Aircraft Engines Market: Introduction
Aircraft engines are primary propulsion devices that produce the necessary thrust to generate lift for the aircraft to fly. These engines were synonymous in design to reciprocating engines used in automobiles but in the present world, a shift from reciprocating engines to jet engines has been observed. Turbofan engines are the most common type of jet engines used in commercial aircraft, owing to their high bypass ratio and fuel efficiency. Manufacturers of aircraft engines are continuously engaged in innovating such systems in order to reduce the overall weight and improve fuel efficiency and performance.
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Aircraft Engines Market: Dynamics
Air travel has increased considerably over the years. A large chunk of population, with high disposable income, now finds travelling through flights an affordable option, which is pushing airline carriers to increase their fleet size to cater to this demand. This factor is one of the primary factors driving growth of the aircraft engines market as airline carriers are increasingly ordering more and more aircraft. Air pollution caused by the exhaust fumes generated after the combustion of fuel in aircraft engines is a pressing concern acknowledged by government bodies across various economies. Hence, aircraft engine manufacturers are striving to manufacture fuel efficient and less polluting engines.
Aircraft engines are cost intensive products, which can prove to be a challenge for manufacturers and the growth of the aviation industry alike. The market is also dependent on the number of orders placed by airline carriers. High number of orders can strain the productivity of aircraft OEMs, thereby restraining growth of the market over the forecast period. Additionally, highly skilled personnel are required to manufacture as well as maintain aircraft engines, which increases the cost of investment and consequently, acts as a roadblock to the growth of the aircraft engine market.
Aircraft Engines Market: Segmentation
The aircraft engines market can be segmented in a number of ways. Some of the prominent basis of classification being product type, sales channel and application.
On the basis of product type, the market can be segmented into:
- Turbofan
- Turboshaft
- Turboprop
- Piston Based
- Others
On the basis of sales channel, the market can be segmented into:
- Line Fit
- Retro Fit
On the basis of application, the market can be segmented into:
- Commercial Aviation
- Narrow body aircraft
- Wide body aircraft
- Very large body aircraft
- Regional aircraft
- Business Aviation
- Military Aviation
- Recreational Aviation
Aircraft Engines Market: Regional Outlook
The market in North America is poised for above average growth, owing to the increase in the number of passengers travelling on a yearly basis. The presence of a prominent aircraft manufacturer in the region is another driving factor for the growth of the aircraft engine market. The European region also has potential to grow with a healthy rate in the market, owing to the presence of aircraft engine manufacturers in Russia and the U.K. In the Asia Pacific region, China is on the verge of manufacturing its own commercial aircraft to reduce the costs involved in imports. In line with this, China has set up its own aircraft engine manufacturing plant, which is anticipated to boost the production output of aircraft engines in the region. Large number of orders for new aircraft placed by significant carriers of the Middle East & Africa region are also expected to help the aircraft engines market grow further over the forecast period.
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Aircraft Engines Market: Market Participants
Examples of some of the market participants in the global aircraft engines market, identified across the value chain include:
- Continental Motors Group
- Safran Aircraft Engines
- General Electric Co.
- Pratt & Whitney (United Technologies Corporation)
- IAE International Aero Engines AG
- United Engine Corporation
- Rolls-Royce plc
- Motor Sich JSC
- AVIC Aircraft Corporation Ltd.
- Aero Engine Corporation of China
- MTU Aero Engines AG
- Barnes Group Inc.
- Honeywell International Inc.