Aircraft Engine Market Overview:
A research team conducted extensive primary and secondary research for the Aircraft Engine market analysis. Secondary research was conducted to supplement existing data, segment the market, calculate total market size, and forecast market size and growth rate.
The passenger aircraft business and the cargo aircraft industry are the two major segments of the commercial aviation industry. Both businesses have seen a fast increase in operations in recent years, which has boosted the commercial aviation industry. The aircraft engine market has experienced a growth as air traffic has increased, but the unforeseen phenomena of Covid-19 have brought the sector to a halt, as demand for aeroplanes as a global form of transportation has decreased globally.
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Growing Autonomous Ariel Vehicles Industry:
Many parts of Europe and North America have seen an increase in the use of autonomous or unmanned aerial vehicles in recent years. Many major industry players, like Rolls-Royce PLC, Honeywell International, and Safran, have been carefully evaluating the capabilities of drones for commercial and military applications in order to make them a safe and efficient ariel vehicle alternative. With the rise in testing operations and the potential demand for these aircraft for higher operational efficiency, Aircraft engine market is expected grow during the forecast period as inceasing demand from unmanned aerial vehicles.
Safran has been researching drone-related technology for some time. Most recently, the business produced an electrical and powerful approach for the drone start-up XSun, where they fueled the drone using solar sensors after receiving a contract for the pre-series drone SX1.2.
Aircraft Engine Market Segmentation:
The Aircraft Engine Market is divided into two categories: Conventional and Hybrid. In 2020, the conventional technology sector had a 71% market share. A conventional aircraft is also known as an aero-engine. It serves as the propulsion system of the aircraft's main power source. Both piston and gas turbine engines make up the vast majority of aircraft engines. Some of the most popular types of aircraft engines include turboprop, turbofan, turboshaft, and piston engines.
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Aircraft Engine Market Key players:
- General Electric Company (US)
- Rolls Royce (UK)
- Honeywell International Inc (US)
- MTU Aero Engine (Germany)
- IAE International Aero Engines AG (US)
- Textron Inc. (US)
- United Technologies Corporation (US)
- Raytheon Technologies Corporation (US)
- Extron Inc. (US)
COVID-19 Impact on Aircraft Engine market:
The COVID-19 outbreak has had a significant impact on the Aircraft Engine market. Due to the global economic downturn and a labour shortage, the development of Aircraft Engine production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits, limiting the growth of the Aircraft Engine market in 2020. However, given the high demand for Aircraft Engine, the market effects of COVID-19 are expected to be transient. The industry is expected to fully recover by early 2021.
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