Aircraft Engine Market Expected To Grow To $91 Billion in 2025
October 13, 2021
The Business Research Company’s Aircraft Engines Global Market Report 2021 - COVID-19 Impact and Recovery
LONDON, GREATER LONDON, UK, October 13, 2021 /EINPresswire.com/ -- The global aircraft engines market size is expected to grow from $59.65 billion in 2020 to $67.21 billion in 2021 at a compound annual growth rate (CAGR) of 12.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $91.28 billion in 2025 at a CAGR of 8%.
The growing air passenger traffic is expected to propel the growth of the aircraft engine market over the coming years. In 2020, total air passenger traffic increased by 19% until 31 August, with carriers flying more than 70 lakh passengers during the period following a two-month pause from 25 May after the re-opening of domestic airline facilities in a graded manner. In order to meet the increasing air traffic, the number of airlines are revamping their fleet by purchasing new aircraft that create demand for new engines. In 2018, the International Air Transport Association (IATA) has disclosed that the number of passengers could double in 2037 to 8.2 billion. Therefore, the growing air passenger traffic drives the growth of the aircraft engine market.
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TBRC’s global aircraft engines market report is segmented by type into turboprop, turboshaft, turbofan, piston engine, by technology into conventional engine, electric/hybrid, by platform into fixed wing, rotary wing, by application into general aviation, business aviation, recreational aviation, others.
Integration of 3D printed parts in aircraft engines is a key trend gaining the popularity in the aircraft engines market. Companies are increasingly using 3D printing technology in aircraft engines as 3D printing-based production for aviation to reduce fuel usage and material costs. In January 2020, GE Aviation has revealed that the first aircraft of its 777X jet, operated by twin GE9X engines, was finished by the American multinational aerospace giant Boeing. More than 300 3D printed components are fitted in GE9X engines. According to General Electric (GE), 3D printing has enabled to create the GE9X engine 10% more fuel efficient than the GE90 engine. Market intelligence company Netscribes estimates that additive manufacturing (AM) techniques will produce global annual revenue of $8.7 billion by 2020.
Major players covered in the global aircraft engines industry are General Electric Company, Rolls Royce, Honeywell International, United Technologies Corporation, Safran, International Aero Engines, MTU Aero Engines, Textron, Hindustan Aeronautics, Klimov, Continental Motors Group, United Engine, Motor Sich, AVIC Aircraft, Aero Engine Corporation of China, Barnes Group.
Aircraft Engines Global Market Report 2021 - By Type (Turboprop, Turboshaft, Turbofan, Piston Engine), By Technology (Conventional Engine, Electric/Hybrid), By Platform (Fixed Wing, Rotary Wing), By Application (General Aviation, Business Aviation, Recreational Aviation), COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provides aircraft engines market overview, forecast aircraft engines market size and growth for the whole market, aircraft engines market segments, and geographies, aircraft engines market trends, aircraft engines market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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