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.
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.
High Operational cost
High manufacturing cost
High maintenance cost
Growing demand for UAV
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.
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.
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.
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 Wing Position
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 55 Billion|
|Market Size by 2028||US$ 102.49 Billion|
|CAGR||CAGR of 9.3% From 2022 to 2028|
|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
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
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
9. Aircraft Engine Market, By Type
9.4 Piston Engine
10. Aircraft Engine Market, By Wing Position
10.1 Rotary Wing
10.2 Fixed Wing
11. Aircraft Engine Market, By Component
11.3 Exhaust Nozzle
11.4 Fuel System
11.5 Gear Box
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 General Electric Company
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
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
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