PORTLAND, ORAGON, UNITED STATES, August 28, 2022 /EINPresswire.com/ — The global aircraft engines market was valued at $79.10 billion in 2021, and is projected to reach $158.46 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.
Aircraft engine refers to the component of an aircraft that offers thrust to an aircraft during taxing or the course of flight. The major components of an aircraft engine encompass fan, compressor, combustor, turbine, mixer, and nozzle. Each component plays a crucial role in aircraft engine. The fan ensures required air intake for an aircraft engine, followed by compressor, which compresses the inlet air and rise the temperature & pressure. The jet fuel is introduced in the combustion chamber along with the compressed air.
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Factors such as increase in passenger traffic across the globe, rise in infrastructure investment, efforts by regional government to develop indigenous manufacturing capacities, and extensive R&D efforts taken by global players to improve operational efficiency of an aircraft engine and reduce overall carbon footprint. The manufacturing and supply chain industry is expected to is expected to play a major role in defining the market consolidation of aircraft engine. With respect to current Russia and Ukraine war, major aircraft engine manufacturers such as Boeing, General Electric, Rolls Royce, and CFM international have withdrawn from the Russian market. These players are actively looking for new raw material suppliers from Africa, Asia-Pacific, or North America regions in effort to reduce their depends from Europe.
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The aircraft engine market is segmented on the basis of engine type, component, end use, and platform. By engine type, it is categorized into piston & turboprop engine, turbojet engine, turboshaft engine, and turbofan engine. Depending upon component, the market is fragmented into fan, compressor, combustor, turbine, mixer, and nozzle. By end use, it is divided into commercial and military. The platform segment is bifurcated into fixed wing and rotary wing. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Companies have adopted product development and product launch as their key development strategies in the aircraft engine industry. Moreover, collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand into different regions. The key players that operate in the aircraft engine market are General Electric, Rolls Royce, Safaran, Honeywell International Inc, Textron, MTU Aero Engines, Raytheon Technologies, IHI Corporation, MHI, and Lycoming Engines among others.
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The sudden outbreak of COVID-19 in 2019, imposition of global trade and travel restriction in 2020 and 2021, followed by the Ukraine-Russia war in 2022 has posed a notable amount of challenges in business operations, majorly in cross border trade. Governments across the globe are limited their trade dependencies on European regions and aligning their inclination toward Asia-Pacific, African, and Middle East nation. The inter-European trade infrastructure is undergoing a major shift, casing notable business losses.
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