Tuesday, 19 October 2021

Aircraft Engine Market Size to Reach USD 108.47 Billion in 2028

The global aircraft engine market size reached USD 56.39 Billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing demand for new aircraft and expansion of commercial aircraft fleets are some key factors expected to augment market revenue growth between 2021 and 2028.


Drivers:


Increasing demand for low-cost and fuel-efficient aircraft and increasing use of 3D printed aircraft engine parts are expected to propel revenue growth of the market over the forecast period. Various engine manufacturers are currently focusing on production of lightweight engines in order to lower the total weight of aircraft and enhance the fuel economy. GE Aviation has built an advanced turboprop engine, which is the first commercial aircraft engine with a high proportion of 3D printed parts. The engine designers reduced 855 different components to 12 components. This is intended to lower engine weight, resulting in less fuel required to achieve the very same speed.

Restraints:


Rising fuel prices, stringent emission standards, and need for superior engines are resulting in aircraft engine manufacturers to rethink existing models, which is a factor expected to restrain revenue growth of the market to some extent during the forecast period.


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Growth Projections:


The global aircraft engine market is expected to register a CAGR of 8.7%, and market size is projected to increase from USD 56.39 Billion in 2020 to USD 108.47 Billion in 2028. Growing commercial aviation industry is a major factor augmenting market growth.

COVID-19 Impact Analysis:


COVID-19 pandemic has a negative influence on industries, leading to a sharp decline in 2020 aviation engine orders and delivery. This is expected to have a short-term major impact on the aircraft engine market, with sluggish recovery expected in the near future. Due to the need for social distancing and fears of potential infection or re-infection, the number of individuals traveling by air has reduced considerably in the recent past. International flights are also restricted in order to limit the spread of the disease. Decreasing passenger numbers across airlines globally has posed financial difficulties and reduced revenues.

Current Trends and Innovations:


Increasing regional unrest, border area disputes, and terror activities in various countries are leading to a rise in demand for military aircraft, which is expected to support market growth over the forecast period. Additionally, increasing awareness regarding environmental issues is resulting in an increase in adoption of electric aircraft and low-emission aircraft, leading to increased demand for electric engines and turbo engines.



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