The Business Research Company Global Aircraft Engine Market Report 2021 – Impact and Recovery of COVID-19
LONDON, GREATER LONDON, UK, October 13, 2021 /EINPresswire.com/ – The size of the global aircraft engine market is expected to grow from $ 59.65 billion in 2020 to $ 67.21 billion in 2021 at a compound annual growth rate (CAGR) of 12.7%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 91.28 billion in 2025 at a CAGR of 8%.
The growth of passenger air traffic is expected to propel the growth of the aircraft engine market in the coming years. In 2020, total passenger air traffic increased by 19% through August 31, with carriers carrying more than 70 lakh of passengers during the period following a two-month hiatus from May 25 after the reopening of airlines. installations of national airlines gradually. In order to meet the increase in air traffic, many airlines are renewing their fleets by purchasing new planes which create a demand for new engines. In 2018, the International Air Transport Association (IATA) revealed that the number of passengers could double in 2037 to reach 8.2 billion. Hence, the growth of passenger air traffic drives the growth of the aircraft engine market.
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TBRC Global Aircraft Engine Market report is segmented by Type into Turboprop, Turbine Engine, Turbojet, Piston Engine, by Conventional Engine Technology, Electric / Hybrid, by Fixed Wing Platform, Rotary Wing, by application in general aviation, business aviation, leisure aviation, others.
The integration of 3D printed parts into aircraft engines is a key trend that is gaining popularity in the aircraft engine market. Companies are increasingly using 3D printing technology in aircraft engines as production based on aviation 3D printing to reduce fuel consumption and material costs. In January 2020, GE Aviation revealed that the first plane in its 777X jet, operated by twin GE9X engines, had been completed by U.S. multinational aerospace giant Boeing. Over 300 3D printed components are installed in GE9X engines. According to General Electric (GE), 3D printing made the GE9X engine 10% more fuel efficient than the GE90 engine. Market intelligence firm Netscribes estimates that additive manufacturing (AM) techniques will generate global annual revenue of $ 8.7 billion by 2020.
The main players covered in the global aircraft engine industry are General Electric Company, Rolls Royce, Honeywell International, United Technologies Corporation, Safran, International Aero Engines, MTU Aero Engines, Textron, Hindustan Aeronautics, Klimov, Continental Motors Group, United Engine, Motor Sich, AVIC Aircraft, Aero Engine Corporation of China, Barnes Group.
Global Aircraft Engine Market Report 2021 – By Type (Turboprop, Turbine Engine, Turbojet, Piston Engine), By Technology (Conventional Engine, Electric / Hybrid), By Platform (Fixed Wing, Rotary Wing), By application (General Aviation, Business Aviation, Recreational Aviation), COVID-19 Impact and Recovery is part of a series of new reports from The Business Research Company that provides an overview of the aircraft engines market, a forecast of the size and growth of the aircraft engines market for the overall market, aircraft engines market segments and geographies, aircraft engine market trends, aircraft engines market aircraft, constraints, revenues, profiles and market shares of the main competitors.
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