Aircraft Engines Market
Aircraft Engines Market By Product Type (Turbofan, Turboshaft, Turboprop), By Sales Channel (Line Fit, Retro Fit), By Application (Commercial Aviation, Business Aviation, Military Aviation) & By Region - Global Market Insights 2023 to 2033
Analysis of Aircraft Engines Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Aircraft Engines Market Outlook (2023 to 2033)
Aircraft engines are primary propulsion devices that produce the necessary thrust to generate lift for the aircraft to fly. These were synonymous in design with reciprocating engines used in automobiles but in the present world, a shift from reciprocating engines to jet aircraft engines has been observed. Manufacturers are continuously engaged in innovating such systems in order to reduce the overall weight and improve fuel efficiency and performance.
Aircraft engines with compact size and high efficiency are in demand owing to growth in the aviation sector. Although recent years have seen the advent of plastic composites in some areas, these are still predominantly made of metallic components. Where strength and light weight are of the utmost importance, a variety of aluminum and titanium alloys are utilized (structural components, compressor sections, engine frames). When corrosion and high-temperature resistance are required, alloys made of chromium, nickel, and cobalt are employed (combustor and turbine sections). In intermediate sites, a variety of steel alloys are used.
Air transportation has been developing at a fast pace over the last few years and this is directly impacting the market. Presently, the commercial aircraft industry fleet consists of nearly ~28,000 aircraft, with APAC equalling almost the North American market size. This lucrative growth rate is estimated to fuel the demand over the forthcoming years in the global market. Furthermore, with the increasing disposable income, a large chunk of the population is finding air travel an affordable option which is in turn driving the market.
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What are impelling factors driving market growth?
The market is a highly concentrated market, with few small and medium players in the global market. Whereas, a prominent market share is occupied by the top 20 to 30 players in the global market. Furthermore, air pollution caused by the exhaust fumes generated after the combustion of fuel in aircraft engines is a pressing concern acknowledged by government bodies across various economies. Hence, aircraft engine manufacturers are striving to manufacture fuel-efficient and less polluting engines.
The United Nations World Tourism Organization has proven how much travel for tourism purposes has improved globally; in the 1950s, the pinnacle 15 country locations absorbed 98% of all global vacationer arrivals; into the 70’s the share used to be 75%, of the recent millennium it runs into in conformity with much less than 60% or is certain to peruse further. This surely shows the manifestation of our new travel destinations and many of them are among the rising and developing countries. The above factors will open-endedly drive the global aircraft engine market during the forecast period.
Growing air passenger traffic is leading to the rising number of aircraft fleets with more efficient planes. This in turn is estimated to be the major factor driving the growth of the market across the globe. Various emerging regions in aviation traffic are witnessed across the globe and are expected to remain resilient in the coming decade. The economic and income growth in large emerging markets such as China and India has been a primary driver for global GDP growth and also, for air travel.
What factors may deter the growth?
The manufacturers have to face certain challenges in their production. As aircraft engines are the main propulsion system of an aircraft and any negligence during manufacturing can cause a great disaster. Therefore, the demand for durable and efficient is increasing causing intense competition among manufacturers.
The stable growth in global gross domestic product, stronger urge of travel demand from global consumers, and the relatively lower commodity prices such as crude oil, lubricants, etc. is anticipated to drive the commercial aircraft market which in turn will fuel the demand for the global market over the forecast period.
With the growth of the aviation industry and the lesser travel times to any place on the earth, the world has metaphorically become a smaller place. It has also given growth to personal horizons, expanding exponentially to the places, cultures, people, or experiences as travellers can get the right of entry by just booking the flights.
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Safety hazards and control measures
The toxicity of the materials used in aviation engine production and the possibility of exposure are the main health risks. While chromium, nickel, and cobalt are more hazardous metals, iron, titanium, and aluminum are not thought to be particularly toxic metals. The latter three metals' valence states and compounds may be carcinogenic to both humans and animals. Their metallic versions, which are often found in paint pigments and metal finishing baths, are not generally thought to be as dangerous as their ionic counterparts.
Numerous inspection, testing, and quality-control methods are carried out during the production process and on the finished product to ensure the dependability of aviation engines. Radiographic, ultrasonic, magnetic particle, and fluorescence penetrant examination techniques are examples of common non-destructive inspection techniques.
The only two major makers of big passenger airplanes are Boeing and Airbus. The two businesses jointly hold an almost exclusive portion of the global market for large commercial jets. The 7-series of Boeing and the A-series of Airbus airplanes are their well-known brands. These planes include jumbo jets, wide-body planes, and narrow-body planes.
Leading producers of regional and business aircraft are Canadian-based Bombardier and Brazilian-based Embraer. Both of them concentrate on smaller-sized jets. Competition with Boeing and Airbus is challenging on a worldwide basis. However, three more recent suppliers to airlines-Comac in China, Mitsubishi in Japan, and UAC in Russia-are collaborating to develop a number of new wide-body aircraft. They aspire to one day be a serious contender that can challenge Boeing and Airbus' hegemony in the large-jet market.
Examples of some of the market participants in the global market, identified across the value chain include:
- Continental Motors Group
- General Electric Co.
- Pratt & Whitney (United Technologies Corporation)
- IAE International Aero Engines AG
- United Engine Corporation
- Rolls-Royce plc
- Motor Sich JSC
- AVIC Aircraft Corporation Ltd.
- Aero Engine Corporation of China
- MTU Aero Engines AG
- Barnes Group Inc.
- Honeywell International Inc.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
By Product Type :
- Piston Based
By Sales Channel :
- Line Fit
- Retro Fit
By Application :
- Commercial Aviation
- Narrow-body aircraft
- Wide-body aircraft
- Very large-body aircraft
- Regional Aircraft
- Business Aviation
- Military Aviation
- Recreational Aviation
- Commercial Aviation
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
- FAQs -
Air transportation has been developing at a fast pace over the last few years and this is directly driving demand for the market.
Asia Pacific region is likely to become a hub for aircraft engine companies in the forecast period.
One of the main uses of airplane engines is to power longer flights with more fuel-efficient engines in order to cut net carbon emissions by 2050.
The aircraft is now silent and efficient which is considered as new trend in engines of aircrafts.