DUBLIN, April 11, 2023 /PRNewswire/ — The “Aircraft Engines Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global aircraft engines market will grow from $37.21 billion in 2022 to $37.07 billion in 2023 at a compound annual growth rate (CAGR) of -0.4%. The aircraft engines market is expected to grow to $46.32 billion in 2027 at a CAGR of 5.7%.
Major players in the aircraft engines market are General Electric Company, Rolls Royce, Honeywell International, United Technologies Corporation, Safran, International Aero Engines, MTU Aero Engines, Textron, Hindustan Aeronautics, Klimov, Continental Motors Group, United Engine, Motor Sich, AVIC Aircraft, Aero Engine Corporation of China and Barnes Group
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The aircraft engine market consists of sales of aircraft engines of various types such as jet and reciprocating engines to run the aircraft. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
An aircraft engine is a component of a propulsion system that generates mechanical power to run the aircraft. The aircraft engine is propelled by jet fuel, aviation gasoline (Avgas), jet B, and biokerosene.
North America was the largest region in the aircraft engine market in 2022. North America is expected to be the fastest growing region in the forecast period. The regions covered in aircraft engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of aircraft engines on the market are turboprop, turboshaft, turbofan, and piston engines. A turboshaft engine is a type of jet engine that has been optimized to produce shaft power to drive machinery instead of producing thrust. The technology deployed includes conventional engines, electric/hybrid, and is used in fixed-wing, rotary-wing, and by application in general aviation, business aviation, recreational aviation, and others.
The growing air passenger traffic is expected to propel the growth of the aircraft engine market over the coming years. In 2020, total air passenger traffic increased by 19% until August 31, with carriers flying more than 70 lakh passengers during the period following a two-month pause from % until August 31, with carriers flying more than 70 lakh passengers during the period following a two-month pause from May 25th after the re-opening of domestic airline facilities in a graded manner.
In order to meet the increasing air traffic, a number of airlines are revamping their fleet by purchasing new aircraft that create demand for new engines. The International Air Transport Association (IATA) has disclosed that the number of passengers could double in 2037 to 8.2 billion. Therefore, the growing air passenger traffic drives the growth of the aircraft engine market.
The high maintenance cost of aircraft engines is expected to restrict the growth of the aircraft engine market in the coming years. Maintenance of aircraft engines is a step-by-step process consisting of washing and drying components of the jet engine, quality checks of the interiors and exteriors, disassembling of the engine, repair and replacement of any portions, and then reassembly and testing of the engine.
Throughout the process, multiple devices are used to assist trained inspectors, and other creative methods, such as robots, can be implemented for maintenance. Small jet engine revamps cost around $200–$300 thousand per engine. Larger engines will hit $3 million. Therefore, the high maintenance cost of aircraft engines restrains the growth of the aircraft engine market.
The integration of 3D printed parts into aircraft engines is a key trend gaining popularity in the aircraft engine market. Companies are increasingly using 3D printing technology in aircraft engines as well as 3D printing-based production for aviation to reduce fuel usage and material costs. In January 2020, GE Aviation revealed that the first aircraft of its 777X jet, operated by twin GE9X engines, was finished by the American multinational aerospace giant Boeing.
The GE9X engines contain over 300 3D-printed components. According to General Electric (GE), 3D printing has enabled the creation of the GE9X engine, which is 10% more fuel efficient than the GE90 engine. Market intelligence company Netscribes estimates that additive manufacturing (AM) techniques will produce global annual revenue of $8.7 billion in 2020.
In June 2022, Sukhoi, a Russia-based Manufacturer of civil and military aircraft, and Russian Aircraft Corporation (MiG), a Russia-based aerospace and defense company merged with United Aircraft Corporation (UAC), a subsidiary of the Rostec State Corporation. The merger aims to increase UAC’s financial potential, improve administrative and managerial staff efficiency, and reduce non-production costs and debt burden. Rostec State Corporation is a Russia-based involved in assisting Russian industrial product developers and manufacturers.
Key Topics Covered:
1. Executive Summary
2. Aircraft Engines Market Characteristics
3. Aircraft Engines Market Trends And Strategies
4. Aircraft Engines Market – Macro Economic Scenario
4.1 COVID-19 Impact On Aircraft Engines Market
4.2 Ukraine-Russia War Impact On Aircraft Engines Market
4.3 Impact Of High Inflation On Aircraft Engines Market
5. Aircraft Engines Market Size And Growth
5.1. Global Aircraft Engines Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Aircraft Engines Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Aircraft Engines Market Segmentation
6.1. Global Aircraft Engines Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Turboprop
- Turboshaft
- Turbofan
- Piston Engine
6.2. Global Aircraft Engines Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Conventional Engine
- Electric/Hybrid
6.3. Global Aircraft Engines Market, Segmentation By Platform, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Fixed Wing
- Rotary Wing
6.4. Global Aircraft Engines Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- General Aviation
- Business Aviation
- Recreational Aviation
- Others
7. Aircraft Engines Market Regional And Country Analysis
7.1. Global Aircraft Engines Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Aircraft Engines Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/5w3gvl
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