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Global Aircraft Engine Market (2021 to 2026 ) - Rising Demand for Zero-Emission Aircraft Presents Opportunities - ResearchAndMarkets.com

September 23, 2021 GMT

DUBLIN--(BUSINESS WIRE)--Sep 23, 2021--

The “Aircraft Engine Market by Type (Turboprop, Turbofan, Turboshaft, Piston Engine), Platform (Fixed Wing, Rotary Wing, UAV), Component (Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System), Technology, and Region - Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The aircraft engine market size is projected to grow from USD 60.8 billion in 2021 to USD 92.9 billion by 2026, at a CAGR of 8.9% from 2021 to 2026.

The market is driven by various factors, such as the rise in demand commercial aviation industry, growing demand for fuel-efficient aircraft engines and rising investment in the defense aviation sector.

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Turbofan aircraft engine type is projected to witness a higher CAGR during the forecast period.

Based on the type, the turbofan aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. Turbofan engines are much more capable of flying at a higher altitude when compared to other engines, these engines also have less amount of noise as compared to others, they are the most suitable engine for long-range flights because of their lighter weight.

The fixed-wing segment is projected to witness the highest CAGR during the forecast period.

Based on the platform, the fixed-wing aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. With the increasing demand for commercial aircraft across regions throughout the industry, the demand for aircraft engines is also increasing. A fixed-wing aircraft generates a forward thrust and is heavier than other aircraft that use wings to generate lift for flying. A fixed-wing aircraft uses forward airspeed to generate the lift. In a fixed-wing aircraft, the wings are not always static, and the pilot does not always have to fly the aircraft.

The turbine is projected to witness the highest CAGR during the forecast period.

Based on the component, the turbine is projected to grow at the highest CAGR for the aircraft engine market during the forecast period. A turbine is a rotary engine that Is used to extract energy from a flow of combustion gases. So, a turbine harnesses the kinetic energy of these gases and turns them into rotational motion. A turbine in an aircraft engine is composed of a series of blades and allows the flow of gases to enter the turbine which pushes the blade. This creates a rotational motion after which the gases are ejected which has lesser energy.

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Conventional aircraft engines are projected to witness the highest CAGR during the forecast period.

Based on technology, the conventional aircraft engine segment is projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. A conventional aircraft is also referred to as an aero engine. It is the major power component for the propulsion system of the aircraft. The majority of the aircraft engines are either piston aircraft engines or gas turbine aircraft engines. Some of the major types of aircraft engines are turboprop aircraft engines, turbofan aircraft engines, turboshaft aircraft engines, and piston aircraft engines.

The North American market is projected to contribute the largest share from 2021 to 2026.

North America is projected to be the largest regional share of the aircraft engine market during the forecast period. The key factor responsible for North America, leading the aircraft engine market owing to the rapid growth of the technologically advanced aircraft engine in the region. In North America, the rise in manufacturing industries and the growing aerospace and defense aviation industry is encouraging manufacturers of an aircraft engine to introduce technologically advanced and efficient products across various aircraft types. The increasing demand for aircraft engines and the presence of some of the leading players operating 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 focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing Aircraft engines.

Market Dynamics

Drivers

  • Increasing Operations in Commercial Aircraft Industry
  • Rising Demand for Fuel-Efficient Aircraft Engines

Restraints

  • High Cost of Aircraft Engines
  • Engine Component Manufacturing Challenges

Opportunities

  • Rising Demand for Zero-Emission Aircraft
  • Growing Demand of UAVs for Commercial and Military Applications

Challenges

  • COVID-19 Disrupting Operations of the Aircraft Engine Supply Chain
  • Stringent Regulatory Environment for Aircraft Engine Manufacturing and Mro

Companies Mentioned

  • Barnes Group Inc.
  • Collins Aerospace
  • Engine Alliance LLC
  • General Electric Company
  • Honeywell International, Inc.
  • IHI Corporation
  • International Aero Engines
  • Lycoming Engines
  • MTU Aero Engines
  • Pratt and Whitney
  • Rolls-Royce plc.
  • Safran Sa
  • Textron Inc.
  • UEC Aviadvigatel
  • Williams International

For more information about this report visit https://www.researchandmarkets.com/r/udpxbb

View source version on businesswire.com:https://www.businesswire.com/news/home/20210923005730/en/

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SOURCE: Research and Markets

Copyright Business Wire 2021.

PUB: 09/23/2021 11:16 AM/DISC: 09/23/2021 11:16 AM

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