The "Aircraft Engines Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The global market for aircraft engines is anticipated to register a CAGR of over 5.5%, during the forecast period (2020-2025).
To cater to the growing air traffic, several airlines are revamping their fleet by procuring new aircraft, which is generating demand for new engines. New aircraft programs, like Boeing 777X and COMAC C919 are powered by newer generation engines like GE9X and Leap-1C. Such developments in newer generation aircraft are supporting the growth and development of lightweight, advanced propulsion systems.
Failure of aircraft engine during operation and delay in deliveries are some of the factors hampering the growth of the market. Growing concern over aviation emission may act as an opportunity for fuel-efficient and lightweight engines.
Key Market Trends
Demand is the Highest for Turbofan Engines
Currently, the turbofan segment holds a major share in the aircraft engines market, and may continue to do so during the forecast period. Turbofan engines are most widely used in the commercial and military segment. New aircraft programs, like COMAC C919 and Boeing 777X, which are yet to enter service, are powered by newer generation turbofan engine. In 2018, Boeing and Airbus recorded 806 and 800 aircraft deliveries, respectively. With growing aircraft orders in the commercial aircraft segment, which is majorly dominated by the turbofan engine segment, the turbofan engine segment may register the highest CAGR during 2020-2025.
Asia-Pacific Region will Experience the Highest Growth between 2020-2025
North America has the largest fleet of aircraft in the world. However, with increasing demand for new aircraft in the Asia-Pacific and Middle Eastern countries, Asia-Pacific is anticipated to register the highest CAGR during the forecast period. China and India are expected to be among the major demand generating countries during this period since both these countries are experiencing major growth in their air passenger traffic. Moreover, China is expected to overcome the US fleet size within the next four years, in the commercial aircraft segment. Also, the increasing military spending is bolstering the military aircraft developments and procurements, and growing general aviation fleet in the region is further propelling the growth of the aircraft engine market during the forecast period.
The aircraft engines market in the commercial and military segments is highly consolidated, with the majority of the shares held by General Electric Company, Pratt & Whitney (United Technologies Corporation), Rolls-Royce Holding PLC, and Safran SA. The majority of engines sales of General Electric Company and Safran SA is through CFM International, a joint venture between GE and Safran SA.
The engine manufacturers and OEMs enter into long-term contracts, for providing products and services, thereby, making it difficult for new players to enter the market. However, in the general aviation segment, the market is less concentrated with more players. The significant investment toward R&D of advanced technologies like additive manufacturing and incorporation of AI to increase the production rate is expected to help the players to ramp up their production capacity, thereby, maximize their profits.
Key Topics Covered
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Force Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Engine Type
5.2 Aircraft Type
5.2.1 Commercial Aviation
188.8.131.52 Narrow-body Aircraft
184.108.40.206 Wide-body Aircraft
220.127.116.11 Regional Aircraft
5.2.2 Military Aviation
18.104.22.168 Fighter Jet
22.214.171.124 Transport Aircraft
126.96.36.199 Military Helicopters
5.2.3 General Aviation
188.8.131.52 Business Jet
184.108.40.206 Turboprop Aircraft
220.127.116.11 Piston Engine Aircraft
5.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 United Arab Emirates
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 General Electric Company
6.2.2 Safran S.A.
6.2.3 Rolls-Royce Holding PLC
6.2.4 Pratt & Whitney (United Technologies Corporation)
6.2.5 Honeywell International Inc.
6.2.6 United Engine Corporation (Rostec)
6.2.7 MTU Aero Engines AG
6.2.8 Continental Aerospace Technologies
6.2.9 IHI Corp.
6.2.10 Textron Inc.
6.2.11 Williams International
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/vjkn0r
View source version on businesswire.com: https://www.businesswire.com/news/home/20200515005215/en/
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