The increasing personal disposable incomes due to economic development in countries such as China and India, coupled with the swift expansion of the middle-class populace across these countries, is resulting in higher air passengers. It boosts the demand for commercial aircraft. Additionally, the growing defense expenditures across these countries are fueling the product demand. Hence, increasing aircraft deliveries are anticipated to boost the market growth.
The global aircraft engine market size is projected to hit USD 104.65 billion by 2029 and register a CAGR of 10.89% during the forecast period. The swelling commercial aircraft deliveries and rising adoption of fuel-efficient and cost-effective aircraft are anticipated to bolster the market growth.
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Drivers & Restraints-
Aircraft manufacturers and major OEMs are emphasizing the development of fuel-efficient aircraft to cut fuel costs. The increasing fuel prices have led manufacturers to develop cost-effective aircraft. They are also emphasizing the development of lightweight aircraft engines to produce lightweight aircraft. The use of reinforced plastics, carbon fiber, and other lightweight materials is likely to bolster the global aircraft engine market growth.
However, the long life cycle of aircraft engines may restrain the market growth.
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Asia Pacific to Witness Growth Due to Increasing Defense Expenditures
Asia Pacific is anticipated to attain substantial growth in the global aircraft engine market. The rising defense expenditure by the Indian government is likely to fuel the region’s market growth. Furthermore, the increasing air passenger traffic is expected to support the region’s market growth.
North America is projected to emerge dominant in the global aircraft engine market share. The key players present in the region, such as Honeywell International Inc., GE Aviation, and others, are expected to stimulate growth in the region. The increasing defense spending on procuring military helicopters, fighter jets, emergency medical service helicopters, and single-engine aircraft is predicted to amplify the region’s market growth.
Key Players Acquire Contracts to Fortify Revenues
The market is highly fragmented and controlled by a few major companies occupying the largest market shares. GE Aviation is anticipated to lead the market. CFM International SA, Safran SA, Rolls Royce Holdings PLC., and others are amongst the other leading market players who emphasize modernization and adoption of advanced technologies to offer distinct and enhanced product offerings. Recently, in September 2021, Bamboo Airlines awarded GE Aviation a contract for its GEnx engines for Boeing 787-9 aircraft.
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Key Industry Development-
September 2021: Rolls Royce signed a USD 2.6 billion worth contract with the U.S. Air Force to deliver F-130 engines for the B-52 Stratofortress
List of Key Market Players-
- CFM International SA (France)
- Honeywell International Inc. (U.S.)
- GE Aviation (U.S.)
- Rolls-Royce Holdings Plc. (U.K.)
- Safran SA (France)
- International Aero Engines AG (U.S.)
- MTU Aero Engines AG (Germany)
- Textron Inc. (U.S.)
- United Technologies Corporation (U.S.)
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