Global Aircraft Engines Market: Overview
The global aircraft engines market is foreseen to gain impetus from a swelling count of air passengers traveling across global borders and the resulting increase in air passenger traffic. The demand for aircraft engines could also improve while riding on the replacement of old engines and the adoption of new ones. High focus on improving fuel economy could be another factor enhancing the growth of the market. China and India witnessing an increase in aircraft numbers are foretold to up the demand in the Asia Pacific region.
This report is a compilation of significant market driving factors and restraints studied alongside vital trends and opportunities. The global aircraft engines market is deeply evaluated by the authors, taking into consideration its competitive landscape and other chief aspects.
Global Aircraft Engines Market: Dynamics
The world aircraft engines market is prophesied to gain traction with the rising count of aircraft deliveries in the recent time. While this could be one of the important growth factors for the market, vendors are predicted to be pampered by the growing popularity of new aircraft engines with greater fuel efficiency. Furthermore, the mounting number of aircraft orders could increase the demand in the market. Turbofan may showcase its prominence in the coming years with its rising preference for application in new airlines planned to improve with lightweight, fuel-efficient, and innovative engines.
Global Aircraft Engines Market: Segmentation
The international aircraft engines market is envisaged to be classified as per application and product. In terms of application, the market could see a segmentation into commercial, military, and general. Amongst these, the commercial segment is anticipated to rank higher with a 6.7% CAGR expected to be recorded during the forecast timeframe 2017-2022. It could expand at a US$2.5 bn on an annual basis and put up a dominating absolute growth surpassing that of other segments in the application category.
In terms of type of product, the international aircraft engines market is prognosticated to be segregated into turbofan, turboprop, and turboshaft. The analysts profoundly study all of these segments with the help of revenue, year-on-year (Y-o-Y) growth, and market share comparisons. Their market size and forecast are also projected in the report for the review period between 2012 and 2022.
Regionally, Asia Pacific Excluding Japan (APEJ) is envisioned to grow at a faster rate in the international aircraft engines market. However, North America could be a leading segment, which bagged a US$29.3 bn in 2017. Europe and the Middle East and Africa (MEA) are projected to earn a similar revenue share by the end of 2022. While Latin America could be another region to look at, Japan is forecast to exhibit a sluggish growth in the market.
Global Aircraft Engines Market: Competition
The report sheds light on the company share of key players operating in the worldwide aircraft engines market and also the vendor landscape in general. According to the report, players such as Rolls-Royce plc, GE Aviation, Pratt & Whitney, CFM International, Engine Alliance, IAE International Aero Engines AG, MTU Aero Engines, Safran, and Honeywell Aerospace could make a mark in the market.
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