehicles. The fixed-wing segment catered to a prominent share of the global aircraft engine market. Flexibility, data security, high speed, and low latency are the most prominent factors driving the growth of this segment. The on-premises deployment provides physical control to the enterprises over the data, it keeps access to critical data limited to the enterprises only
- By technology, the market is segmented into conventional and hybrid. The conventional engine technology segment catered to a significant share of the market in 2020. This is primarily due to the increasing adoption of the conventional engine in most of the present commercial and military aircraft. However, the hybrid engine technology segment is expected to grow at a higher CAGR during the forecast period
- For a better understanding of the market adoption of the aircraft engine industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia-Pacific is anticipated to hold a prominent share of the global aircraft engine market during the forecast period majorly due to the rising defense budget of major economies in the region. This has created the demand for the procurement of military helicopters and fighter jets, which is expected to boost the growth of the market
- Some of the major players operating in the market include General Electric, Rolls-Royce plc, Raytheon Technologies Corporation, Safran, Honeywell International Inc., Textron Inc., International Aero Engines AG, The Williams Companies Inc., MTU Aero Engines AG, Eurojet
Table of Contents
175 Pages
- 1 MARKET INTRODUCTION
- 1.1. Market Definitions
- 1.2. Main Objective
- 1.3. Stakeholders
- 1.4. Limitation
- 2 RESEARCH METHODOLOGY OR ASSUMPTION
- 2.1. Research Process of the Aircraft Engine Market
- 2.2. Research Methodology of the Aircraft Engine Market
- 2.3. Respondent Profile
- 3 MARKET SYNOPSIS
- 4 EXECUTIVE SUMMARY
- 5 GLOBAL AIRCRAFT ENGINE MARKET COVID-19 IMPACT
- 6 GLOBAL AIRCRAFT ENGINE MARKET REVENUE (USD BN), 2020-2028F
- 7 MARKET INSIGHTS BY TYPE
- 7.1. Turboprop
- 7.2. Turbofan
- 7.3. Turboshaft
- 7.4. Piston Engine
- 8 MARKET INSIGHTS BY COMPONENT
- 8.1. Compressors
- 8.2. Turbines
- 8.3. Gearboxes
- 8.4. Exhaust Systems
- 8.5. Fuel Systems
- 8.6. Others
- 9 MARKET INSIGHTS BY PLATFORM
- 9.1. Fixed-Wing Aircraft
- 9.2. Rotary-Wing Aircraft
- 9.3. Unmanned Ariel Vehicles
- 10 MARKET INSIGHTS BY TECHNOLOGY
- 10.1. Conventional
- 10.2. Hybrid
- 11 MARKET INSIGHTS BY REGION
- 11.1. North America Aircraft Engine Market
- 11.1.1. U.S.
- 11.1.2. Canada
- 11.1.3. Rest of North America
- 11.2. Europe Aircraft Engine Market
- 11.2.1. Germany
- 11.2.2. UK
- 11.2.3. France
- 11.2.4. Italy
- 11.2.5. Spain
- 11.2.6. Rest of Europe
- 11.3. Asia-Pacific Aircraft Engine Market
- 11.3.1. China
- 11.3.2. India
- 11.3.3. Japan
- 11.3.4. Rest of Asia-Pacific
- 11.4. Rest of the World Aircraft Engine Market
- 12 AIRCRAFT ENGINE MARKET DYNAMICS
- 12.1. Market Drivers
- 12.2. Market Challenges
- 12.3. Impact Analysis
- 13 AIRCRAFT ENGINE MARKET OPPORTUNITIES
- 14 AIRCRAFT ENGINE MARKET TRENDS
- 15 DEMAND AND SUPPLY-SIDE ANALYSIS
- 15.1. Demand Side Analysis
- 15.2. Supply Side Analysis
- 16 VALUE CHAIN ANALYSIS
- 17 COMPETITIVE SCENARIO
- 17.1. Competitive Landscape
- 17.1.1. Porters Fiver Forces Analysis
- 18 COMPANY PROFILED
- 18.1. General Electric Company
- 18.2. Rolls-Royce Holding PLC
- 18.3. Raytheon Technologies Corp
- 18.4. Safran SA
- 18.5. Honeywell International Inc.
- 18.6. Textron Inc.
- 18.7. International Aero Engines AG
- 18.8. The Williams Companies Inc.
- 18.9. MTU Aero Engine
- 18.10. EuroJet Turbo GmbH
- 19 DISCLAIMER
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