The global wide-body aircraft engine market size was valued at USD 80 billion in 2019 and is expanding at a CAGR of 3.25% during the forecast period, 2021–2028. The growth of the market is attributed to the increase in the number of air travelers.
Wide-body aircraft, often known as twin-aisle aircraft, often have two or four engines. With the development of turbofan engines and the application of fuel-saving methods, wide-body jet engines have seen a significant transition in recent years. The power component of an aircraft's propulsion system is the engine. All-new engines installed on fixed and rotary-wing aircraft used in military, commercial, and general aviation aircraft projects are included in the research of the aircraft engines market.
However, the worldwide commercial aviation business has been slowed by the emergence of the COVID-19 pandemic. Passenger traffic is expected to resume in 3-4 years, hence orders for new commercial aircraft are expected to be lower in the following three years than they were pre-COVID-19. In addition, when demand for new aircraft fell due to the pandemic in 2020, major aircraft manufacturers reduced their manufacturing rates. Due to the growth of the engine market is reliant on new aircraft orders, demand for new engines in this category will be lower between 2020 and 2022.
Market Trends, Drivers, Restraints, and Opportunities
- The rapid growth of the planned fleet modernization and expansion plans of airlines, aircraft operators, armed forces, and charter operator’s industry are major factors propelling the market expansion during the forecast period.
- Increasing demand for next-generation engines with reduced pollutants and weight, which will improve airplane fuel efficiency are anticipated to fuel the market growth in the coming years.
- Increasing concerns about aircraft engine failure during operation and delivery delays are expected to hamper the market growth during the forecast period.
- R&D investment and technological advancements like additive manufacturing and the use of composite technologies are projected to create lucrative opportunities for the market players.
Market Segment Insights
Turbo fan engine segment is projected to account for) a large market share
In terms of types, the global wide-body aircraft engine market is segmented into turbojet engine and turbo fan engine. The turbo fan engine segment is expected to constitute a key share of the market in the coming years due to the increase in the need for commercial airplanes. On the other hand, the turbojet engine segment is anticipated to expand at a rapid pace during the forecast period due to the high demand for commercial helicopter fleets.
The small and medium wide-body segment is expected to expand) at a significant pace
Based on applications, the global wide-body aircraft engine market is segregated into small and medium wide-body aircraft and large wide-body aircraft. The small and medium wide-body aircraft segment is expected to represent a key share of the market during the forecast period owing to seat more people on local and international flights to minimize operating costs and meet rising customer demand. Additionally, the small and medium aircraft segment has improved wide-body engines and provide a greater return on investment.
Europe is anticipated to dominate the market
Based on regions, the global wide-body aircraft engine market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Europe is anticipated to expand at an impressive or healthy CAGR during the forecast period. The regional market growth can be attributed to the rapid investment in new aircraft with fuel-efficient engines. Additionally, increased domestic and international traffic drives demand for next-generation aircraft that provide better services while lowering operating costs prove to be a major driver for the market in Europe. On the other hand, the Middle East & Africa is expected to exhibit a rapid growth rate in the coming years owing to the excellent technology and production capabilities.
Compititive Landscape
Key players competing in the global wide-body aircraft engine market include GE Aviation, Pratt & Whitney, and Rolls-Royce. Some of these players are investing in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase/enhance their market shares.
About Growth Market Reports:
GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.
Contact:
Growth Market Reports
Phone: +1 909 414 1393
Email: sales@growthmarketreports.com
Web: https://growthmarketreports.com
Follow Us: LinkedIn | Twitter