30 October 2020
Visiongain has published a new report on Aircraft Engines Market Report : Forecasts by Type (Turbofan, Turboshaft, Turboprop, Piston Engine), by Aviation (Military Aviation, Commercial Aviation, Business Aviation), by Platform (Fixed Wing, Rotary Wing) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Global aircraft engines market was valued at US$ xx billion in 2021 and is projected to reach at a market value of US$ xx billion by 2031. Aircraft engine is one of the major systems in the aircraft and has been witnessing significant growth over the past few years owing to strong demand from commercial aviation sector. Increasing air travel across the globe is one of the prime factors fuelling the growth for aircraft market, which in turn is resulting in the demand for aircraft engines from commercial aviation sector. In addition, growth in low cost airlines and strong growth in international tourism and travel has further influencing the market for aircraft positively.
COVID-19 Impact on Aircraft Engines Market
Demand for aircraft engines is anticipated to slow down during the first half of the forecast period till 2022 due to the impact of Covid-19 on air travel. Due to Novel Corona Virus, the international passenger traffic has dropped by more than 50% in recent months and is expected to recover slowly in coming years. As the air travel has dropped significantly, the demand for wide body aircraft and very large body aircraft has decreased in 2020. In addition, domestic travel has also witnessed negative growth in 2020 however is started to recover in most of the countries. Due to COVID-19 impact on air travel, airline operators’ plans to procure new aircraft have been put on hold, resulting in the lesser demand for aircraft engines from commercial aviation sector. It is anticipated that the demand for aircraft engine will see positive growth from 2023.
In addition, COVID-19 has significantly affected the global economies negatively during the past few months. As a result, defense budgets are anticipated to fall considerably over the next few years. Majority of the countries spend around 2% of their GDP on defense and close to 40% on procurements programs. Due to pandemic, the defense budgets are expected to fall, resulting in the lower demand for military aircraft in the next few years, in turn affecting the market for aircraft engines negatively till 2022.
Some of the company’s profiled in this report include General Electric, CFM International SA, United Technologies Corporation, Safran SA, Rolls-Royce Holdings PLC, MTU Aero Engines AG, Engine Alliance LLC, Honeywell International Inc, Textron Inc, International Aero Engines AG.
• In April 2020, GE Aviation has received a contract worth US$707 Million for supplying aircraft engines for F-15 and F-16 Military aircraft. Under this contract, GE Aviation will deliver F110-GE-129 engines. The contract involves Foreign Military Sales to four countries including Qatar, Taiwan, Bulgaria, and Slovakia. As per the company’s press release, the order book for company has reached around US$ 1.2 Billon from military alone. The order book of the company includes the production of F414 engines, T700 engines, and F110 engines among others.
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