The global aircraft engines market is envisioned to develop with the progression of the aircraft manufacturing industry gaining demand on the back of some vital factors. There is a rising requirement for less time-consuming and comfortable travel of passengers and transportation of goods. Although the demand could be more in commercial applications, aircraft engines are projected to gain a high prominence in the military sector countering drug trafficking, illegal infiltration, and terrorism. As for the commercial sector, aircraft engines could be increasingly installed in new commercial aircrafts manufactured at a growing rate to match the pace of the mounting count of airline passengers.
The global aircraft engines market is envisaged to post a CAGR of 6.4% during the forecast period 2017-2024 to reach a valuation of US$92.3 bn by the completion of 2024. In 2017, the market was valued at a US$67.8 bn.
Commercial Application Offers Lucrative Prospects with Outstanding Growth
The world aircraft engines market is prognosticated to be classified into commercial, military, and general as per a classification by application. According to the researchers authoring the report, the commercial market could attract a larger share of 51.5% by the end of 2024. During the course of the forecast period, this market could expand at an absolute growth of US$2.5 bn annually to dominate other segments by application. On the basis of product, the world market is foreseen to be classified into turbofan, turboprop, and turboshaft.
Buyers of the report are anticipated to gain a sound knowledge and understanding about different segments of the world aircraft engines market. The segmentation study presented by the analysts could empower players to secure a strong position in the market through proper planning and research. Each of the segments analyzed in the report are evaluated with the help of comparisons based on revenue, market share, and year-on-year (Y-o-Y) growth.
North America Beats Key Regions, APEJ Outpaces with Speedier Growth
The international aircraft engines market is prophesied to see a segmentation into North America and other major regions such as Asia Pacific Excluding Japan (APEJ) and Europe. Amongst these, North America could take the driver’s seat in the market while clutching a top revenue growth. Experts foretell the regional market to rise at a 7.0% CAGR. APEJ, on the other hand, is predicted to expand at a faster pace and gain 3 basis points (BPS) between 2017 and 2024.
The Middle East and Africa (MEA) could just fall short of matching up its revenue earning with that of Europe by 2024 end. Europe is prognosticated to hold a valuation of US$14.9 bn by the same year. However, on the slower side of the international aircraft engines market could be Japan, which is expected to grow at a CAGR of 5.7%.
The worldwide aircraft engines market could witness the presence of some of the leading players such as Rolls-Royce plc, GE Aviation, Pratt & Whitney, CFM International, Engine Alliance, IAE International Aero Engines AG, MTU Aero Engines, Safran, and Honeywell Aerospace.
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Need for Military Aircrafts to Drive Sales across the Global Aircraft Engine Market
The demand within the global aircraft engines market is treading along an ascending pathway in recent years. There is little doubt about the relevance of using seamless and quality-driven aircraft engines across the aviation industry. The safety and integrity of aircrafts largely depends on the quality of their engines, creating fresh demand within the global market. Government and state authorities closely monitor the manufacturing process of aircrafts, and have also set up dedicated authorities and facilities for overhaul of aircraft engines. Therefore, it is evident that the global aircraft is moving along a lucrative trajectory in recent times. Furthermore, the imposition of safety regulations for aircraft manufacturing has further driven market demand.
- The use of aircrafts in the military and aviation industries has become the primary driver of market demand and expansion. Several defense operations are conducted with the help of high-flying and quality aircrafts, necessitating the use of robust engines. The use of military aircrafts for protecting national critical assets and infrastructure has had a positive impact on the dynamics of growth pertaining to the global aircraft engine market. Moreover, premium flight carriers are also pressing for the use of heavy-duty engines in aircrafts which has also unlocked new opportunities for market growth and expansion.
- Several new aviation companies have emerged across the globe, each coming with their own two cents for improvement to the industry. This has put tremendous pressure on aircraft manufacturers to heed to the highest standards of quality and analysis for engine parts manufacturing. The collaboration of aircraft manufacturers with assembling entities has also boded well for the growth of the global aircraft engines market. Henceforth, the total volume of sales generated across the global aircraft engines market is slated to reach unprecedented heights in the years to follow. It is also worthwhile to note that the global aviation industry has improved by a noticeable chase in recent years.
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