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The Worldwide Aircraft Engine Industry is Expected to Reach $92.9 Billion by 2026

·8-min read

Dublin, Sept. 24, 2021 (GLOBE NEWSWIRE) -- The "Aircraft Engine Market by Type (Turboprop, Turbofan, Turboshaft, Piston Engine), Platform (Fixed Wing, Rotary Wing, UAV), Component (Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System), Technology, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The aircraft engine market size is projected to grow from USD 60.8 billion in 2021 to USD 92.9 billion by 2026, at a CAGR of 8.9% from 2021 to 2026. The market is driven by various factors, such as the rise in demand commercial aviation industry, growing demand for fuel-efficient aircraft engines and rising investment in the defense aviation sector.

Increasing operation in the commercial aviation sector across various countries spread across different regions along with the rising demand for commercial aircraft will drive the demand for the aircraft engine market. Narrow-body aircraft is turning out to be an integral part of the commercial airline industry with countries such as the US, China, Israel, Turkey and others are investing heavily in operations related to the commercial aircraft industry. Whereas in the commercial aviation industry Boeing in its commercial outlook of 2020 reported that the demand for narrow-body aircraft is rising in the growing economic country such as India, China and others. Hence, the increasing operations in the commercial aircraft industry will drive the demand for the aircraft engine market during the forecast period.

The aircraft engine market includes major players such as Safran SA (France), General Electric Company (US), Honeywell International Inc (US), Rolls Royce PLC (UK), and MTU Aero Engine (Germany). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected aircraft engines production and services globally in 2020.

Turbofan aircraft engine type is projected to witness a higher CAGR during the forecast period.

Based on the type, the turbofan aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. Turbofan engines are much more capable of flying at a higher altitude when compared to other engines, these engines also have less amount of noise as compared to others, they are the most suitable engine for long-range flights because of their lighter weight.

The fixed-wing segment is projected to witness the highest CAGR during the forecast period.

Based on the platform, the fixed-wing aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. With the increasing demand for commercial aircraft across regions throughout the industry, the demand for aircraft engines is also increasing. A fixed-wing aircraft generates a forward thrust and is heavier than other aircraft that use wings to generate lift for flying. A fixed-wing aircraft uses forward airspeed to generate the lift. In a fixed-wing aircraft, the wings are not always static, and the pilot does not always have to fly the aircraft.

The turbine is projected to witness the highest CAGR during the forecast period.

Based on the component, the turbine is projected to grow at the highest CAGR for the aircraft engine market during the forecast period. A turbine is a rotary engine that Is used to extract energy from a flow of combustion gases. So, a turbine harnesses the kinetic energy of these gases and turns them into rotational motion. A turbine in an aircraft engine is composed of a series of blades and allows the flow of gases to enter the turbine which pushes the blade. This creates a rotational motion after which the gases are ejected which has lesser energy.

Conventional aircraft engines are projected to witness the highest CAGR during the forecast period.

Based on technology, the conventional aircraft engine segment is projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. A conventional aircraft is also referred to as an aero engine. It is the major power component for the propulsion system of the aircraft. The majority of the aircraft engines are either piston aircraft engines or gas turbine aircraft engines. Some of the major types of aircraft engines are turboprop aircraft engines, turbofan aircraft engines, turboshaft aircraft engines,s and piston aircraft engines.

The North American market is projected to contribute the largest share from 2021 to 2026.

North America is projected to be the largest regional share of the aircraft engine market during the forecast period. The key factor responsible for North America, leading the aircraft engine market owing to the rapid growth of the technologically advanced aircraft engine in the region. In North America, the rise in manufacturing industries and the growing aerospace and defense aviation industry is encouraging manufacturers of an aircraft engine to introduce technologically advanced and efficient products across various aircraft types. The increasing demand for aircraft engines and the presence of some of the leading players operating in the market, such as General Electric Company, Honeywell International Inc., Collins Aerospace, and Textron Inc. is expected to drive the aircraft engine market in North America. These players are focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing Aircraft engines.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Aircraft Engines Market
4.2 Aircraft Engines Market, by Component
4.3 Aircraft Engines Market, by Technology
4.4 Aircraft Engines Market, by Type
4.5 Aircraft Engines Market, by Platform
4.6 Aircraft Engines Market, by Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Operations in Commercial Aircraft Industry
5.2.1.2 Rising Demand for Fuel-Efficient Aircraft Engines
5.2.2 Restraints
5.2.2.1 High Cost of Aircraft Engines
5.2.2.2 Engine Component Manufacturing Challenges
5.2.3 Opportunities
5.2.3.1 Rising Demand for Zero-Emission Aircraft
5.2.3.2 Growing Demand of UAVs for Commercial and Military Applications
5.2.4 Challenges
5.2.4.1 COVID-19 Disrupting Operations of the Aircraft Engine Supply Chain
5.2.4.2 Stringent Regulatory Environment for Aircraft Engine Manufacturing and Mro
5.3 COVID-19 Impact on Aircraft Engines Market
5.4 Ranges and Scenarios
5.5 Technology Analysis
5.5.1 Full Authority Digital Engine Control (Fadec)
5.5.2 Predictive Maintenance
5.6 Trends/Disruptions Impacting Customers' Business
5.6.1 Revenue Shift and New Revenue Pockets for Aircraft Engines Market
5.7 Market Ecosystem
5.7.1 Prominent Companies
5.7.2 Private and Small Enterprises
5.7.3 End-users
5.8 Value Chain Analysis
5.9 Porter's Five Forces Model
5.10 Case Study Analysis
5.11 Tariff and Regulatory Landscape

6 Industrial Trends
6.1 Introduction
6.2 Emerging Trends
6.2.1 Hybrid Engines
6.2.2 Ceramic Matrix Composite Technology
6.2.3 Predictive Maintenance
6.2.4 Technological Advancements and Continuous Improvement
6.3 Supply Chain Analysis
6.4 Impact of Megatrends
6.5 Innovations and Patent Registrations, 2012-2020

7 Aircraft Engines Market, by Type
7.1 Introduction
7.2 Turboprop
7.3 Turbofan
7.4 Turboshaft
7.5 Piston Engine

8 Aircraft Engines Market, by Platform
8.1 Introduction
8.2 Fixed Wing
8.2.1 Commercial Aviation
8.2.1.1 Narrow-Body Aircraft (Nba)
8.2.1.1.1 Rising Air Traffic Driving Growth
8.2.1.2 Wide-Body Aircraft (WBA)
8.2.1.2.1 Increasing International Passenger Air Travel
8.2.1.3 Regional Transport Aircraft (Rta)
8.2.1.3.1 Rising Demand for Regional Transport Aircraft in the Us and Asia-Pacific
8.2.2 Business and General Aviation
8.2.2.1 Business Jets
8.2.2.1.1 Increase in Corporate Activities Globally to Drive Demand
8.2.2.2 Light Aircraft
8.2.2.2.1 Advancements in Technology for General Aviation to Drive Demand
8.2.3 Military Aviation
8.2.3.1 Fighter Aircraft
8.2.3.1.1 Growing National Security to Drive the Market
8.2.3.2 Transport Aircraft
8.2.3.2.1 Increasing Use of Transport Aircraft in Military Operations to Drive Demand
8.2.3.3 Special Mission Aircraft
8.2.3.3.1 Growing Defense Spending and Territorial Disputes to Drive Demand
8.3 Rotary Wing
8.3.1 Commercial Helicopters
8.3.1.1 Expanding Applications of Commercial Helicopters
8.3.2 Military Helicopters
8.3.2.1 Advanced Military Helicopters Equipped with Next-Generation Sensors
8.4 Unmanned Aerial Vehicles

9 Aircraft Engines Market, by Component
9.1 Introduction
9.2 Turbine
9.3 Compressor
9.4 Gearbox
9.5 Exhaust System
9.6 Fuel System
9.7 Others

10 Aircraft Engines Market, by Technology
10.1 Introduction
10.2 Conventional
10.3 Hybrid

11 Regional Analysis

12 Competitive Landscape
12.1 Introduction
12.2 Ranking of Leading Players, 2020
12.3 Market Share Analysis of Leading Players, 2021
12.4 Revenue Analysis of Top 5 Market Players, 2020
12.5 Competitive Overview
12.6 Company Product Footprint Analysis
12.7 Company Evaluation Quadrant
12.7.1 Star
12.7.2 Emerging Leader
12.7.3 Pervasive
12.7.4 Participant
12.8 Competitive Scenario
12.8.1 Deals
12.8.2 Product Launches

13 Company Profiles
13.1 Key Players
13.1.1 General Electric Company
13.1.2 Rolls-Royce plc.
13.1.3 Collins Aerospace
13.1.4 Safran Sa
13.1.5 Honeywell International, Inc.
13.1.6 Engine Alliance LLC
13.1.7 Textron Inc.
13.1.8 International Aero Engines
13.1.9 Mtu Aero Engines
13.1.10 Pratt and Whitney
13.1.11 Barnes Group Inc.
13.1.12 Williams International
13.1.13 Uec Aviadvigatel
13.1.14 Ihi Corporation
13.1.15 Lycoming Engines

14 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/f0ghnu

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