Aero-engine, also known as aircraft engine is a component of aircraft propulsion system which generates mechanical power. Aircrafts generally have piston engine or gas turbine engine. Piston engine is also known as reciprocating engine which is powered by reciprocating pistons. Gas turbine engine is also known as jet engine which produce tremendous thrust to move the aircraft forward and fly very fast.
Increasing demand for lightweight, powerful, and fuel-efficient aircrafts, rising demand for air-transport for less time consumption in traveling, increasing demand for aircrafts owing to rising passenger traffic are factors proliferating demand for aero-engine. Additionally, rising demand for advanced aircrafts in military and defense with combat and non-combat capabilities owing to fortify attack and defense has a positive impact on the global aero-engine market. High cost associated with new technology and stringent regulatory norms are factors challenging growth of the global market.
Growing demand for commercial aircrafts in developed as well as developing countries and increasing R&D and investments by manufacturers for new and fuel-efficient aircraft engine are factors which in turn offer lucrative opportunities for manufacturers operating in the global aero-engine market. An ongoing trend observed to inculcate military aircrafts for national securities and combats has a positive impact on the global aero-engine market.
Aero-engine is segmented on the basis of type i.e., piston engine, gas turbine engine, and other engine. Rising demand for gas turbine engine in aircrafts owing to its properties such as lightweight, high reliability, fuel-efficient, and others has increased focus of airliners to opt gas turbine engines.
$ 7,165.6 Mn
- By Type
- By Region
- By Application
$ 12,366.9 Mn
Aero-engine is segmented on the basis of application such as commercial aircrafts and military aircrafts. Rapid urbanization, coupled with high spending capacity, and busy lifestyle, coupled with fast traveling in less time has increased demand for commercial aircrafts. Military aircrafts are of two types such as combat aircraft and non-combat aircraft. The combat aircraft is designed to destroy the enemy aircraft, whereas the non-combat aircraft is designed to carry weapons for defense.
The market is segmented on the basis of region such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Increasing investments and R&D in aerospace and defense sector in the US is a factor augmenting demand for aero-engine in the North America region. Growing demand for aircrafts owing to increasing passenger traffic which in turn increase demand for aero-engines in Europe. In addition, presence of aero-engine manufacturers in countries such as Russia, the UK, and others is a factor proliferating growth of the Europe market. Increasing demand and production of commercial aircrafts in China is a factor augmenting demand for aero-engine in the Asia Pacific region. Additionally, increasing investments and development for manufacturing of aero-engines in China has a positive impact on the Asia Pacific market.
The worldwide market for aero-engine is expected to register moderate CAGR of around 5.6% over the next ten years and will be valued at 12,366.9 Mn in 2028, from US$ 7,165.6 Mn in 2018.
Some of the prominent players operating in the target market include GE, Pratt & Whitney, Rolls-Royce, and Safran.