Chicago, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Aircraft Engine Market by Type (Turboprop, Turbofan, Turboshaft, Piston Engine), Platform (Fixed wing, Rotary Wing, UAV), Component(Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System), Technology, and Region 2026", The market is driven by various factors, such as rise in commercial aviation industry, growing narrow-body aircraft type segment and increasing investment in the defense aviation industry.
Aircraft engines and components related to them are some of the most critical components of an aircraft. Hence, manufacturing these components is also a challenge for OEMs and product manufacturers. These products must be manufactured under the regulatory and safety requirements of the aviation industry. So, the engine system has seen some evolution in manufacturing components from high-strength steels and titanium. Companies such as General Electric have invested more in finding technologies that could ease and fasten the process of aircraft engine manufacturing. They now use 3D printers to produce various components of aircraft engines such as fuel nozzles and fuel systems with the help of ceramics. The end process consists of a heat treatment test as components of an engine must withstand temperatures and absorb millions of foot-pounds of kinetic energy on an operation.
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Aircraft Engine Market Report Scope
| Report Metric | Details |
| Estimated Market Size | USD 60.8 Billion |
| Projected Market Size | USD 92.9 Billion |
| Growth Rate | 8.9% |
| Forecast Period | 2021-2026 |
| Market size available for years | 2017–2026 |
| Base year considered | 2020 |
| Forecast units | Value (USD Billion) |
| Segments covered | By Platform, By Type, By Technology, By Component, By Region |
| Geographies covered |
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| Companies covered | Safran SA (France), General Electric Company (US), Rolls Royce (UK), Honeywell International Inc (US) and MTU Aero Engine (Germany) |
“Browse in-depth TOC on "Aircraft Engine Industry"
311 – Tables
49 – Figures
222 – Pages
General Electric Company (US) is the leading player in the aircraft engine market. The company has a global presence and is currently focusing on increasing and gaining clients worldwide, and because of this they have made a partnership with Safran SA (France) by which they are working together in producing aircraft engine with advanced and cutting edge technology. With this partnership, they are targeting towards producing most fuel-efficient aircraft engine, which is the current demand worldwide.
Rolls Royce PLC (UK) is ranked second in the aircraft engine market. The organization has a global chain of customer. The major strength of company revenue generator is the civil aerospace business segment. The company has also focused on developing hybrid aircraft engines which they say will be the demand for the future. They are also focusing on expanding the business in the fastest-growing economies such as China and India. They have also partnered with Infosys (India) in order to develop an R&D service to develop their civil aerospace business segment in the country.
Safran SA (France) is ranked third in the aircraft engine market. The organization has a very strong presence in the European and North American markets. Safran is totally focused on providing its customer with aircraft solution and has divided its business segment into the parts which are aerospace propulsion, equipment, defence and aero system and aircraft interiors. The organization have also partnered with MTU Aero Engines (Germany) in order to make its presence in the European market even more strong.
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The study categorizes the aircraft engine market based on Type, Component, Platform, Technology, and Region.
Aircraft Engines Market By Type
- Turboprop
- Turbofan
- Turboshaft
- Piston Engine
By Component
- Compressor
- Turbine
- Gearbox
- Exhaust System
- Fuel System
- Others
By Platform
- Fixed Wing Aircraft
- Rotary Wing Aircraft
- Unmanned Ariel Vehicles
Technology
- Conventional
- Hybrid
Recent Developments
Safran Helicopter Engines and ST Engineering signed a Memorandum of Understanding (MoU) in February 2022 to perform research on the use of Sustainable Aviation Fuel (SAF) in helicopter engines. The study's goal is to help helicopter operators transition from traditional fossil fuels to SAF.
Embraer, Widere, and Rolls-Royce signed a research cooperation agreement in February 2022 to perform a 12-month study and investigate breakthrough sustainable technologies for regional planes, with an emphasis on building hypothetical zero-emissions aircraft.
What are the key sustainability strategies adopted by leading players operating in the aircraft engine market?
Response:The aircraft engine market is extremely consolidated, with only a few companies controlling the commercial and military aircraft divisions. General Electric Company (through GE Aviation), Raytheon Technologies Corporation (via Pratt & Whitney), Rolls-Royce Holding PLC, Safran SA, and MTU Aero Engines AG are some of the major aviation engines industry companies. The aforementioned companies, as well as joint ventures such as CFM International (GE Aviation and Safran), International Aero Engines (Pratt & Whitney, Japanese Aero Engine Corporation, and MTU Aero Engines), and Engine Alliance (General Electric and Pratt & Whitney), supply engines for major commercial and military aircraft programs.
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