Global Aircraft Nacelle Systems Market Growth, Trends, and Forecasts, 2019 & 2020-2025 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 14, 2019--
The “Aircraft Nacelle Systems Market - Growth, Trends, and Forecast (2020 - 2025)” report has been added to ResearchAndMarkets.com’s offering.
The market study includes various types of parts and components integrated into the design of aircraft nacelle systems like engine cowling, fan cowl, inlet cowl, thrust reverser, pylon, and exhaust system.
The aircraft nacelle systems market is anticipated to grow at a CAGR of more than 5.5% during the forecast period
Key Market Trends
Turbofan Segment to Experience the Highest Growth During the Forecast Period
The turbofan segment currently holds the highest share of the market and is anticipated to grow at the highest CAGR during the forecast period. The growth in the turbofan segment is anticipated to be propelled by the increase in deliveries of turbofan aircraft in the commercial, military, and general aviation in the years to come. As of August 2019, for commercial aircraft, Airbus and Boeing had recorded aircraft backlogs of 7,172 and 5,730 respectively.
With the OEMs increasing their production rates, the deliveries are anticipated to increase during the forecast period. Also, with the growth of stringent emission standards, the aircraft engine manufactures are developing new engine models that feature higher efficiency, low emissions, and low maintenance costs.
For such developments, the size and structure of the nacelle might likely change. For instance, the GE9X engine for B777X aircraft is the most powerful and largest commercial jet engine. The engine is housed within a 14.5-foot wide nacelle, which is about the same size as a Boeing 737 fuselage. Additionally, the players in the market are expanding their facilities and resources to keep up with the high production rates.
For instance, Safran invested approximately EUR 10 million in 8,000 square meter nacelle integration plant for the Airbus A320neo. The company plans to assemble and integrate some 400 nacelles per year on LEAP-1A engines powering the Airbus A320neo by 2020. Such plans are expected to further boost the sales of nacelles during the forecast period.
Asia-Pacific Region is Expected to Generate the Highest Demand During the Forecast Period
Asia-Pacific region is expected to generate the highest demand for the aircraft nacelle systems market during the forecast period. This increasing demand is mainly due to the increasing orders and deliveries of new aircraft, propelled by ever-growing passenger traffic in the region. The passenger traffic grew by 130.30%, 117.01%, 76.75%, 73.31% and 40.91% in Vietnam, India, Thailand, China, and Indonesia respectively during the period of 2013-2018.
IATA projected that China will replace the United States as the world’s largest aviation market (in terms of air passenger traffic) in the mid-2020s, India will take 3rd position surpassing the United Kingdom around 2024, and Indonesia to become the 4th largest aviation market by 2030.
With such huge potential in the market, the aircraft OEMs are making strategic expansion plans to increase their penetration into the region, which in turn will support the growth of the aircraft nacelles market. Furthermore, the region is the second-largest military spender after the North America region. With political and geographical tensions in the region, the countries are expanding their military capabilities. The military modernization plans to replace the aging aircraft are anticipated to support the sales of transport aircraft, which in turn, will drive the market for nacelle systems in the years to come.
The prominent players in the aircraft nacelle systems market are United Technologies Corporation, Safran SA, GKN Aerospace, GE Aviation, and Bombardier Inc. These companies are majorly into the manufacturing of engine nacelles for engine programs of various aircraft OEMs like Airbus, Boeing, Embraer, Dassault Aviation, etc.
There are also many component providers in the market, that support the nacelle manufacturers. Some of the prominent players are Spirit AeroSystems Inc., Triumph Group, Aernnova Aerospace, Barnes Aerospace, and Standex International Corporation. The market of aircraft nacelles is highly competitive with the major players partnering with the aircraft engine providers.
This poses a threat to new market entrants. Additionally, the engine providers are moving towards electric architecture and the use of 3D printing technology in engines, which will simultaneously generate demand for new structures of nacelles to cater to the developments in the engine without affecting the aircraft performance.
For more information about this report visit https://www.researchandmarkets.com/r/vt4vzv
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INDUSTRY KEYWORD: TRANSPORT AIR
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 11/14/2019 07:25 AM/DISC: 11/14/2019 07:25 AM