Wed, Jun 07, 2017
Turbofan Segment Likely To See The Highest Growth
A new report ... "Aircraft Engines Market by Type (Turboprop, Turbofan, Turboshaft, Piston Engine), Application (Military Aviation, Commercial Aviation, General Aviation), Platform (Fixed Wing, Rotary Wing), and Region - Global Forecast to 2022" published by MarketsandMarkets ... forecasts that the aircraft engines market is projected to grow from an estimated $68.05 billion in 2017 to $92.38 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 5.23% during the forecast period. Factors such as increase in aircraft deliveries and rising demand for fuel-efficient aircraft engines are expected to drive the aircraft engines market.
By type, the turbofan segment of the aircraft engines market is projected to witness the highest growth during the forecast period. This growth is attributed to the recent increase in demand for turbofan engines by airlines around the world because of the fuel efficiency and reliability of these engines.
By application, the commercial segment of the aircraft engines market is projected to witness the highest growth during the forecast period. This growth is driven by the increase in the number of aircraft deliveries by major commercial aircraft manufacturers such as Airbus Group (France) and The Boeing Company (U.S.).
The military application segment is projected to grow at the highest CAGR during the forecast period. The shorter replacement period of aircraft engines in military aircraft in comparison to commercial aircraft is expected to drive this segment in comparison to the other application segments in the aircraft engines market.
The Asia-Pacific region is one of the fastest-growing markets for aircraft engines. This growth is attributed to the increase in manufacturing of commercial aircraft in countries such as China and Japan.
Major players in the aircraft engines market include General Aviation (U.S.), Pratt & Whitney (U.S.), Safran SA (France), and Rolls-Royce Holdings PLC (U.K.), among others.
(Source: MarketsandMarkets news release)
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