The aircraft engine market will generate $158.46 billion

Portland, OR, Aug. 18, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the aircraft engine market earned USD 79.10 million in 2021 and is estimated to generate USD 158.46 billion by 2031, exhibiting a CAGR of 7.4% from 2022 to 2031. The report provides comprehensive analysis of the changing dynamics of the market, the main segments, the value chain, the competitive scenario and the regional panorama. . This research provides valuable guidance to major players, investors, shareholders and startups to design strategies for sustainable growth and gain a competitive edge in the market.

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Aircraft Engine Industry Report Coverage and Details:

Coverage of the report Details
Forecast period 2022–2031
base year 2021
Market size in 2021 79.10 million dollars
Market size in 2031 158.46 billion dollars
CAGR 7.4%
Number of pages in the report 360
Segments covered Engine type, component, end use, platform and region.
drivers Increase in passenger traffic worldwide
Increased investment in infrastructure
Extensive R&D efforts by global players
opportunities Regional government efforts to develop indigenous manufacturing capabilities
restrictions Inefficient supply chain

Covid-19 scenario:

  • Various industries around the world are severely affected by the outbreak of the COVID-19 pandemic. The implementation of the global lockdown and strict travel restrictions led to a decrease in the number of passengers, making it difficult for growth of world aircraft engines market
  • Due to the almost 90% reduction in global passenger travel, April 2020 was an exceptionally challenging month.
  • Aircraft engine manufacturing facilities were temporarily shut down due to factors such as raw material unavailability, supply chain disruptions, and others.
  • Governments in several nations made social distancing mandatory, which in turn created labor shortages for production units.
  • However, the global aircraft engine market has already recovered from the pandemic.

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The research provides detailed segmentation of the global aircraft engine market based on engine type, component, end-use, platform and region. The report discusses the segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize based on the highest revenue generating and fastest growing segments mentioned in the report.

By components, the combustion segment held the highest share in 2021, accounting for more than one-fourth of the global aircraft engine market, and is expected to continue its leading status during the forecast period . However, the compressors segment is expected to register the highest CAGR of 8.8% from 2022 to 2031.

According to the platform, the fixed-wing segment accounted for the highest share in 2021, contributing more than two-thirds of the global aircraft engine market and is expected to maintain the leadership in terms of revenue during the period of forecast Furthermore, the same segment is expected to exhibit the highest CAGR of 7.6% from 2022 to 2031. The report also analyzes the rotary wing segment.

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Based on engine type, the turbofan engine segment accounted for the highest share in 2021, accounting for nearly two-fifths of the global aircraft engine market, and is expected to continue its leadership status through the period of forecast However, the turbojet engine segment is estimated to grow at the highest CAGR of 8.2% during the forecast period.

By region, Asia-Pacific held the largest share in 2021, contributing nearly one-third of the total market share, and is projected to maintain its dominant share in terms of revenue in 2031. Furthermore, expects the same region to manifest the fastest CAGR of 8.0% during the forecast period. The research also analyzes regions such as North America, Europe and LAMEA.

Major players in the global aircraft engine market analyzed in the research include General Electric, Rolls Royce, Safaran, Honeywell International Inc, Textron, MTU Aero Engines, Raytheon Technologies, IHI Corporation, MHI and Lycoming Engines. This report provides an in-depth profile of these key market players. These players have adopted product development and product launch as key development strategies in the aircraft engine industry. In addition, collaborations and acquisitions are expected to enable major players to enhance their product portfolios and expand into different regions.

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