Global Aircraft Turbofan Engine Market: Competition Analysis
Pratt & Whitney (US), CFM International (US), Rolls Royce (UK), Honeywell International (UK), GE Aviation (US), International Aero Engines AG (US), Engine Alliance (US), MTU Aero Engines (Germany), EuroJet (US), Aviadvigatel (Russia), and Safran Aircraft Engines (France) are among the leading companies profiled in MRFR’s report.
Global Aircraft Turbofan Engine Market to Witness a Healthy Growth over 2025
The market for global aircraft turbofan engine is expected to witness a significant growth during the forecast period. Over the years, Airbus and Boeing have accrued several thousand backlogs of fuel efficient aircraft, which would simultaneously translate into several subsequent years of the production of turbofan engines. Therefore, Market Research Future (MRFR) in its report mentions that the global aircraft turbofan engine market is set to demonstrate 7.35% CAGR during the assessment period (2018–2025).
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A gradual shift towards fuel-efficient and lightweight aircraft is being noticed. This trend is likely to influence the designs of turbofan engines that are going to come up in the near future. Emphasis is being place of product innovation in order to cater the fast-evolving needs of modern aircrafts. Companies such as Boeing and Airbus SAS are adopting components that not only offer superior performance but also efficient and lightweight. Moreover, stricter laws on carbon emission is prompting aircraft manufacturer to look for alternative components. As a result, materials such as superalloys and ceramics are witnessing a quick uptake in the sector.
Fuel-efficiency is key area of focus for aircraft manufacturers. Aircraft companies are striving to achieve greater fuel economy, for which, they are increasing focusing on engine design. Use of light weight materials is expected to remain key trend in the industry in the forthcoming years. The factors aforementioned are expected to influence the global aircraft turbofan engine during the forecast period.
Global Aircraft Turbofan Market: Segmental Analysis
The segmental analysis of the market has been conducted on the basis of application, aircraft type, and turbofan engine.
On the basis of application, the market as segmented into military aviation and commercial air transport. Of these, the commercial air transport segment currently represents the lion’s share of the market and this trend is expected to continue beyond 2019. Expansion of commercial fleets is driving the growth of segment. On the basis of aircraft type, the market has been segmented into widebody, narrowbody and others.
The narrow body aircraft segment is commanded more than one-third share of the market in terms of value. The segment is forecasted to demonstrate an above-average CAGR of 8.69% during the assessment period. On the basis of turbofan engine, key market segments include V2500, F414, F135, GP7000, CFM LeapX, PW1000, Trent 1000, PW4000, GEnx and CFM56. The CFM56 segment is expected to remain highly profitable over the next several years. In addition, the segment is expected to post the highest CAGR during the assessment period.
Global Aircraft Turbofan Market: Regional Analysis
Asia Pacific (APAC) is expected to remain highly attractive market for aircraft turbofan engine over the next couple of years. Many countries are witnessing a sharp rise in air passenger, which is linked with the market growth in the region. Emerging markets in APAC present lucrative growth opportunities. Countries such as India and China are among the major contributors to the APAC market in terms of revenue.
At the same time, the growing demand for low-cost and fuel-efficient aircrafts is creating new growth avenues for market players operating in the region. North America has kept the pace with rest of the world is terms of market growth. The North America aircraft turbofan engine market is expected to witness a healthy growth during the forecast period. Presence of numerous aircraft OEMs in the region puts it at a favourable position.
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Market Research Analysis:
The Americas region is expected to dominate the global aircraft turbofan engine market mainly due to presence of major market players in the North American region. However, due to the growing demand of fuel efficient aircraft in emerging economies such as India and China will result in the APAC region registering a high growth rate during the forecast period.
On the basis of aircraft type, the market has been segmented on the basis of narrowbody, widebody, and other aircraft. The narrowbody aircraft are expected to dominate the global aircraft turbofan engine market, during the forecast period.
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