Factors such as increase in passenger traffic across the globe, rise in infrastructure investment, efforts by regional government to develop indigenous manufacturing capacities, and extensive R&D efforts taken by global players to improve operational efficiency of an aircraft engine and reduce overall carbon footprint. The manufacturing and supply chain industry is expected to is expected to play a major role in defining the market consolidation of aircraft engine. With respect to current Russia and Ukraine war, major aircraft engine manufacturers such as Boeing, General Electric, Rolls Royce, and CFM international have withdrawn from the Russian market. These players are actively looking for new raw material suppliers from Africa, Asia-Pacific, or North America regions in effort to reduce their depends from Europe.
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The aircraft engine market is segmented on the basis of engine type, component, end use, and platform. By engine type, it is categorized into piston & turboprop engine, turbojet engine, turboshaft engine, and turbofan engine. Depending upon component, the market is fragmented into fan, compressor, combustor, turbine, mixer, and nozzle. By end use, it is divided into commercial and military. The platform segment is bifurcated into fixed wing and rotary wing. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Companies have adopted product development and product launch as their key development strategies in the aircraft engine industry. Moreover, collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand into different regions. The key players that operate in the aircraft engine market are General Electric, Rolls Royce, Safaran, Honeywell International Inc, Textron, MTU Aero Engines, Raytheon Technologies, IHI Corporation, MHI, and Lycoming Engines among others.
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An airplane’s fuel economy is measured by how far it can fly on a single gallon of fuel and by how little carbon dioxide it emits. The number of seats on airplanes is anticipated to increase by around 5% every year. By 2032, there should be roughly 40,000 aircraft in the world’s fleet, an increase of 20,930 aircraft. Up to 2025, the fuel consumption for aviation is anticipated to grow by around 2.3% yearly. Aircraft manufacturers and airlines are collaborating closely to increase fuel economy by adopting innovative technologies, designs, and materials, upgrading engines, optimizing aerodynamics, and using lighter materials. This is expected to cut emissions and fuel consumption. Companies operation within the aircraft engine industry such as Pratt & Whitney and NASA among others are having notable investment in R&D to improve operational efficiency of an aircraft engine. The “double-bubble” D8 design experiment, which involves shifting the engines from beneath the wings to the top of the plane toward the tail, includes Pratt & Whitney. This would significantly increase fuel economy while reducing drag and noise.
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KEY BENEFITS FOR STAKEHOLDERS
- This study presents the analytical depiction of the global aircraft engine market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall aircraft engine market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global aircraft engine market with a detailed impact analysis.
- The current aircraft engine market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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