Global Aircraft Engines Market to be Driven by Increase in Technological Advancements to Improve Fuel Efficiency during the Forecast Period 2021-2026
Expert Market Research’s new report titled ‘Global Aircraft Engines Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global Aircraft Engines Market, assessing the market based on its segments such as engine type, aircraft type, wing type, and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
Note 1: For an overview of primary and secondary market data (2016-2026), along with business strategies and detailed market segmentation, please click on the sample demand report. The sample report will be delivered to you within 24 hours.
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Key highlights of the report include:
Market Overview (2016-2026):
- Historical market size (2020): USD 80.6 billion (demand for commercial aircraft engines)
- Forecasted market size (2026): USD 85.2 billion (demand for commercial aircraft engines)
The demand for more comfortable and less time-consuming passenger and freight transport is driving the growth of this industry. The military’s use of aircraft engines to combat terrorism, illegal infiltration, drug trafficking and other threats is also a major driver of the aviation engine industry. However, high manufacturing and maintenance costs, as well as the lack of production facilities, limit the expansion of the market.
Industry definition and major segments
In the aviation propulsion system, aircraft engines are the primary power generators. By drawing in air through an inlet, compressing it, combining it with fuel and burning it, they provide mechanical power and lift. The rocket is propelled by the hot, fast gas ejected through the exhaust. Manufacturers are constantly making technological breakthroughs to increase fuel efficiency and performance in response to growing global demand and growing environmental concerns.
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On the basis of engine type, the market is segmented into:
- Piston engine
Based on wing type, the market is split into:
The industry, on the basis of aircraft type, is classified into:
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Based on regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
4 Latin America
5 Middle East and Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
An aviation engine is a component of the aircraft’s propulsion system that generates mechanical power. Air is drawn in forward through an inlet, compressed by a fan, combined with fuel and burned, then blown out the rear as a hot, fast exhaust, propelling the aircraft forward. The demand for more comfortable and less time-consuming passenger and freight transport is driving the growth of this industry. The military’s use of aircraft engines to combat terrorism, illegal infiltration, drug trafficking and other threats is also a major driver of the aviation engine industry. However, high manufacturing and maintenance costs, as well as the lack of production facilities, limit the expansion of the market. Next-generation passenger aircraft can travel longer distances thanks to technological developments. While airlines want to buy such planes for their fleets, players are focusing on improving the fuel efficiency of passenger planes while expanding their range. With a positive view of regional and global air traffic figures in the past, some airlines have already placed aircraft orders in recent years to increase their fleet size and tailor their services to more passengers. Due to growing demand for domestic air travel in developing economies, the Asia-Pacific region is expected to grow the most during the projection period. Due to a sharp decline in passenger travel, the COVID-19 pandemic has had a significant impact on airline revenues in the region.
Main market players
The major market players are Honeywell International Inc., Safran Group, General Electric Company, Rolls-Royce plc, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the globe, our analysts are continuously monitoring the impact of this rapidly evolving situation on markets and consumer buying behaviors. Thus, our latest estimates and analysis on current market trends and forecasts will comprehensively reflect the effects of this emerging pandemic.
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