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Aircraft Engine Market

Aircraft Engine Market By End-User (Commercial Aviation, Military Aviation, Others), By Type (Turboprop, Turbofan, Turboshaft, Piston Engine), By Wing Position (Rotary Wing, Fixed Wing, UAV), By Component (Compressor, Exhaust Nozzle, Gear Box, Turbine, Fuel System) and Regions | Global Market Forecasts 2022-2028

Report Id: SNS/A&D/1215 | May 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Aircraft Engine Market Size was valued at USD 55 billion in 2021 and is expected to reach USD 102.49 billion by 2028, and grow at a CAGR of 9.3% over the forecast period 2022-2028.

Various factors, such as the growing commercial aviation industry and rising demand for fuel-efficient aircraft engines, are driving the market. An aircraft engine is a component of an aircraft's propulsion system that generates mechanical power. Air is drawn in through an inlet at the front of an aircraft engine, compressed by a fan, mixed with fuel, combusted, and then fired out as a hot, fast-moving exhaust at the back, propelling the Aeroplan forward.

Aircraft Engine Market Revenue Graph

The growing demand for more comfortable and time-efficient passenger and cargo transportation drives the growth of this market. The use of aircraft engines in the military sector to combat terrorism, illegal infiltration, drug trafficking, and other threats is also a major driver of the aircraft engine market. However, factors such as high manufacturing and maintenance costs, as well as a lack of production facilities, limit the market's growth.

MARKET DYNAMICS:

KEY DRIVERS:

  • Drug trafficking

  • Illegal infiltration

  • High Operational cost

RESTRAINTS:

  • High manufacturing cost

  • High maintenance cost

OPPORTUNITIES:

  • Growing demand for UAV

  • Electric vehicle

CHALLENGES:

  • Pandemic

  • Maintenance

  • Safety

THE IMPACT OF COVID-19

General Electric Company, Safran SA, Honeywell International Inc, MTU Aero Engine, and Rolls Royce PLC are among the major players in the aircraft engine market. These companies have expanded their operations to North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. COVID-19 has had an impact on their companies as well. According to industry experts, COVID-19 will have an impact on the aviation industry's production and services globally in 2020. The COVID-19 pandemic has had a negative impact on the industrial verticals, resulting in a sudden drop in 2020 aircraft engine orders and deliveries. This is expected to have a short-term negative impact on the aircraft engine market.

By End-user

The aircraft engine market is segmented based on commercial and military aviation

During the aircraft engine market forecast period, the commercial segment is expected to be the largest and fastest-growing segment. The increase can be attributed to the rising demand for technologically advanced engines to replace conventional engines. Furthermore, the growing number of passengers has increased the demand for new commercial aircraft.

The military segment is also expected to contribute significantly to growth, owing to increased military aircraft procurement by the US DoD and the Indian government.

By Type

The conventional aircraft engine segment is expected to grow at the fastest CAGR for the aircraft engine market during the forecast period, based on technology. A traditional aircraft is also known as an aero engine. It is the primary power source for the aircraft's propulsion system. The majority of aircraft engines are either piston engines or gas turbine engines. Some of the most common types of aircraft engines are turboprop engines, turbofan engines, turboshaft engines, and piston engines.

By Wing Position

The aircraft engine market is segmented based on Two types Rotary Wing and Fixed Wing. Because of the increased demand for Aircraft engine market, the rotary-wing segment is expected to grow significantly during the projected period. Aircraft engine are employed for a variety of military purposes, including military logistics, air assault, command and control, and troop transport.

By Component

The turbine is forecasted to grow at the fastest CAGR rate in the aircraft engine market during the expected period. A turbine is a type of rotary engine that extracts energy from a flow of combustion gases. As a result, a turbine converts the kinetic energy of these gases into rotational motion. A turbine in an aircraft engine is made up of a series of blades that allow gases to flow into the turbine and push the blade. This causes a rotational motion, after which the less energetic gases are ejected.

MARKET KEY PLAYERS:

Key players operating in the market include Rolls-Royce Motor Cars Limited, Honeywell International Inc., Safran, and Boeing, United Technologies Corporation-Pratt & Whitney Division, General Electric Company, Snecma S.A, Hindustan Aeronautics Limited, JSC "Klimov"-United engine corporation.

KEY MARKET SEGMENTATION:

By End-user

  • Commercial Aviation

  • Military Aviation

  • Others

By Type

  • Turboprop

  • Turbofan,

  • Turboshaft

  • Piston Engine

By Wing Position

  • Rotary Wing

  • Fixed Wing

  • UAV

By Component

  • Compressor

  • Turbine

  • Exhaust Nozzle

  • Fuel System

  • Gear Box

Aircraft Engine Market Segment Chart

REGIONAL ANALYSIS:

North America is expected to be the largest region of the aviation engine market region at the time of forecasting. An important issue facing North America, which is leading the aircraft engine market due to the rapid growth of the most technologically advanced aircraft engine in the region. In North America, the rise of the manufacturing industry and the growing aerospace and defense aviation industry are encouraging aircraft engine manufacturers to introduce highly advanced and efficient products for a wide variety of aircraft. The growing demand for aircraft engine and the presence of some of the leading players in the market, such as General Electric Company, Honeywell International Inc., Collins Aerospace, and Textron Inc. is expected to drive the aircraft engine market in North America. These players are focused on R&D to grow their product lines and utilize advanced systems, sub-systems, and other components of aircraft engine manufacturing.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Aircraft Engine Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 55 Billion
Market Size by 2028 US$ 102.49 Billion
CAGR CAGR of 9.3% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By End-User (Commercial Aviation, Military Aviation, Others)
• By Type (Turboprop, Turbofan, Turboshaft, Piston Engine)
• By Wing Position (Rotary Wing, Fixed Wing, UAV)
• By Component (Compressor, Exhaust Nozzle, Gear Box, Turbine, Fuel System)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles  Rolls-Royce Motor Cars Limited, Honeywell International Inc., Safran, and Boeing, United Technologies Corporation-Pratt & Whitney Division, General Electric Company, Snecma S.A, Hindustan Aeronautics Limited, JSC "Klimov"-United engine corporation.
DRIVERS • Drug trafficking
• Illegal infiltration
• High Operational cost
RESTRAINTS • High manufacturing cost
• High maintenance cost


Frequently Asked Questions (FAQ) :


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Aircraft Engine Market, By End-user

8.1 Commercial Aviation

8.2 Military Aviation

8.3 Others

 

9. Aircraft Engine Market, By Type

9.1 Turboprop

9.2 Turbofan,

9.3 Turboshaft

9.4 Piston Engine

 

10. Aircraft Engine Market, By Wing Position

10.1 Rotary Wing

10.2 Fixed Wing

10.3 UAV

 

11. Aircraft Engine Market, By Component

11.1 Compressor

11.2 Turbine

11.3 Exhaust Nozzle

11.4 Fuel System

11.5 Gear Box

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2    Canada

12.2.3    Mexico

12.3        Europe

12.3.1    Germany

12.3.2    UK

12.3.3    France

12.3.4    Italy

12.3.5    Spain

12.3.6    The Netherlands

12.3.7    Rest of Europe

12.4        Asia-Pacific

12.4.1    Japan

12.4.2    South Korea

12.4.3    China

12.4.4    India

12.4.5    Australia

12.4.6    Rest of Asia-Pacific

12.5        The Middle East & Africa

12.5.1    Israel

12.5.2    UAE

12.5.3    South Africa

12.5.4    Rest

12.6        Latin America

12.6.1    Brazil

12.6.2    Argentina

12.6.3    Rest of Latin America

 

13. Company Profiles

13.1 General Electric Company

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 Rolls-Royce Motor Cars Limited

13.3 Honeywell International Inc.

13.4 United Technologies Corporation-Pratt

13.5 Whitney Division

13.6 Snecma S.A

13.7 Hindustan Aeronautics Limited

13.8 JSC "Klimov"-United engine corporation

13.9 Safran

13.10 Boeing

 

14. Competitive Landscape

14.1 Competitive Benchmark

14.2 Market Share analysis

14.3 Recent Developments

 

15. Conclusion

 

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.

Secondary Research

Step 2: Primary Research

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