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The Americas aircraft engines market is estimated to grow by USD 7.57 billion at a CAGR of 5.63% between 2022 and 2027. Growing urbanization and increasing global passenger traffic are leading to higher demand for air travel, which in turn drives the need for more aircraft and services. High spending on aircraft reflects the industry's efforts to modernize fleets and meet the demands of a growing market. Strategic partnerships and collaborations are also important, as they can lead to efficiencies, innovation, and expanded market reach for companies in the aviation sector.
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This report extensively covers market segmentation by type (turbofan, turboprop, turboshaft, and piston) and application (commercial aircraft, business jet, and military aircraft). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the turbofan segment will be significant during the forecast period. These have several advantages over others, such as jet turbines and turboprop engines, and also they are relatively more efficient than others and run more quietly. Such factors will increase segment growth during the forecast period.
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The turbofan segment was valued at USD 12.81 billion in 2017 and continue to grow by 2021. The turbo engine manufacturers focus primarily on reducing carbon dioxide emissions to achieve high fuel efficiency because fuel has an overall impact on costs. In addition, manufacturers are developing fuel-efficient engines to reduce engine weight. The profitability of the airline depends mainly on passenger transport, i.e., the growth of orders, and manufacturers are installing the latest to reduce fuel consumption. These factors are expected to propel the growth of the market during the forecast period.
The market is driven by several factors, including the increasing demand for air travel and the need for operators to improve fuel efficiency. Major players such as General Electric, Rolls-Royce, and Pratt & Whitney are at the forefront of developing innovative engine technologies. The market caters to a wide range of these, from turboprop and turbofan engines for fixed-wing platforms like Airbus and Boeing to turboshaft and piston engines for rotary-wing platforms. Composite technologies are increasingly used to reduce weight and improve efficiency. The focus is on developing that provide optimal thrust and lift while minimizing exhaust emissions. OEMs and airlines are key stakeholders driving the adoption of advanced jet engines with features like front intakes and fans for improved performance and fuel efficiency. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing urbanization and growing global passenger traffic are the main factors driving the growth of the market. This efficiency is crucial for aircraft operators and charter operators to optimize fuel usage. The market is also benefiting from emerging aerospace industries worldwide, which are expected to remain robust in the coming decade. Moreover, economic and income growth in key emerging markets like China and India is driving global GDP and air traffic. This increase in air traffic is boosting demand, thus fueling growth in the market.
Leading companies in the market include General Electric, Rolls-Royce, and Pratt & Whitney. These companies are continuously innovating, utilizing composite technologies to improve fuel efficiency and developing advanced engines such as turbofan, turboshaft, and piston engines. Airbus and Boeing, the major OEMs, are also driving the market forward with their fixed-wing and rotary-wing platforms. Overall, the demand is expected to rise, driven by the need for more efficient propulsion devices that can provide the necessary thrust and lift for modern. This trend is particularly evident in the increasing adoption of jet and turbofan by airlines and armed forces around the world.
The integration of high technology is the main growth trend of the market. Technological advancements in turbofan and demand for light aircraft with high fuel efficiency are estimated to contribute to growth. In addition, the benefits associated with lightweight materials, such as increased safety and lower maintenance costs, result in improved performance at high temperatures. Major OEMs and manufacturers around the world have focused on developing fuel-efficient to reduce fuel consumption.
In addition, rising fuel prices have led manufacturers to focus on fuel efficiency. Reducing the gross weight can improve the fuel efficiency of the aircraft. Therefore, some manufacturers have developed lightweight to reduce the overall weight of the aircraft. Composite materials such as lightweight and high-strength reinforced plastics are driving the growth of the market. Rapidly changing technology will grow the market in America during the forecast period.
The lack of skilled labor is a major challenge to the growth of the market. Thanks to predictive maintenance, the market is full of technology and human resources. Machine learning can be a valuable tool for anomaly detection, logistics optimization, and customer service management, but it requires a lot of resources to consistently achieve the desired performance.
However, these aspects require a large number of calculations in a fraction of the time, consuming a lot of raw processing power. Any failure in the engine can be catastrophic. Thus, the market requires skilled labor. Consequently, the lack of a skilled or educated workforce may curb the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aero Sport Power - The company offers aircraft engines such as the stroker engine. Also, through this segment, the company is engaged in customizing, designing, and building experimental aircraft engines.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Type (Turbofan, Turboprop, Turboshaft, and Piston) and Application (Commercial Aircraft, Business jet, and Military aircraft).
The market is diverse, serving both the military and commercial aviation sectors. It includes turboshaft engines for unmanned aerial vehicles (UAVs) and drones, as well as engines for passenger aircraft and freighters. The market sees demand from both narrow-body and wide-body aircraft, with a growing focus on additive manufacturing and hybrid technology. GE Aviation, Rolls-Royce Holding PLC, and ST Engineering are major players, offering a range from conventional to hybrid types. In the Asia Pacific region, rising fleet size and high disposable income populations drive market growth. Environmental concerns, such as air pollution, are leading to the development of hydrogen-fuelled aircraft engines and the use of sustainable aviation fuel. Government agencies and charter operators play a crucial role in the market, with the Indian Air Force and Qatar Airways being significant customers. The market is influenced by the long life cycles of products and the need for skilled personnel in the aerospace industry.
The market is dynamic, driven by technological advancements and market demands. Companies like General Electric Company, CFM International, and MagniX are at the forefront, offering innovative solutions such as the UltraFan engine. Carbon fiber is increasingly used to make it more efficient and lighter. Akasa Air is a key player in the market, utilizing advanced technologies in their Boeing 737 MAX aircraft. The market is segmented into conventional and hybrid segments, with a focus on sustainable aviation fuel and reducing environmental impact. Fighter aircraft engines, reciprocating engines, and GE9X engines for Boeing 777-8 Freighters are also significant. A PESTEL analysis and understanding of micro-economic factors are essential for investors to gauge the market's financial position, product portfolio, and regional presence.
America Aircraft Engines Market Scope |
|
Report Coverage |
Details |
Page number |
149 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.63% |
Market growth 2023-2027 |
USD 7.57 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.07 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aero Sport Power, Barnes Group Inc., Bombardier Recreational Products Inc., Continental Aerospace Technologies, Crane Co., Deltahawk Engines Inc., Franklin Aircraft Engines Inc., General Electric Co., Honeywell International Inc., IHI Corp., Lockheed Martin Corp., MTU Aero Engines AG, Raytheon Technologies Corp., Rolls Royce Holdings Plc, Safran SA, Textron Inc., The Williams Co. Inc., Viking Aircraft Engines, Aeromarine LSA, and Magellan Aerospace Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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