Yahoo Finance Aeroplane Engines Market Size Will Attain USD 158.5 Billion by 2028 Growing at 7.45% CAGR - Global Aircraft Engine Industry Exclusive Report by Facts & Factors
The global aeroplane engines market size was valued at USD 79.15 billion in 2021 and is expected to surpass USD 158.5 billion by 2028, registering a CAGR of 7.45% during the forecast period (2022- 2028), as highlighted in a report published by Facts & Factors. The key market players listed in the report with their sales, revenues and strategies are General Electric, Textron Inc., IHI Corporation, CFM International, Lycoming Engines, and others.
NEW YORK, US, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Aeroplane Engines Market Size, Share, Growth Analysis Report By Component (Combustor, Mixer, Fan, Turbine, Compressor, and Nozzle), By Engine Type (Turbojet, Turbofan, Piston & Turboprop, and Turboshaft), By End-User (Commercial, and Military), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Aeroplane Engines Market size & share was valued at approximately USD 79.15 billion in 2021. The market is expected to grow above a CAGR of 7.45% and is anticipated to reach over USD 158.5 billion by 2028.”
The report analyzes the aeroplane engines market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global aeroplane engines market.
Aeroplane Engines Market Overview:
An aeroplane engine is a key part of an aeroplane and is used in the propulsion system to help the aircraft move away from the ground in an upward direction. In most cases, aeroplane engines are gas turbines or lightweight piston engines. Different aircraft require different types of engines for proper functioning, which also depends on the end purpose of the aeroplane. There are five main types of aeroplane engines namely: piston, turboprop, turbojet, turbofan, and turboshaft. A piston engine is also called a reciprocating engine or recip, and is an internal combustion engine using more than one reciprocating piston to perform the task of converting pressure in rotational motion.
A turboprop is another version of a jet engine that is further optimized to drive a propeller. Airplanes equipped with these engines are capable of flying at low speeds and burn less fuel. A turbojet engine, as the name suggests is a jet engine and produces thrust by ejecting a gas stream at high energy from the exhaust nozzle. A turbofan produces thrust by combining bypass air and jet core efflux and is a variant of the jet engine.
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Report Scope:
Report Attribute | Details |
Market Size in 2021 | USD 79.15 Billion |
Projected Market Size in 2028 | USD 158.5 Billion |
CAGR Growth Rate | 7.45% CAGR |
Base Year | 2021 |
Forecast Years | 2022-2028 |
Key Market Players | General Electric, Textron Inc., IHI Corporation, CFM International, Lycoming Engines, and others. |
Key Segment | By Component, Engine Type, End-User, and Region |
Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Industry Growth Drivers
The global aeroplane engines market is projected to grow owing to the growing importance of a concrete aerospace infrastructure for an economy to be termed as a developed nation. This is related to the growing population, increasing consumer preference regarding mode of transport, and a rise in the standard of living & disposable income, driving the demand for more and better commercial flights. A lot of new domestic players are emerging in the market to benefit from the increasing potential the aviation sector holds which will further propel the need for propulsion engines.
The global market size may also benefit from the rising investment by governments in aerial defense systems to stay better prepared for the growing political turmoil. For instance, in December 2021, the Israeli government signed a deal worth USD 3 billion with the United States military for buying 12 Lockheed Martin-Sikorsky helicopters along with 2 Boeing planes for refueling purposes. Such collaborations can be witnessed across territories which will have future implications for the global market.
Restraints
Rising political turmoil to restrict the market growth
The rising political turmoil may restrict the global market growth while the growing number of inflight passengers is expected to provide excellent expansion opportunities. Although some challenges during the global market growth trend can be expected owing to the increasing safety standards.
Browse the full “Aeroplane Engines Market Size, Share, Growth Analysis Report By Component (Combustor, Mixer, Fan, Turbine, Compressor, and Nozzle), By Engine Type (Turbojet, Turbofan, Piston & Turboprop, and Turboshaft), By End-User (Commercial, and Military), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/aeroplane-engines-market
COVID-19 Impact Analysis
The global market cap was impacted during the pandemic especially in 2020 since all international borders were closed for commercial operations. Domestic operations were also halted during the 2nd quarter of 2020 however depending on the region, some commercial flights were operational but with heavy restrictions. The aviation industry, in general, was one of the most severely impacted sectors during the pandemic and as per official records, the players in the market will take a few more years to completely recover from the setback.
Key Insights from Primary Research
As per the analysis, the aeroplane engines market is likely to grow above a CAGR of around 7.45% between 2022 and 2028.
The Aeroplane Engines market size was worth around US$ 79.15 billion in 2021 and is estimated to hit approximately US$ 158.5 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
Based on component segmentation, the turbine was predicted to show maximum market share in the year 2021
Based on end-user segmentation, the military was the leading end consumer in 2021.
On the basis of region, North America was the leading revenue generator in 2021.
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Aeroplane Engines Market: Segmentation Analysis
The global aeroplane engines market is segmented based on component, platform, end-user, engine type, and region.
Based on component, the global market segments are combustor, mixer, fan, turbine, compressor, and nozzle. The global market cap is dominated by the turbine segment. The engine of an aircraft in itself is the most expensive part of the flying object, in which turbine blades and the control system contribute heavily to the overall cost. Jet engines are known to cost between USD 10 million to USD 40 million.
Based on end-user, the global market is segmented into commercial and military. Even though the number of commercial flights is more compared to military airplanes, the latter is much more expensive than the former owing to the various specifications and requirements for high-powered engines. As per Statista, in 2019, the cost of operating the aircraft fleet in the US is about USD 49 billion.
Based on engine type, the global market is divided into turbojet, turbofan, piston & turboprop, and turboshaft. The global market generated the highest revenue from the turbofan segment. The Rolls-Royce Trent is one of the most expensive high-bypass turbofans. In 2015, Emirates Airlines signed a deal for 200 units of Trent 900 for a total investment of USD 46 million per engine.
Regional Dominance:
North America is anticipated to generate the highest revenue in the global aeroplane engines market owing to the extremely powerful and well-funded military base along with the increasing investment made by the government for further research & development purposes. The United States has been a major exporter of military-grade aircraft to political allies and other regions constituting a major source of investment in the country. Europe is projected to grow significantly driven by the high export and import rate of aeroplane engines in Germany.
Competitive Players
The report contains qualitative and quantitative research on the global Aeroplane Engines Market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global aeroplane engines market include;
General Electric
Textron Inc.
IHI Corporation
CFM International
Lycoming Engines
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Recent Industry Developments:
In September 2021, the Defense Ministry of India and Tata-Airbus entered a deal worth INR 20,000 to build military aircraft.
In September 2022, Poland signed a deal with South Korea for the import of FA-50 light attack aircraft.
The global aeroplane engines market is segmented as follows:
By Component
Combustor
Mixer
Fan
Turbine
Compressor
Nozzle
By Engine Type
Turbojet
Turbofan
Piston & Turboprop
Turboshaft
By End-User
Commercial
Military
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Rest of Europe
Asia Pacific
China
Japan
India
Southeast Asia
Rest of Southeast Asia
The Middle East & Africa
GCC
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
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