"We Envision Growth Strategies Most Suited
to Your Business"
The global aircraft engine market size is projected to reach USD 85.44 billion by the end of 2027. The presence of several large scale companies across the world will have a huge impact on the growth of the overall market. According to a report published by Fortune Business Insights, titled “Aircraft Engine Market Size, Share & COVID-19 Impact Analysis, By Engine Type (Turboprop, Turboshaft, Turbofan, and Piston Engine), By Technology (Conventional Engine, Electric/Hybrid Engine), By Component (Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System, and Others), By Platform (Commercial and Military), By End-Use (OEM, Aftermarket), and Regional Forecast, 2020-2027,” the market was worth USD 79.93 billion and will exhibit a CAGR of 11.27% during the forecast period, 2020-2027.
Aircraft engine are the propulsion system that are responsible for the thrust of an aircraft. The rising production of aircrafts, driven by their increasing applications will have a massive impact on the growth of the market in the coming years. The presence of several large scale manufacturers in this market operating in several countries across the world will have a massive impact on the growth of the market in the coming years. The increasing investments in the technological integration in these engines will lead to a wider product adoption, subsequently aiding the growth of the market. The improving product efficacies associated with aircraft engines with respect to fuel efficiency, speed, and flight control will contribute to the growing adoption across the world. Moreover, increasing number of company collaborations will also emerge in favor of market growth.
GE Aviation’s Contract with the US Army is Set to Have a Massive Global Impact
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the overall market. The increasing number of company collaborations has made a huge impact on the growth of the market and it seems that such collaborations are an increasing trend among manufacturers and the Defense Organizations across the world. In April 2020, GE Aviation announced that it has bagged a contract from the US Army for the development of F110 turbofan fighter aircraft. The contract is said to be worth USD 707 million. Through this contract, the company will be developing F110-GE-129 engines as well as the management systems and spare parts for the aircraft. GE’s large scale contract with the US Army will encourage other companies in this sector and these factors will ultimately affect the growth of the overall aircraft engines market in the coming years.
To get a detailed report summary and research scope of this market, click here:
Increasing Trends of 3-D Printing will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The rising trends of 3-dimensional printing are consequential to the benefits they offer. The increasing investments in such technological integration will have a positive impact on the growth of the global aircraft engine market in the coming years and it seems that more companies are now focusing on integrating advanced concepts such as 3-D printing.
GE Aviation is Currently the Dominant Company in the Global Market
Among all the companies that are operating across the world, it is observed that GE Aviation is currently the leading company. The company boasts an exceptional range of aircraft engine and related products. With a widespread consumer coverage, the company is likely to dominate the market in the coming years as well.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD Billion)
By Engine Type