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

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.

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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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