Pune, April 18, 2023 (GLOBE NEWSWIRE) -- According to a recent market study by Quince Market Insights, the Global Aircraft Engine Market Size was valued at USD 90,431.9 million in 2022, and is projected to exhibit a CAGR of 9.67% during the forecast period. An aircraft engine is a component of a propulsion system that produces mechanical power. Gas turbines or light piston engines may power aircraft. An aircraft engine is an accessory, other than propellers, which is used in an aircraft.
The growth of the aircraft engine can be attributed to an increase in air passenger traffic during the forecast period. Domestic airlines carried around 70 lakh passengers during that time before gradually resuming operations after a two-month hiatus. As of 2020, the overall number of passengers flying had increased by 19%. Some airlines are replacing the existing fleets with new planes to keep up with the increase in air traffic, which raises the demand for new engines. According to the International Air Transport Association, there will be 8.2 billion travellers globally by 2037. As a result of the increase in air travel, the aircraft engine market is expected to grow.
Download Sample PDF Brochure of Medical Gas Instrument Market Size and Global Analysis with Strategic Insights at: https://www.quincemarketinsights.com/request-sample-10004
Some Significant Market Developments Considered in The Report:
- July 2022 - Safran Group, a French multinational firm, has decided to open MRO facility in Hyderabad. The Safran Group designs, develops, and manufactures rocket engines as well as several pieces of equipment for the aerospace and defense industries. It will make an initial investment of USD 150 million.
- July 2022- Safran has made plans to invest about USD 305 million (300 million Euros) in India.
- April 2021, IHI Corporation has signed the technical collaboration agreement with AVL List GmbH regarding electric turbocharger for fuel cell system.
- January 2021 - GE and Safran are creating cleaner energy aircraft engines that could function with hydrogen and hybrid technologies.
COVID-19 Impact on the Global Aircraft Engine Market
As per the QMI team, the demand for a global aircraft engines has been moderate from the COVID-19 pandemic time. It is anticipated to grow sharply during the analysis period.
The COVID-19 and subsequent lockdowns have harmed the aircraft industry. According to the International Air Transport Association, more than 2 billion people use aircraft as their major mode of transportation each year (IATA). The global air traffic decreased by over 60% in 2020 due to spread of the COVID-19 epidemic. A handful of companies implemented policies that limit non-essential travel to protect their staff. Supply chains have become more sophisticated and important to the competitiveness of many organizations, and remote and flexible working arrangements have been considered.
Military contracts, on the other hand, are unlikely to be affected. While the impacts of the pandemic on domestic and international travel are expected to endure long after the epidemic, the long-term impact of COVID-19 on the growth of the aircraft engine market will most likely be minimal. Nevertheless, because they are so linked and worldwide, they are more vulnerable to a wide range of risks, with more potential sites of failure and less room for error to account for delays and interruptions.
New supply chain technologies have the potential to considerably expand visibility across the whole supply chain, enable increased supply chain agility, and boost supply chain resilience—all while avoiding the normal overhead associated with risk management methods. The COVID-19 has also spurred enterprises to implement digital solutions for fleet efficiency and remote working. OEMs and aircraft manufacturers, for example, are implementing AI for real-time analytics, intelligent scheduling, predictive maintenance, and performance enhancement. The US Air Force fleet and commercial aircraft carrier enterprises are integrating technologies like artificial intelligence (AI) from companies such as C3 AI and Honeywell International Inc. to offer data for timely repair.
Global Aircraft Engine Market Analysis by Region
Based on region, the global aircraft engine market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, Asia Pacific is expected to grow at the highest rate during the forecast period.
Inquiry Before Buying: https://www.quincemarketinsights.com/enquiry-before-buying/enquiry-before-buying-10004
Some Major Findings of the Global Aircraft Engine Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries. An in-depth global aircraft engine market analysis by the segments, along with an analysis of trend-based insights and factors profiles of major market players operating in the market, which include General Electric Company (US), Rolls-Royce Plc (UK), Collins Aerospace (US), Safran SA (France), Honeywell International, Inc (US), UEC Aviadvigatel (Russia), IHI Corporation (Japan), Engine Alliance LLC (US), Textron Inc (US), International Aero Engines (US), MTU Aero Engines (Germany), Pratt and Whitney (US), and Barnes Group Inc (US)
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global aircraft engine market
- Impact of COVID-19 on the global aircraft engine market
Leading Companies & Their Analysis
The market is highly competitive due to the presence of several small and large players. Companies are focusing on strategic collaborations, mergers, and acquisitions to increase their market share and expand their geographical reach. The increasing focus on providing customized solutions to meet the specific needs of customers is also driving the growth of the aircraft engine market. Some prominent players in the global aircraft engine market include:.
- General Electric Company (US)
- Rolls-Royce Plc (UK)
- Collins Aerospace (US)
- Safran SA (France)
- Honeywell International, Inc (US)
- UEC Aviadvigatel (Russia)
- IHI Corporation (Japan)
- Engine Alliance LLC (US)
- Textron Inc (US)
- International Aero Engines (US)
- MTU Aero Engines (Germany)
- Pratt & Whitney (US)
- Barnes Group Inc (US)
Market Segmentation
- By Type (Revenue, USD Million, –2019-2032)
- Turbine/Non-Piston Engine
- Turboprop
- Turbofan
- Turboshaft
- Piston Engine
- Straight or In-Line Piston Engine
- Rotary Piston Engines
- V-Type Piston Engine
- Radical Piston Engine
- Horizontally Opposed Piston Engine
- By Platform (Revenue, USD Million, 2019-2032)
- Fixed Wings
- Rotary Wings
- UAV
- By Component (Revenue, USD Million, 2019-2032)
- Compressor
- Turbine
- Gear Box
- Exhaust Nozzle
- Fuel System
- Fuel Tank
- Fuel Pump
- Fuel Filter
- Fuel Gauge
- Fuel Line
- Fuel Injector
- Electric Control Unit
- By Technology (Revenue, USD Million, 2019-2032)
- Conventional Engine
- Electric/Hybrid Engine
- Regional Outlook (Revenue, USD Million, 2019-2032)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- South Africa
- Rest of Middle East & Africa
- North America
Purchase This Premium Report: https://www.quincemarketinsights.com/insight/buy-now/aircraft-engines-market/smart_report_license
Browse Related Reports:
- Global UAV Market Size was valued at USD 30.23 Billion in 2022, registering a CAGR of 8.5% from 2023 to 2032.
- Global eVTOL Aircraft Market Size was valued at USD 10.41 billion in 2022, registering a CAGR of 13.76% from 2023 to 2032.
- Global Aircraft AFP and ATL Composites Market Size to reach USD 2.76 Billion in 2022 and is expected to exhibit a CAGR of 11.45% over the forecast period 2023 to 2032.
About Quince Market Insights
Quince Market Insights has the most comprehensive collection of market research products and services available on the web. We deliver reports from virtually all major publications and refresh our list regularly to provide you with immediate online access to the world’s most extensive and up-to-date archive of professional insights into global markets, companies, goods, and patterns.
Contact:
Quince Market Insights
Pune, Maharashtra 411028
Phone: APAC +91 706 672 4848 / US +1 208 405 2835 / UK +44 1444 39 0986
Follow US On Twitter | LinkedIn
