Aircraft Engines Market Scope
An aircraft engine, either a gas turbine or piston engines, is propulsion system meant to propel aircraft. Of late, there has been exceptional growth in air traffic as commercial airlines carried over 4.3 billion air passenger in 2018. The huge influx in air traffic has led to rise in demand for aircraft which puts the onus on aircraft engine manufacturers to provide efficient, light weight and technologically advanced energy efficient engine. Considering the pace with with technology is evolving, there would be major changes in aircraft engine attributed by economic and environmental concerns of fossils fuels.
According to AMA, the Global Aircraft Engines market is expected to see growth rate of 5.34% Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Aircraft Engines market throughout the predicted period.
Rolls-Royce plc [ United Kingdom], GE Aviation [United States], Pratt & Whitney [United States], CFM International [United States], Engine Alliance [United States], IAE International Aero Engines AG [United States], MTU Aero Engines [Germany], Safran [France] and Honeywell Aerospace [United States] are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are United Technologies Corporation [United States], Northrop Grumman [United States], Saturn Aviation [United States], AVIC Commercial Aircraft Engine Co. Ltd [China] and Accurate Automation Corporation [United States].
Segmentation Overview
The study have segmented the market of Global Aircraft Engines market by Type (Turbofan, Turboprop, Turboshaft, Piston Based and Others), by Application (Commercial [Narrow Body Aircraft, Wide Body Aircraft, Very Large Body Aircraft, Regional Aircraft], Business Aviation, Military Aviation and Recreational Aviation) and Region with country level break-up.
On the basis of geography, the market of Aircraft Engines has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Growing Focus on Light Weight Aircraft Engine Manufacturing and Focus on Reducing Number of In-flight Shutdowns and Aborted Take-offs Through Advanced Health Monitoring Technology
Market Growth Drivers:
Increasing Number of Aircraft Orders and Growing Demand for Fuel Efficient Aircraft Engine
Challenges:
High Cost of Emerging Aircraft Manufacturing Technology, Stringent Government Regulation Regarding Aircraft Engine Manufacturing and Export & Import and Existing Backlogs of Aircraft Deliveries
Restraints:
Long Life of Aircraft Engine Affects Replacement Rates and High Cost and Intricate Technology Involved in Engine Manufacturing
Opportunities:
New Aircraft Manufactures in Asia Pacific
Market Leaders and their Expansionary Development Strategies
In October 2019, after an employee consultation period, Rolls-Royce completed the acquisition of the electric and hybrid-electric aerospace propulsion activities of Siemens (formerly the Aircraft division). The timely execution of the announced transaction will help underscore the fit of these activities to our 'champion electrification' strategy and accelerate our ambition to play a major role in aviation's 'Third Age'.
Indian government’s Airline monitoring body, DGCA (Directorate General of Civil Aviation) has imposed new guidelines on on Pratt-powered A320neos amid recent incidents of smoke in the cabin in Pratt & Whitney PW1100G engines deployed in Indigo airline. DGCA has mandated that operators must perform weekly inspections of third-stage LPT blades. boroscope inspection at first oil filte change or A-check is needed for newer engines.
The US Federal Aviation Administration and Europe’s EASA have mandated aircraft governing bodies to limit ETOPS (Extended Range, Twin Engined, Operation, Performance, Standards) to 140 or even 60 minutes from the 330 minutes certified originally amid incidents of 32 Boeing 787s grounded because problems with the Rolls-Royce Trent 1000-C engines.
Key Target Audience
Aircraft Engines Manufacturer such as, Turbofan Engine Manufacturers, Piston Engine Manufacturers, Turboshaft Engine manufacturers, Turboprop Engine Manufacturers, Engines Parts Manufacturers, MRO Service Providers and Engine Distributors, Technology Support Providers, Research Bodies, Aircraft Manufacturers (OEMs), Aircraft Engine MROs and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.