The global aircraft engine market size is projected to reach USD 85.44 billion by the end of 2027. The increasing investments in technological integration will play a huge role in the growth of the market in the coming years. The presence of several large scale companies across the world will have a huge impact on the growth of the overall market. According to a report published by Fortune Business Insights, titled “Aircraft Engine Market Size, Share & COVID-19 Impact Analysis, By Engine Type (Turboprop, Turboshaft, Turbofan, and Piston Engine), By Technology (Conventional Engine, Electric/Hybrid Engine), By Component (Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System, and Others), By Platform (Commercial and Military), By End-Use (OEM, Aftermarket), and Regional Forecast, 2020-2027”. The market was worth USD 79.93 billion and will exhibit a CAGR of 11.27% during the forecast period, 2020-2027.
Aircraft engines are products that are associated with any type of propulsion system in the aircraft and are the power component for the entire system. These engines are responsible for the performance of the aircraft and are directly proportional to the operating efficacies of the engine with regard to speed, propulsion, thrust, and flight. The massive investments in the development of an efficient aircraft engine will have a massive impact on the growth of the overall aircraft engine market in the coming years.
The presence of several large scale manufacturers will also emerge in favor of the growth of the overall market in the foreseeable future. Technological advancements in manufacturing processes as well as the equipment used in the production side will bode well for market growth.
Reduction in Production Rates during the Covid-19 Pandemic will have a Negative Impact on Market Growth
The recent coronavirus outbreak has created a sense of panic across the world. Accounting to the increasing cases of coronavirus and the rapid spread of the disease, governments across the world have been compelled to impose strict lockdowns and advise social distancing practises. The efforts taken to curb the spread of the disease, although for the brighter cause, have had a negative impact on this market. The reduction in production rates as well as capacities will prove denting to the overall market in the coming years.
Increasing Number of Company Mergers and Acquisitions will have a Massive Global Impact
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions as well as collaborations among major businesses and organizations has made the highest impact on market growth. The report focuses on a few of the major company collaborations of recent times and discusses their impact on the growth of the global aircraft engines market.
In November 2019, Rolls Royce announced that it has bagged a contract from the US Navy for the development and maintenance of the V-22 Osprey engines. Throught this contract, the company will provide support for the V-22 AE1107C at several aircraft production sites. The contract, said to be around USD 1.2 billion, will indirectly influence the growth of this overall market in the coming years.
North America to Emerge Dominant; Presence of Several Large Scale Companies will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The product applications have provided the platform for the companies operating in the market. The presence of several large scale companies will also bode well for the growth of the market in this region. As of 2019, the market in North America was worth 31.01 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific will rise at the highest CAGR in the coming years, driven by the increasing aircraft production in several countries across this region.
List of the Leading Companies Profiled in the Aircraft Engine Market Report are:
- CFM International SA (Paris, France)
- Honeywell International Inc. (North Carolina, United States)
- GE Aviation (Ohio, United States)
- Rolls-Royce Holdings Plc. (London, United Kingdom)
- Safran SA (Paris, France)
- International Aero Engines AG (Connecticut, United States)
- MTU Aero Engines AG (Munich, Germany)
- Textron Inc. (Rhode Island, United States)
- United Technologies Corporation (Connecticut, United States)
April 2020 – GE Aviation announced that it has bagged a contract from the US Air Force. The contract is said to be worth USD 707 million and is aimed at building F110 turbofan fighter aircraft engines for Slovakia, Taiwan, Bulgaria, and Qatar.
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