Aircraft Engines Market Updates : Projected to Surpass USD 158.46 โฏBillion by 2031
Aircraft Engines Market
By engine type, the turbojet engines segment is expected to witness the highest growth rate within the forecast period.
WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, May 3, 2024 /EINPresswire.com/ -- The global ๐๐ข๐ซ๐๐ซ๐๐๐ญ ๐๐ง๐ ๐ข๐ง๐๐ฌ ๐๐๐ซ๐ค๐๐ญ was valued at $79.10 billion in 2021, and is projected to reach $158.46 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031. Increase in passenger traffic across the globe, rise in infrastructure investment, efforts by regional government to develop indigenous manufacturing capacities, and extensive R&D efforts taken by the global players are the major driving factors for the growth of the global aircraft engines market.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/request-sample/2461
The aircraft engine market holds a great potential over the coming years backed by rise in inflight passengers across the globe, aircraft modernization contracts on commercial as well as military verticals, development of infrastructure related to aviation industry, and R&D practiced by global players to improve fuel efficiency of aircraft engines and reduce overall carbon footprint. The post pandemic situation where individuals across the globe are more inclined toward traveling and returning to their normal routine, aviation industry is experiencing a business surge. The total number of passenger across the globe surged by 65% between January to April 2022, as compared to 2021, followed by increase in airline seat capacity by 32%.
๐๐ก๐ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ฉ๐ซ๐จ๐๐ข๐ฅ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐
๐๐๐ซ๐ง๐๐ฌ ๐๐ซ๐จ๐ฎ๐ฉ ๐๐ง๐, ๐๐ ๐ ๐๐ง๐ญ๐๐ซ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ, ๐๐๐ฑ๐ญ๐ซ๐จ๐ง ๐๐ง๐, ๐๐๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐ฒ๐๐จ๐ฆ๐ข๐ง๐ ๐๐ง๐ ๐ข๐ง๐๐ฌ, ๐๐ง๐ ๐ข๐ง๐ ๐๐ฅ๐ฅ๐ข๐๐ง๐๐, ๐๐๐๐ซ๐๐ง, ๐๐๐ฒ๐ญ๐ก๐๐จ๐ง ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐๐ฌ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐, ๐๐๐, ๐๐จ๐ฅ๐ฅ๐ฌ-๐๐จ๐ฒ๐๐ ๐ฉ๐ฅ๐, ๐๐๐ง๐๐ซ๐๐ฅ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐, ๐๐ฎ๐ซ๐๐ฏ๐ข๐ ๐๐ง๐ ๐ข๐ง๐๐๐ซ๐ข๐ง๐ & ๐๐ฎ๐ฉ๐ฉ๐ฅ๐ฒ ๐๐จ. ๐๐ญ๐., ๐๐จ๐ง๐๐ฒ๐ฐ๐๐ฅ๐ฅ ๐๐ง๐ญ๐๐ซ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐., ๐๐๐ ๐๐๐ซ๐จ ๐๐ง๐ ๐ข๐ง๐๐ฌ ๐๐
Factors such as increase in passenger traffic across the globe, rise in infrastructure investment, efforts by regional government to develop indigenous manufacturing capacities, and extensive R&D efforts taken by global players to improve operational efficiency of an aircraft engine and reduce overall carbon footprint. The manufacturing and supply chain industry is expected to is expected to play a major role in defining the market consolidation of aircraft engine. With respect to current Russia and Ukraine war, major aircraft engine manufacturers such as Boeing, General Electric, Rolls Royce, and CFM international have withdrawn from the Russian market. These players are actively looking for new raw material suppliers from Africa, Asia-Pacific, or North America regions in effort to reduce their depends from Europe.
๐๐ฎ๐ฒ ๐๐จ๐ฐ ๐ญ๐ก๐ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/checkout-final/71a6b93974322761ece62206c5c1e315
Integration of new design and manufacturing technologies such as additive manufacturing and laser sintering is anticipated to play a defining role within the forecast timeframe. Adoption of these technologies is expected to is anticipated to significantly reduce the research, development, & testing cost, along with allowing engineers to explore more aggressive and complex designs, which were impossible to manufacture using conventional processes. While research, development, and design seems to be the initial phase of shift in dynamics of aircraft engine market, major industry players have aligned themselves to gain legal approval to integrate additive manufacturing processes. For instance, in March 2022, GE Aviation announced to have been approved to use additive manufacturing technology to develop commercial jet engine components at its Loyang facility in Singapore. The approval is expected to is expected to allow company to explore more application in similar directions while limiting their operational cost.
Based on component, the combustor segment held the highest share in 2021, accounting for more than one-fourths of the global aircraft engines market size, and is expected to continue its leadership status during the forecast period. However, the compressor segment is expected to register the highest CAGR of 8.8% from 2022 to 2031.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
By engine type the aircraft engine, component, end use, and platform. By engine type, it is categorized into piston & turboprop engine, turbojet engine, turboshaft engine, and turbofan engine. Depending upon component, the aircraft engine market share is fragmented into fan, compressor, combustor, turbine, mixer, and nozzle. By end use, it is divided into commercial and military. The platform segment is bifurcated into fixed wing and rotary wing. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on engine type, the turbofan engine segment accounted for the highest share in 2021, holding nearly two-fifths of the global aircraft engines market, and is expected to continue its leadership status during the forecast period. However, the turbojet engine segment is estimated to grow at the highest CAGR of 8.2% during the forecast period.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎโ๐ซ๐ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/2461
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly one-third of the total market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 8.0% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
๐๐๐ ๐ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐
By engine type, the turbojet engine segment leads the market during the forecast period.
By component, the compressor segment leads the market during the forecast period.
By platform, the fixed wing segment is expected to grow at lucrative growth rate during the forecast period (2022-2031).
By end use, the commercial aviation segment leads the market during the forecast period.
Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
๐๐ก๐๐๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ ๐ซ๐๐ฅ๐๐ญ๐๐ ๐ฌ๐ญ๐ฎ๐๐ข๐๐ฌ ๐ฉ๐ฎ๐๐ฅ๐ข๐ฌ๐ก๐๐ ๐๐ฒ ๐๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก:
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David Correa
Allied Market Research
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