According to a new market research report published by Credence Research “Aircraft Engine Market (By Engine Type: Turboprop, Turbofan, Turboshaft and Piston Engine; By Aircraft Type: Fixed Wing Aircraft and Rotary Wing Aircraft; By End-user: Commercial Aircraft, Military Aircraft and Others) – Growth, Future Prospects, and Competitive Landscape, 2017-2025”, aircraft engine market was valued at US$ 61.72Bn in 2016 and is estimated to grow at a CAGR of 5.3% from 2017 to 2025.
The complete report is available at http://www.credenceresearch.com/report/aircraft-engine-market
Aircraft engines are the main power source which provides the ability to lift and propel the aircraft in the air over the distance. In the past few decades, the term globalization has significantly promoted the passenger and cargo air transport across the different nations. Consequently, the demand for aircraft for different end-use verticals such as passenger aircraft, cargo aircraft and aircraft application for space research and technology has been growing consistently. The demand for aircraft engines has also witnessed a perpetual growth along with the rising demand for new aircraft for different end-use verticals. In addition, the significance of aircraft has played a vital role in the field of Military and defense application. The defense system across the globe are trying to fortify their attack and defense capabilities with ultramodern aircraft. This trend of inculcating advanced aircraft for combats and national securities has also uplifted the market for an aircraft engine.
Aircraft engine market has witnessed immense growth along with the aviation industries in the recent years. With the consistently growing need for aircraft engines, the manufacturers are engaged in the development of more advanced, fuel-efficient powerful and economical engines for aircraft. Along with the fuel efficiency and emission control, manufacturers are also trying to reduce the amount of noise generated by the engine. With breath-taking competition and the race to develop better engines, manufacturers are setting-up new benchmarks for the performance and cost for the aircraft engines. Owing to the aforementioned factors, the overall market for the aircraft engine is expected to grow consistently throughout the forecast period from 2017 to 2025.
Aircraft engine market is a well-established market with a number of international players characterizing the market. Aircraft engine manufacturers are consistently engaged in the development of available aircraft engines by making them more fuel efficient and powerful. Manufacturers are also striving to develop strategic alliances with leading aircraft companies to provide aircraft engines. Major players in the market include General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc., United Technologies Corporation, Pratt & Whitney Division, Snecma S.A, Hindustan Aeronautics Limited, United Technologies Corporation, Safran, The Boeing Company, International Aero Engines AG, Engine Alliance LLC, Extron, Inc. and MTU Aero Engines AG.
- Consistently growing demand for air-transport
- Up-gradation of the existing technology to make the engines more fuel efficient and powerful
- Strategic partnerships and alliance of aircraft engine manufacturers with leading aircraft manufacturing companies to provide aircraft engines
An aircraft engine is the component of the propulsion system for an aircraft that generates mechanical power. Aircraft engines are almost always either lightweight piston engines or gas turbines, except for small multicopter UAVs which are almost always electric aircraft.
In commercial aviation, the major players in the manufacturing of turbofan engines are Pratt & Whitney, General Electric, Rolls-Royce, and CFM International (a joint venture of Safran Aircraft Engines and General Electric). A major entrant into the market launched in 2016 when Aero engine Corporation of China was formed by organizing smaller companies engaged in designing and manufacturing aircraft engines into a new state owned behemoth of 96,000 employees.
In general aviation, the dominant manufacturer of turboprop engines has been Pratt & Whitney. General Electric announced in 2015 entrance into the market. Source: Wikipedia
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