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Aircraft Turbofan Engine Market by Application and Geography - Forecast and Analysis 2022-2026

  • Published: Dec 2021
  • Pages: 120
  • SKU: IRTNTR71732
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The aircraft turbofan engine market share is expected to increase by USD 629.51 million from 2021 to 2026, at a CAGR of 4.37%.

This aircraft turbofan engine market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers aircraft turbofan engine market segmentation by application (defense aviation and civil aviation) and geography (North America, Europe, APAC, MEA, and South America). The aircraft turbofan engine market report also offers information on several market vendors, including EuroJet Turbo GmbH, General Electric Co., Honeywell International Inc., Ivchenko-Progress SE, Liebherr-International AG, PowerJet Pressure Cleaning Systems, Raytheon Technologies Corp., Rolls-Royce Plc, Rostec State Corp., and Safran SA among others.

What will the Aircraft Turbofan Engine Market Size be During the Forecast Period?

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Aircraft Turbofan Engine Market: Key Drivers and Challenges

The increase in the number of aircraft deliveries is notably driving the aircraft turbofan engine market growth, although factors such as barriers to adoption of new technology and equipment may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the aircraft turbofan engine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Aircraft Turbofan Engine Market Driver

The demand for air travel is expected to be boosted by the rising affluence of the middle-class population in emerging markets. Also, the demand for commercial aircraft is likely to witness a surge due to the growth in air travel in key countries like China, Russia, India, Indonesia, and the US. The year-over-year increase in air traffic has made the induction of new aircraft necessary to cater to the growing demand. Hence, aircraft OEMs and their suppliers are revamping their production facilities to ensure that aircraft deliveries take place as scheduled. Although the COVID-19 pandemic had an adverse impact on the delivery of commercial aircraft orders, it did not have much impact on defense aircraft deliveries. For example, France is expected to deliver all 36 Rafale fighter aircraft to India by 2022 despite the impact of the COVID-19 pandemic and the lockdowns implemented across the French defense industry. These factors will fuel the demand for aircraft turbofan engines during the forecast period.

Key Aircraft Turbofan Engine Market Challenge

Countries cannot afford to adopt every new technology that emerges as it will result in downtime in their defense aircraft. Several other challenges that come with the introduction of new technology are its prohibitive cost, technology risks that are driven by stringent certification requirements, and the need for the required expertise. Technologically advanced equipment must also go through a rigorous testing and evaluation process prior to certification. In addition, innovations require substantial backing and support from prominent manufacturers and MRO service providers in the defense market. Major players in the aviation industry require business incentives to support such innovations. Any delays in the adoption of new technology by aircraft MRO service providers can hamper the growth of the aircraft turbofan engine market during the forecast period. 

This aircraft turbofan engine market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Aircraft Turbofan Engine Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • EuroJet Turbo GmbH
  • General Electric Co.
  • Honeywell International Inc.
  • Ivchenko-Progress SE
  • Liebherr-International AG
  • PowerJet Pressure Cleaning Systems
  • Raytheon Technologies Corp.
  • Rolls-Royce Plc
  • Rostec State Corp.
  • Safran SA

 

This statistical study of the aircraft turbofan engine market encompasses successful business strategies deployed by the key vendors. The aircraft turbofan engine market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The aircraft turbofan engine market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Aircraft Turbofan Engine Market?

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36% of the market’s growth will originate from Europe during the forecast period. The UK and Germany are the key markets for aircraft turbofan engines in Europe. Market growth in this region will be faster than the growth of the market in North America.

This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Aircraft Turbofan Engine Market?

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The aircraft turbofan engine market share growth by the defense aviation segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the aircraft turbofan engine market size and actionable market insights on post COVID-19 impact on each segment.

 

Aircraft Turbofan Engine Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 4.37%

Market growth 2022-2026

$ 629.51 million

Market structure

Fragmented

YoY growth (%)

4.77

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

Europe at 36%

Key consumer countries

US, UK, China, Germany, and Canada

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

EuroJet Turbo GmbH, General Electric Co., Honeywell International Inc., Ivchenko-Progress SE, Liebherr-International AG, PowerJet Pressure Cleaning Systems, Raytheon Technologies Corp., Rolls-Royce Plc, Rostec State Corp., and Safran SA

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Aircraft Turbofan Engine Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive aircraft turbofan engine market growth during the next five years
  • Precise estimation of the aircraft turbofan engine market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the aircraft turbofan engine industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of aircraft turbofan engine market vendors

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2021
  • Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application
  • Defense aviation - Market size and forecast 2021-2026
  • Civil aviation - Market size and forecast 2021-2026
  • Market opportunity by Application

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2021-2026
  • Europe - Market size and forecast 2021-2026
  • APAC - Market size and forecast 2021-2026
  • MEA - Market size and forecast 2021-2026
  • South America - Market size and forecast 2021-2026
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor Landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • EuroJet Turbo GmbH
  • General Electric Co.
  • Honeywell International Inc.
  • Ivchenko-Progress SE
  • Liebherr-International AG
  • PowerJet Pressure Cleaning Systems
  • Raytheon Technologies Corp.
  • Rolls-Royce Plc
  • Rostec State Corp.
  • Safran SA

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The aircraft turbofan engine market growth will increase by $629.51 million during 2021-2026.
The aircraft turbofan engine market is expected to grow at a CAGR of 4.37% during 2021-2026.
Technavio has segmented the aircraft turbofan engine market by application (Defense aviation and Civil aviation) and geographic (North America, Europe, APAC, MEA, and South America).
EuroJet Turbo GmbH, General Electric Co., Honeywell International Inc., Ivchenko-Progress SE, Liebherr-International AG, PowerJet Pressure Cleaning Systems, Raytheon Technologies Corp., Rolls-Royce Plc, Rostec State Corp., Safran SA are a few of the key vendors in the aircraft turbofan engine market.
Europe will register the highest growth rate of 35.78% among the other regions. Therefore, the aircraft turbofan engine market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the aircraft turbofan engine market growth are:
  • Increase in the number of aircraft deliveries
The aircraft turbofan engine market vendors should focus on grabbing business opportunities from the defense aviation segment as it accounted for the largest market share in the base year.
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