Aircraft Engines Market (By Type: Turboprop Engine, Turbofan Engine, Turboshaft Engine, Piston Engine; By Application: Commercial Aviation, Military Aviation, General Aviation; By Platform: Fixed Wing, Rotary Wing) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global aircraft engines market is expected to grow at a CAGR of 5.7% over forecast period 2020 to 2027 and to reach value around US$ 109,327.9 Mn by 2027.

An aircraft engine is a part of an aircraft propulsion system, engineered to generate mechanical power. These are powered by jet propulsion or turbine or piston technology. The components involved in aircraft engines include the compressor, turbine, gearbox, exhaust nozzle, and fuel system among others.

Market Dynamics

The increasing aircraft order due to growing air traffic, which is generating demand for new engines, is supporting the market growth. The increasing demand for fuel-efficient engines and developments in newer generation aircraft is adding the market value. Along with this, several airlines are revamping their fleet by procuring new aircraft is another factor contributing to the market value. Moreover, rising concern about aviation emission is likely to create potential opportunities for fuel-efficient and lightweight engines over the forecast period.

On the other side, existing backlogs in deliveries and long life cycle of aircraft engines are some of the factors expected to hinder the growth of the market.

By type, turbofan engine segment accounted for the major share

In 2019, the turbofan engine accounted for the major share in the global market. Turbofan engines are most widely used in commercial and military segments. The increasing commercial aviation segment is supporting the market value. The increasing investment in the military sector of various countries by the government is additionally projected to drive growth.

By Platform, Fixed Wing segment is expected to experience fastest growth

The fixed-wing segment is projected to exhibit the fastest growth during the forecast timeframe from 2020 to 2027. The increasing demand for fixed-wing aircraft across the general aviation, military aviation, and commercial aviation is primarily driving the market growth.

On the basis of application, commercial aviation segment is anticipated to register major CAGR (%)

The commercial aviation segment is projected to experience the fastest growth with major CAGR over the estimated period from 2020 to 2027. The rapidly increasing air traffic owing to the increasing disposable income in developing economies is driving the market value. The increasing replacement of conventional components with the technologically advance components and systems in the commercial aviation sector is further projected to accelerate the market value.

The market research study on “Aircraft Engines Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Aircraft Engines market entailing insights on its different market segments.

Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Aircraft Engines market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Aircraft Engines market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The Aircraft Engines market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.

North America accounted for the major share in the global aircraft engines market

In 2019, North America accounted for the maximum share in the global market. The region is particularly gaining growth because it has the largest fleet of aircraft in the world. Moreover, the Asia Pacific region is projected to exhibit the fastest growth over the forecast timeframe from 2020 to 2027. The increasing number of foreign travelers coupled with the rapidly increasing air traffic in the regional market is supporting the market growth. The changing lifestyle, rapid urbanization, and increasing disposable income are supporting regional market growth.

The players profiled in the report include CFM International SA, General Electric Co., Honeywell International Inc., International Aero Engines AG, MTU Aero Engines AG, Rolls-Royce Holdings Plc., Safran SA, Textron, Inc., and United Technologies Corporation.

Market Segmentation

Market By Type

• Turboprop Engine
• Turbofan Engine
• Turboshaft Engine
• Piston Engine

Market By Application

• Commercial Aviation
• Military Aviation
• General Aviation

Market By Platform

• Fixed Wing
• Rotary Wing

Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa