Aircraft engine parts and equipment consist of engine parts, aircraft engines, rotor, avionics systems, fuselage, landing gear, electric and hydraulic control and propeller. Only engines and related components account for approximately 45% of the global aircraft engine parts and equipment market. Canada, U.S., France, Japan and UK are some of the major manufacturers of aircraft engine parts and equipment. The aircraft engine parts and equipment industry has an average level of concentration having two key market players including Airbus and Boeing and holds more than 50% of the overall market share while Boeing dominates the global market especially in the commercial aircraft sector. Aircraft engine parts and equipment comprise of commercial aircrafts including narrow body aircraft and wide body aircraft, military aircrafts including engines and helicopters used in military & defense applications, rotary aircrafts such as helicopters and general aviation including small business planes and jets. Multi engine piston, single engine piston, turbojet or turbofan as well as turboprop are also used in aircrafts.
Increasing demand for commercial and private aircrafts due to increasing population, change in trends in air travel and increasing per capita disposable incomes are some key factors anticipated to fuel the global aircraft engine parts and equipment market over the forecast period. Growth in global economy is, in turn, catalyzing the emergence of middle class people coupled with rapid urbanization. These are some other major aspects accounting for a rapid growth of expansion of aerospace industry, thus fueling the demand for aircraft engine parts and equipment. Moreover, technological advancements coupled with development of innovative trends including M601H-80 Turboprop Derivative Engine II-49 and introduction of G3-R9 II-48 are some other elements projected to surge the global aircraft engine parts and equipment market growth.
Aerospace industry is focusing on developing fuel efficient aircraft engines, to come up with relatively cheaper aircrafts which is further anticipated to boost the market during the forecast period. In addition, recent mergers and collaborations, for example, Etihad with Jet Airways, Eagle Creek Aviation Services, Inc., Avidyne Corporation, Lone Mountain Aviation and Edge Aviation Services is another major concern in the global aircraft engine parts and equipment market and is projected to foster the growth of the global market. However, curtailment in defense disbursement is further projected to hamper the growth of global aircraft engine parts and equipment market over the forecast period. Also, various different factors are expected to pose challenges for the global aircraft engine parts and equipment market including high regulations, complexity of technology, safety and quality requirements, and importance of property safety in diverse sectors such as avionics and aircraft engines. Air Control Pollution Law is another regulatory standard to ensure safety and conservation of the environment.
The aircraft engine parts and equipment market can be segmented on the basis of part type, aircraft type, engine type, application, business structure and region. On the basis of part type, the global aircraft engine parts and equipment market can be segmented into airframe, engine, avionics, systems, landing gear and interior. On the basis of aircraft type, the global aircraft engine parts and equipment market can be segmented into small widebody aircraft, medium widebody aircraft, large widebody aircraft, narrow body, business jets and regional jets. On the basis of application, the global aircraft engine parts and equipment market can be segmented into civil aviation and military & defense aviation. On the basis of business structure, the global aircraft engine parts and equipment market can be segmented into engine systems, integrated aero structures, integrated propulsion systems, transparency systems, wiring systems and other special products.
Some of the major players in the global aircraft engine parts and equipment market include Airbus S.A.S., BAE Systems, American Champion Aircraft Corporation, Bell Helicopter Textron Inc., Kawasaki Heavy Industries, Defense and Space Co, CFM International, Inc, GE Aviation, Fokker Aerostructures B.V., MD Helicopters Inc., Pratt & Whitney International Aero Engines, European Aeronautics, Rolls-Royce, Thales, Zodiac and Safran among others.