Portland, OR, Aug. 18, 2022 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, global aircraft engine market collected USD 79.10 million in 2021 and is estimated to generate USD 158.46 billion by 2031, exhibiting a CAGR of 7.4% from 2022 to 2031. The report provides an extensive analysis of the market dynamics, key segments , the value chain, the competitive scenario and the regional landscape. This research provides valuable guidance to key players, investors, shareholders and startups in devising strategies for sustainable growth and gaining competitive edge in the market.
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Aircraft Engines industry report coverage and details:
| Report coverage | The details |
| Forecast period | 2022–2031 |
| Base year | 2021 |
| Market size in 2021 | 79.10 million dollars |
| Market size in 2031 | 158.46 billion dollars |
| CAGR | 7.4% |
| Number of pages in the report | 360 |
| Segments covered | Engine type, component, end use, platform and region. |
| leader | Increasing passenger traffic across the globe |
| Increased investment in infrastructure | |
| Extensive research and development efforts undertaken by global players | |
| OppORTuNiTy | The regional government’s efforts to develop domestic production capacities |
| RESTRICTIONS | Inefficient supply chain |
The Covid-19 scenario:
- Various industries around the globe are being severely affected by the outbreak of the COVID-19 pandemic. The implementation of the global lockdown and strict travel restrictions led to a decrease in the number of passengers, thus hindering the growth of global aircraft engines the market.
- Due to the nearly 90% reduction in global passenger travel, April 2020 was an extremely challenging month.
- Aircraft engine manufacturing facilities were temporarily shut down due to factors such as raw material shortages, supply chain disruptions, and others.
- Governments in some countries made social distancing mandatory, which in turn created labor shortages for manufacturing units.
- However, the global aircraft engine market has already recovered post-pandemic.
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The research provides detailed segmentation of the global aircraft engine market based on engine type, component, end use, platform and region. The report discusses the segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue generating and fastest growing segments mentioned in the report.
Based on components, the combustor segment held the highest share in 2021, accounting for more than one-fourth of the global aircraft engine market and is expected to continue its leading status during the forecast period. However, the compressors segment is expected to register the highest CAGR of 8.8% from 2022 to 2031.
Based on platform, the fixed-wing segment holds the highest share in 2021, contributing more than two-thirds of the global aircraft engine market and is expected to maintain its dominance in terms of revenue during the forecast period . Furthermore, the same segment is expected to exhibit the highest CAGR of 7.6% from 2022 to 2031. The report also analyzes the rotary wing segment.
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Based on engine type, the turbofan engine segment holds the highest share in 2021, holding nearly two-fifths of the global aircraft engine market and is expected to continue its leadership status during the forecast period. However, the turbojet engine segment is estimated to grow at the highest CAGR of 8.2% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing nearly one-third of the total market share and is projected to retain its dominant share in terms of revenue in 2031. In addition, the the same region is expected to manifest the fastest CAGR of 8.0% during the forecast period. The research also analyzes regions including North America, Europe and LAMEA.
Major market players of the global aircraft engine market analyzed in the research include General Electric, Rolls Royce, Safaran, Honeywell International Inc, Textron, MTU Aero Engines, Raytheon Technologies, IHI Corporation, MHI and Lycoming Engines. This report provides an in-depth profile of these key market players. These players have adopted product development and product launch as their key development strategies in the Aircraft Engine industry. Additionally, collaborations and acquisitions are expected to enable key players to increase their product portfolios and expand into various regions.
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