Yahoo Finance Aircraft Engines Market to Generate $158.46 Billion by 2031: Allied Market Research
Increase in passenger traffic across the globe, rise in infrastructure investment, efforts by regional government to develop indigenous manufacturing capacities, and extensive R&D efforts taken by the global players are the major driving factors for the growth of the global aircraft engines market. Based on region Asia-Pacific held the largest share in 2021, contributing to nearly one-third of the total market share. however, owing to nearly 90% reduction in the global passenger travel, April 2020 was an exceptionally challenging month.
Portland, OR, Aug. 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aircraft engines market garnered $79.10 million in 2021, and is estimated to generate $158.46 billion by 2031, manifesting a CAGR of 7.4% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Aircraft Engines Industry Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $79.10 million |
Market Size in 2031 | $158.46 billion |
CAGR | 7.4% |
No. of Pages in Report | 360 |
Segments covered | Engine Type, Component, End Use, Platform, and Region. |
Drivers | Increase in passenger traffic across the globe |
Rise in infrastructure investment | |
Extensive R&D efforts taken by global players | |
Opportunities | Efforts by regional government to develop indigenous manufacturing capacities |
Restraints | Inefficient supply chain |
Covid-19 Scenario:
Various industries around the globe are being severely affected by the outbreak of the COVID-19 pandemic. The implementation of the global lockdown and stringent travel restrictions led to decrease the number of passengers, thereby hampering the growth of the global aircraft engines market.
Owing to nearly 90% the reduction in the global passenger travel, April 2020 was an exceptionally challenging month.
Manufacturing facilities of aircraft engines were temporarily closed due to factors such as unavailability of raw materials, disruptions in the supply chain and others.
Governments across several nations made social distancing compulsory, which in turn, created shortage of workforce labor for production units.
Nevertheless, the global aircraft engines market has already recovered in the post-pandemic.
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The research provides detailed segmentation of the global aircraft engines market based on engine type, component, end use, platform, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on component, the combustor segment held the highest share in 2021, accounting for more than one-fourths of the global aircraft engines market, and is expected to continue its leadership status during the forecast period. However, the compressor segment is expected to register the highest CAGR of 8.8% from 2022 to 2031.
Based on platform, the fixed wing segment accounted for the highest share in 2021, contributing to more than two-thirds of the global aircraft engines market, and is expected to maintain its lead in terms of revenue during the forecast period. Moreover, the same segment is expected to manifest the highest CAGR of 7.6% from 2022 to 2031. The report also analyzes rotary wing segment.
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Based on engine type, the turbofan engine segment accounted for the highest share in 2021, holding nearly two-fifths of the global aircraft engines market, and is expected to continue its leadership status during the forecast period. However, the turbojet engine segment is estimated to grow at the highest CAGR of 8.2% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly one-third of the total market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 8.0% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading market players of the global aircraft engines market analyzed in the research include General Electric, Rolls Royce, Safaran, Honeywell International Inc, Textron, MTU Aero Engines, Raytheon Technologies, IHI Corporation, MHI, and Lycoming Engines. This report gives an in-depth profile of these key players of the market. These players have adopted product development and product launch as their key development strategies in the aircraft engine industry. Moreover, collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand into different regions.
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