The aircraft engines market consists of sales of aircraft engines and related services by entities (organizations, sole traders or partnerships) that produce aircraft engines. An aircraft engine is a component of propulsion system that generates mechanical power to run the aircraft. Only goods and services traded between entities or sold to end consumers are included.
Global Aircraft Engines Market Size And Drivers:
The global aircraft engines market is expected to grow from $59.65 billion in 2020 to $67.21 billion in 2021 at a compound annual growth rate (CAGR) of 12.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $91.28 billion in 2025 at a CAGR of 8%. The growing air passenger traffic is expected to propel the growth of the aircraft engine market over coming years.
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Trends In The Global Aircraft Engines Market
The integration of 3D printed parts in aircraft engines is a key trend gaining the popularity in the aircraft engines market. Companies are increasingly using 3D printing technology in aircraft engines as 3D printing-based production for aviation to reduce fuel usage and material costs. In January 2020, GE Aviation has revealed that the first aircraft of its 777X jet, operated by twin GE9X engines, was finished by the American multinational aerospace giant Boeing. More than 300 3D printed components are fitted in GE9X engines. According to General Electric (GE), 3D printing has enabled to create the GE9X engine 10% more fuel efficient than the GE90 engine. Market intelligence company Netscribes estimates that additive manufacturing (AM) techniques will produce global annual revenue of $8.7 billion by 2020.
Global Aircraft Engines Market Segments:
The global aircraft engines market is further segmented –
By Type: Turboprop, Turboshaft, Turbofan, Piston Engine
By Technology: Conventional Engine, Electric/Hybrid
By Platform: Fixed Wing, Rotary Wing
By Application: General Aviation, Business Aviation, Recreational Aviation, Others
By Geography: The global aircraft engines market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Aircraft Engines Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides aircraft engines market overviews, analyzes and forecasts market size and growth for the global aircraft engines market, aircraft engines market share, aircraft engines market players, aircraft engines market segments and geographies, aircraft engines market’s leading competitors’ revenues, profiles and market shares. The aircraft engines market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
