Aircraft Engine Industry worth $92.9 billion by 2026

Chicago, July 26, 2023 (GLOBE NEWSWIRE) -- The 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 Global Growth Driver and Industry Forecast to 2026". 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.

Aircraft Engine Industry Dynamics

Aircraft Engine Market Driver: Rising Demand for Fuel-Efficient Aircraft Engines

Airlines are looking forward to aircraft engines that provide greater fuel efficiency. Some emissions caused due to aviation, such as nitrous oxide, can be reduced by engines with greater fuel efficiency. Aircraft size also contributes to the factor of fuel consumption as the bigger the aircraft higher will be the fuel consumption. Therefore, aircraft manufacturers such as Airbus and Boeing tried to produce aircraft structures that are as fuel-efficient as possible.

However, many airlines are still finding smaller body aircraft more fuel-efficient.
Hence, aircraft with smaller twin-engine widebodies like Boeing 787 and Airbus A350 are considered to be more fuel-efficient. As a result, their demand is rising across the aviation industry. Rolls-Royce manufactures engines such as Trent XWB that is dedicated to Airbus A350 aircraft as it provides the best balance. The engine provides features such as best fuel efficiency, longer lifecycle, and reduced weight with greater aerodynamics, which is the key factor for aircraft engines consuming less fuel during operation.

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Aircraft Engine Market Opportunity: Engine Component Manufacturing Challenges

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.

Aircraft Engine Market Restrain: Rising Demand for Zero-Emission Aircraft

According to Fox News, in 2018, United Airlines started printing its inflight magazine on a lighter piece of paper, which helped in reducing the weight of the magazine by 1 ounce. During that period, United Airlines had 744 mainline aircraft with a seating capacity of 210. This initiative helped save 170,000 gallons of fuel for that particular year, which ultimately resulted in profit. The airline industry profit margins are too low, and with the rising demand for aircraft, more than half of the revenue generated goes into fuel. Hence, the alternative to a conventional aircraft engine, which is an electric engine, holds a promise to eliminate the cost of fuel significantly, which will also help in saving the environment as well. Therefore, the rising demand for electric aircraft engines will be an opportunity for aircraft engine manufacturers during the forecast period.

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Aircraft Engine Market Report Scope

By Type, Turbofan Aircraft Engine Type is Projected to Witness a Higher CAGR During the Forecast Period

The major types of aircraft engines commonly used in an aircraft are turboprop, turbofan, turboshaft, and piston engine. The turbofan engine is projected to grow at the highest CAGR due to the rising demand for business jets. The turboprop are also projected to grow owing to the gaining attention among various aircraft as these consume less fuel than other types of engines.

“Browse in-depth TOC on "Aircraft Engine Market Trends, Growth Drivers"­­­­­­­­

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Based on Aircraft Type, Fixed Wing is Projected to Have the Largest Share During the Forecast Period

Based on aircraft type, the aircraft engine market is segmented into fixed-wing, rotary-wing, and unmanned aerial vehicles.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. Some basic examples of unmanned fixed-wing aircraft are kites and gliders, while the examples of fixed-wing aircraft flown by pilots are airplanes and seaplanes. The major components of a fixed-wing aircraft are fuselage, fixed wings, vertical, and horizontal stabilizer, along with the engine and its component. A flying wing aircraft has no tail or definite fuselage. Blended wing bodies have wings that blend into the fuselage which produces more lift and less drag.

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