According to Stratistics MRC, the Global Aircraft Engine Market is accounted for $63.05 billion in 2017 and is expected to reach $117.97 billion by 2026 growing at a CAGR of 7.2% during the forecast period.
The growth of this market is mainly driven by increasing air traffic, growing demand for new aircrafts, rising demand for fuel-efficient and light weight engines, huge competition between airline companies, replacement of old engines with new ones, emergence of 3D printed engine components and emergence of aircraft manufacturers in developing regions.
Furthermore, development of next-generation engines is major influencing factor. However high cost related with new technology and environmental hazards are restraining the market growth.
Aircraft engine is the component of the propulsion system for an aircraft that generates mechanical power. Aircraft engines are either lightweight piston engines or gas turbines, except for small multicopter UAVs which are always electric aircraft.
Manufacturers are engaged in developing efficient and sophisticated engines to fulfil the foregoing demands. Moreover, airline companies and engine manufacturers are forming strategic partnerships to design and develop superior and economical engines for different applications.
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By product, turbofan segment is expected to witness higher CAGR during the forecast period due to its significance in fuel efficiency and reliability and increasing demand for these engines by major airlines across the globe. By application, commercial segment dominated the global market for aircraft engine and is expected to see the highest growth during the forecast period owing to increase in aircraft orders.
Moreover, military applications are also expected to grow at a significant growth rate.
Asia Pacific is witnessing strong growth rate, which has triggered by steady growth in air passenger traffic. APAC is witnessing an increase in the demand for energy-efficient aircrafts which drives the replacement of aging aircrafts with technologically advanced ones, which in turn, will provide significant growth opportunities for engine manufacturers in the region.
Some of the key players profiled in the report include CFM International SA ,Engine Alliance LLC ,General Electric Co., Hindustan Aeronautics Limited, Honeywell International Inc., International Aero Engines AG, JSC Klimov, MTU Aero Engines AG,Pratt & Whitney Division Snecma S.A, Rolls-Royce Holdings PLC., Safran SA, Textron, Inc.,The Boeing Company, United Technologies Corporation, Mahindra Aerospace.
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