October 13, 2021
As cited by the research report titled ‘Global Aircraft Engine Market Size study, by Type (Turboprop, Turbofan, Turboshaft, Piston Engine), by Component (Compressor, Turbine, Gearbox, Exhaust System, Fuel System, Others), by Platform (Fixed Wing Aircraft, Rotary Wing Aircraft, Unmanned Ariel Vehicles), by Technology (Conventional, Hybrid), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global aircraft engine market was worth USD 55.8 billion in 2020 and is projected to grow with a CAGR of 8.9% during the study period, eventually accumulating USD 101.4 billion by 2027.
Growing product operations in commercial aircraft sector and rising demand for zero-emission aircrafts are the major factors driving global aircraft engine market growth. In addition, augmenting demand of UAVs for military as well as commercial applications is likely to generate lucrative opportunities for the market participants.
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As per Statista, the global UAV market value is anticipated to increase from USD 25.59 billion in 2018 to around USD 70.28 billion by 2029. This in turn is poised to bolster the adoption of aircraft engines to meet the requirements of the military as well as commercial drone applications.
For the record, aircraft engine which is also called aero engine is the power component used in an aircraft propulsion system. Many engines used in aircraft are either piston-based engines or gas turbines. While some use rocket-powered engines and many small UAVs use electric motors.
On the downside, high cost of aircraft engines is likely to hinder the market progression over the estimated timeline of 2021-2027.
Based on type, global aircraft engine industry is segmented into turboshaft, turbofan, turboprop, and piston engine. By component, the marketplace is categorized into compressor, gearbox, turbine, fuel system, exhaust system, and others.
Speaking of platform range, the business space is divided into rotary wing aircraft, fixed wing aircraft, and unmanned ariel vehicles. Moving on to technology ambit, the industry space is classified into conventional, and hybrid.
The geographical analysis of the worldwide aircraft engine industry is studied for the major regions like North America, Asia Pacific, Europe, and Latin America. North America is likely to hold largest market share over the assessment period, owing to rapid development of technologically advanced aircraft engines, expanding manufacturing industries, growing defense aviation & aerospace sector, high concentration of prominent players, and increasing research and development activities in the region.
Leading companies in global aircraft engine industry are Pratt and Whitney, MTU Aero Engines AG, IAE International Aero Engines AG, Textron Inc., Engine Alliance LLC, Honeywell International Inc., Safran S.A., Collins Aerospace, Rolls-Royce plc, and General Electric Company.