Technology to Chart a New Growth for the Global Aircraft Engine Industry

Air travel today has become affordable to the average middle person and in the near future, this type of travel is expected to get even more easy on the pocket. One of the main reasons for this is the swelling numbers of the middle class across the globe.

Many organizations estimate that in the next decade, approximately 200 million people will enter the middle class bracket. As a result, their incomes and their contribution to the global GDP will rise exponentially. Consequently, business activities will expand and a greater number of people will require to travel by air, thereby driving this Industry in the coming decade.

According to the aircraft engine market analysis, the value of this market stood at USD 70.10 billion in 2018.The global aircraft engine Industry size is projected to reach USD 97.12 billion by 2026, exhibiting a CAGR of 4.16% during the forecast period

Advancements in Aircraft Engineering to Open New Avenues for the Industry

Aviation technology has grown by leaps and bounds in the past few decades. Airliners are demanding lightweight airplanes that are fuel-efficient and spatially well-designed. Many of the big companies operating in the aviation industry are making great strides in advancing aircraft technology. For instance, Airbus, Rolls-Royce, and General Electric announced in 2018 that they were diligently working towards developing hybrid engines.

Hybrid engines is expected to bring down air travel costs substantially and at the same time, aid in reducing carbon emissions. Moreover, one of the leading aircraft engine industry trends is the advent of 3D printing for aircraft engine and other parts. For example, General Aviation developed the Catalyst engine using 3D printed engine parts.

North America to Hold Lion’s Share in the Market; Asia-Pacific to Register Highest Growth

Having generated USD 20.8 billion in revenue in 2018, North America is slated to continue its dominance of the aircraft engine market share till 2026. This is mainly on account of increased government spending on military helicopters and fighter jets, particularly in the US, and rising demand for more stringent border security measures. Within this region the US is expected to lead the market owing to the widening defense expenditure in the country.

Asia-Pacific is projected to showcase the highest growth rate as a result of increasing spending on defense by the governments in India and China and rising demand for business jets in these countries. Furthermore, well-established presence of companies such as GKN Aerospace will augment the aircraft engine Industry outlook in the forecast period.

List of the major shareholders in the global Aircraft Engine Industry. These companies are mentioned below:

• MTU Aero Engines AG
• United Technologies Corporation
• Honeywell International Inc.
• Rolls-Royce Holdings Plc.
• Textron, Inc.
• CFM International SA
• International Aero Engines AG
• Safran SA
• General Electric Co.

Heightened Innovation Energies to Spruce up Competition

Competition in this market is about a major thrust as key players adopt strategies to crystallize their position, the aircraft engine market forecast by Fortune Business Insights says. These strategies include developing new-age products, entering into collaborations, and increasing investment in R&D.

Source: https://www.fortunebusinessinsights.com/industry-reports/aircraft-engine-market-101766

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Name: Shantanu Ayachit

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