Aircraft Engines Market Introduction & Dynamics
Aircraft engines are primary propulsion devices that produce the necessary thrust to generate lift for the aircraft to fly. These aircraft engines were synonymous in design to reciprocating engines used in automobiles but in the present world, a shift from reciprocating engines to jet aircraft engines has been observed. Manufacturers of aircraft engines are continuously engaged in innovating such systems in order to reduce the overall weight and improve fuel efficiency and performance.
Air transportation have been developing with a fast pace over the last few years and this is directly impacting the aircraft engines market. Presently, the commercial aircraft industry fleet consist of nearly ~28,000 aircrafts, with APAC equaling the almost the North America market size. This lucrative growth rate is estimated to fuel the demand for aircraft engines over the forthcoming years in the global market. Furthermore, with the increasing disposable income, a large chunk of population is finding air travel an affordable option which is in turn driving the aircraft engines market.
The aircraft engines market is highly concentrated market, with few small and medium players in the global market. Whereas, prominent market share is being occupied by the top 20 to 30 players in the global aircraft engines market. Furthermore, air pollution caused by the exhaust fumes generated after the combustion of fuel in aircraft engines is a pressing concern acknowledged by government bodies across various economies. Hence, aircraft engines manufacturers are striving to manufacture fuel efficient and less polluting engines.
Growing air passenger traffic is leading towards rising number of aircraft fleet with more efficient planes. This in turns is estimated to be the major factor driving the growth of aircraft engines market across the globe. Various emerging regions in aviation traffic are witnessed across the globe and is expected to remain resilient in the coming decade. The economic and income growth in large emerging markets such as China and India has been a primary driver for the global GDP growth and also, for air travel. The manufacturers have to face certain challenges in the production of aircraft engines. As aircraft engines are the main propulsion system of an aircraft and any negligence during the manufacturing can cause a great disaster. Therefore the demand for durable and efficient aircraft engines is increasing causing intense competition among the manufacturers.
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The stable growth in global gross domestic product, stronger urge of travel demand from the global consumers and the relatively lower commodity prices such as crude oil, lubricants, etc. is anticipated to drive the commercial aircraft market which in turn will fuel the demand for the global aircraft engines market over the forecast period. With the growth of aviation industry and the lesser travel times to any place on the earth, the world has metaphorically become a smaller place. It has also given growth to the personal horizons, expanding exponentially to the places, cultures, people, or experiences as travelers can get right of entry by just booking the flights. The United Nations World Tourism Organization has proven how much travel for tourism purposes has improved globally; in the 1950’s, the pinnacle 15 country locations absorbed 98% over all global vacationer arrivals; into the 70’s the share used to be 75%, of the recent millennium it run into in conformity with much less than 60% or is certain to peruse further. This surely shows the manifestation of our new travel destinations and many of them are among the rising and developing countries. The above factors will open-endedly drive the global aircraft engines market during the forecast period.
Aircraft Engines Market Participants
Examples of some of the market participants in the global aircraft engines market, identified across the value chain include:
- Continental Motors Group
- Safran Aircraft Engines
- General Electric Co.
- Pratt & Whitney (United Technologies Corporation)
- IAE International Aero Engines AG
- United Engine Corporation
- Rolls-Royce plc
- Motor Sich JSC
- AVIC Aircraft Corporation Ltd.
- Aero Engine Corporation of China
- MTU Aero Engines AG
- Barnes Group Inc.
- Honeywell International Inc.