Aircraft Engine Market to Reach USD 104.65 Billion by (2022-2029)
The companies covered in the aircraft engine market are CFM International SA (Paris, France), Honeywell International Inc. (North Carolina, USA), GE Aviation (Ohio, USA), 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, USA) and other key players
Pune, India, April 21, 2022 (GLOBE NEWSWIRE) — The world aircraft engine market The size is expected to reach USD 104.65 billion by the end of 2029. Increasing investment in technology integration will play a huge role in the growth of the market in the coming years. The presence of several large companies across the globe 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, and COVID-19 Impact Analysis, By Engine Type (Turboprop, Turboshaft, Turbojet & Piston Engine), By Technology (Conventional Engine, Electric/Hybrid Engine), By Component ( compressor, turbine, gearbox, exhaust nozzle, fuel system and others), by platform (commercial and military), by end use (OEM, aftermarket) and regional forecast, 2022-2029. The market was worth USD 45.50 billion and will show a CAGR of 10.89% during the forecast period 2022-2029.
Aircraft engines are products associated with any kind of propulsion system in the aircraft and are the power component of the whole system. These engines are responsible for the performance of the aircraft and are directly proportional to the operating efficiencies of the engine in terms of speed, propulsion, thrust and flight. The massive investments in the development of efficient aero engines will have a massive impact on the growth of the overall aero 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 the manufacturing processes, along with the equipment used on the production side, will bode well for the growth of the market.
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List of companies featured in the report:
CFM International S.A. (Paris, France)
Honeywell International Inc. (North Carolina, USA)
GE Aviation (Ohio, USA)
Rolls-Royce Holdings Plc. (London, UK)
Safran SA (Paris, France)
International Aero Engines AG (Connecticut, USA)
MTU Aero Engines AG (Munich, Germany)
Textron Inc. (Rhode Island, USA)
United Technologies Corporation (Connecticut, USA)
Reduced production rates during Covid-19 pandemic will negatively impact market growth
The recent coronavirus outbreak has created a sense of panic around the world. Given the rise in coronavirus cases and the rapid spread of the disease, governments around the world have been forced to impose strict lockdowns and advise social distancing practices. Efforts to curb the spread of the disease, albeit for the brightest cause, have had a negative impact on this market. The reduction in production rates as well as capacities will prove to be a blow to the entire market in the coming years.
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The growing number of corporate 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 the factors, the growing number of corporate mergers and acquisitions along with collaborations between major companies and organizations has had the greatest impact on the growth of the market. The report focuses on some of the major corporate collaborations of recent times and discusses their impact on the growth of the global aircraft engine market. In November 2019, Rolls Royce announced that it had landed a contract with the US Navy to develop and maintain V-22 Osprey engines. Under this contract, the company will support the V-22 AE1107C at several aircraft production sites. The contract, estimated at approximately $1.2 billion, will indirectly influence the growth of this global market in the years to come.
North America will become dominant; The presence of several large companies will promote the growth of the market
The report analyzes the latest market trends in five major regions, including North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. Among all regions, the North American market is expected to become dominant in the coming years. Product applications have provided the platform for businesses operating in the market. The presence of several large companies will also bode well for the growth of the market in this region. In 2019, the North American market was worth 31.01 billion and this value is expected to increase at a considerable rate in the coming years. The Asia-Pacific market will grow at the highest CAGR in the coming years, driven by increasing aircraft production in several countries in this region.
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Detailed Table of Contents:
Major Industry Developments – Major Contracts and Agreements, Mergers, Acquisitions and Partnerships
Latest technological advances
Analysis of the five forces of carriers
Supply chain analysis
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April 2020 – GE Aviation has announced that it has won a contract with the US Air Force. The contract, worth $707 million, aims to build F110 turbofan fighter jet engines for Slovakia, Taiwan, Bulgaria and Qatar.
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