The market is driven by various factors, such as rise in demand commercial aviation industry, growing demand for fuel-efficient aircraft engines and rising investment in the defense aviation sector.
New York, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Engine Market by Type, Platform, Component, Technology And Region - Forecast to 2026" - https://www.reportlinker.com/p04941016/?utm_source=GNW
With increasing operation in the commercial aviation sector across various countries spread across different region along with the rising demand of commercial aircraft will drive the demand for aircraft engine market.Narrow body aircraft are turning out to be an integral part of the commercial airlines industry with countries such as US, China, Israel, Turkey and others are investing heavily in operations related to commercial aircraft industry.
Whereas in the commercial aviation industry boeing in its commercial outlook of 2020 reported that the demand for narrow body aircraft is rising in the growing economic country such as India, China and others. Hence, the increasing operations in commercial aircraft industry will drive the demand for aircraft engine market during the forecast period.
The aircraft engine market includes major players such as Safran SA (France), General Electric Company (US), Honeywell International Inc (US), Rolls Royce PLC (UK), and MTU Aero Engine (Germany).These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected aircraft engines production and services globally in 2020.
Turbofan aircraft engine type is projected to witness a higher CAGR during the forecast period
Based on the type, the turbofan aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. Turbofan engines are much more capable of flying at a higher altitude when compared to other engines, these engines also have a less amount of noise as compared to others, they are the most suitable engine for long-range flights because of their lighter weight.
The fixed-wing segment is projected to witness the highest CAGR during the forecast period
Based on the platform, the fixed-wing aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period.With the increasing demand for commercial aircrafts across regions throughout the industry the demand for aircraft engine is also increasing.
A fixed-wing aircraft generates a forward thrust and is heavier than other aircraft that use wings to generate lift for flying.A fixed-wing aircraft uses forward airspeed to generate the lift.
In a fixed-wing aircraft, the wings are not always static, and the pilot does not always have to fly the aircraft.
The turbine is projected to witness the highest CAGR during the forecast period
Based on the component, the turbine is projected to grow at the highest CAGR for the aircraft engine market during the forecast period.A turbine is a rotary engine that Is used to extract energy from a flow of combustion gases.
So, a turbine harnesses the kinetic energy of these gases and turns them into rotational motion.A turbine in an aircraft engine is composed of a series of blades and allows the flow of gases to enter the turbine which pushes the blade.
This creates a rotational motion after which the gases are ejected which has lesser energy.
Conventional aircraft engine are projected to witness the highest CAGR during the forecast period
Based on technology, the conventional aircraft engine segment is projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period.A conventional aircraft is also referred as aero engine.
It is the major power component for the propulsion system of the aircraft.Majority of the aircraft engines are either piston aircraft engine or a gas turbine aircraft engine.
Some of major types of aircraft engines are turboprop aircraft engine, turbofan aircraft engine, turboshaft aircraft engine and piston aircraft engine.
The North American market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of the aircraft engine market during the forecast period.The key factor responsible for North America, leading the aircarft engine market owing to the rapid growth of the technologically advanced aircraft engine in the region.
In North America, the rise in manufacturing industries and growing aerospace and defence aviation industry is encouraging manufacturers of aircraft engine to introduce technologically advanced and efficient products cross various aircraft type. The increasing demand for aircraft engine and the presence of some of the leading players operating in the market, such as General Electric Company, Honeywell International Inc., Collins Aerospace, and Textron Inc. is expected to drive the aircraft engine market in North America. These players are focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing Aircraft engine.
Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Tier 1–39%; Tier 2–37%; and Tier 3–24%
• By Designation: C Level–35%; Directors–27%; and Others–38%
• By Region: North America–55%; Europe–27%; Asia Pacific–9%; and Rest of the World–9%
General Electric Company (US), Safran SA (France), MTU Aero Engines (Germany), Rolls Royce PLC (UK) and Hoeywell International Inc (US) are some of the leading players operating in the aircraft engine market report.
The study covers the aircraft engine market across various segments and subsegments.It aims at estimating the size and growth potential of this market across different segments based on type, components, platform, technology, and region.
This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons to Buy this Report
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall aircraft engine Market and its segments.This study is also expected to provide region wise information about the end use, and wherein aircraft engine are used.
This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
Read the full report: https://www.reportlinker.com/p04941016/?utm_source=GNW
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