Industry Background:
Turbofan engine is basically a type of jet engine, which is generally used for aircraft propulsion. Increasing demand for fuel efficient & lightweight aircraft is expected to result in increasing investments on technologically advanced turbofan engines & simultaneously contribute towards the growth of the market. Additionally, with major manufacturers accruing several thousand backlogs of fuel efficient aircraft, which would simultaneously translate into several subsequent years of the production of turbofan engines.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Liebherr (Switzerland), United Technologies (United States), Aero Gearbox International (France), Northstar Aerospace (United States), Safran (France), SKF (Sweden), Triumph (United Kingdom), Honeywell Aerospace (United States), MTU Aero Engines (Germany), IAE International Aero Engines (United States), Engine Alliance (United States) and CFM International (United states) |
This growth is primarily driven by Increasing Demand for New and modernized Aircraft and Airline industry is growing rapidly due to rapid globalization.
Globally, a noticeable market trend is evident Geared Turbofan are trending in the market
Major Manufacturers, such as Liebherr (Switzerland), United Technologies (United States), Aero Gearbox International (France), Northstar Aerospace (United States), Safran (France), SKF (Sweden), Triumph (United Kingdom), Honeywell Aerospace (United States), MTU Aero Engines (Germany), IAE International Aero Engines (United States), Engine Alliance (United States) and CFM International (United states), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Key players are adopting numerous strategy to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnership to adopt certain technologies and acquiring small players to finish competition in the future. As well as investing money in R&D sector to make technical up-gradations in the product.
Key Developments in the Market:
In November 2019, Liebherr-Aerospace got elected for to supply the pneumatic component package for Rolls-Royce’s next-generation business jet engine Pearl 700. Liebherr-Aerospace Toulouse SAS, Toulouse manufactured, serviced and designed both the pneumatic valves and the actuation devices which control pneumatic power around the engine. This helped company to expand its presence in aircraft turbofan market
In December 2021 Pratt & Whitney announced that in 2024 will begin delivering an updated version of its PW1100G geared turbofan (GTF) that the company says has more power and is 1% more fuel efficient than the current variant. The updated turbofan – which P&W calls the GTF Advantage – will generate 4% more thrust at sea level and 8% more at “high and hot airports”, says the company’s GTF chief engineer Tom Pelland.
Regulatory Insights:
The Environmental Protection Agency (EPA) is proposing particulate matter (PM) emission standards and test procedures applicable to certain classes of engines used by civil subsonic jet airplanes such as commercial passenger and freight aircraft and larger business jets. These proposed standards and test procedures match the aircraft engine standards adopted by the United Nations' International Civil Aviation Organization (ICAO) in 2017 and 2020. EPA is proposing to migrate, modernize, and streamline Title 40 Code of Federal Regulations Part 87 to 40 Code of Federal Regulations Part 1031. As part of this update, the EPA is also proposing several technical amendments to align with ICAO.
Influencing Trend:
Geared Turbofan are trending in the market and Technological advancement in the product
Market Growth Drivers:
Increasing Demand for New and modernized Aircraft and Airline industry is growing rapidly due to rapid globalization
Challenges:
Technological advancement has increased product cost and Stringent Regulatory Guidelines
Restraints:
High cost and Availability of the substitutes that works at High Altitudes
Opportunities:
Growing Investments in the Field of Geared Turbofan Engines and Demand for Lightweight Aircraft Engines is increasing rapidly
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Aircraft Turbofan Market
- Analysis about New Entrants in Aircraft Turbofan Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Aircraft Turbofan Study Sheds Light on
The Aircraft Turbofan Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Aircraft Turbofan industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Aircraft Turbofan industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.