According to a new market research report published by Acute Market Reports “Aircraft Engines Market (By Engine Type: Turboprop, Turbofan, Turboshaft and Piston Engine; By Aircraft Type: Fixed Wing Aircraft and Rotary Wing Aircraft; By Application: Commercial Aircraft, Military Aircraft, and Others) - Growth, Future Prospects, and Competitive Landscape, 2020-2028”, aircraft engines market was valued at US$ 71.92 Bn in 2019 and is estimated to decline to US$ 64.73 Bn in 2020 due to lower demand from the commercial segment. The overall aircraft engines market is expected to further grow at a lower CAGR of 3.2% during the forecast period from 2020 to 2028.
The complete report is available at https://www.acutemarketreports.com/report/aircraft-engine-market
Market Insights:
Aircraft engines are the main power source which provides the ability to lift and propel the aircraft in the air over the distance. In the past few decades, the term globalization has significantly promoted passenger and cargo air transport across different nations. Consequently, the demand for aircraft for different end-use verticals such as passenger aircraft, cargo aircraft, and aircraft application for space research and technology has been growing consistently. However, travel restrictions and lockdowns resulting from the COVID-19 pandemic have led to a significant decline in commercial air travel. Since the demand for aircraft engines from the commercial segment constitutes a large portion, the overall aircraft engines market is expected to witness a significant decline as compared to 2019. Despite the pandemic, the demand for aircraft engines from the military and government applications is expected to remain steady and comparable with pre-COVID-19 figures. In addition, the significance of aircraft has played a vital role in the field of Military and defense application. The defense system across the globe are trying to fortify their attack and defense capabilities with ultramodern aircraft. This trend of inculcating advanced aircraft for combats and national securities has also uplifted the market for an aircraft engine.
The aircraft engine market has witnessed immense growth along with the aviation industries in recent years. With the consistently growing need for aircraft engines, the manufacturers are engaged in the development of more advanced, fuel-efficient powerful, and economical engines for aircraft. Along with fuel efficiency and emission control, manufacturers are also trying to reduce the amount of noise generated by the engine. With breath-taking competition and the race to develop better engines, manufacturers are setting-up new benchmarks for the performance and cost of aircraft engines. Owing to the aforementioned factors, the overall market for the aircraft engine is expected to grow consistently throughout the forecast period from 2020 to 2028.
Competitive Insights:
The aircraft engine market is a well-established market with a number of international players characterizing the market. Aircraft engine manufacturers are consistently engaged in the development of available aircraft engines by making them more fuel-efficient and powerful. Manufacturers are also striving to develop strategic alliances with leading aircraft companies to provide aircraft engines. Major players in the market include General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc., United Technologies Corporation, Pratt & Whitney Division, Snecma S.A, Hindustan Aeronautics Limited, United Technologies Corporation, Safran, The Boeing Company, International Aero Engines AG, Engine Alliance LLC, Extron, Inc. and MTU Aero Engines AG.
Key Trends:
