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.
Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to firstname.lastname@example.org or call her on +44 (0) 20 7549 9987.
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.
Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.
Radiation-Hardened Electronics market has been witnessing strong growth over the past few years owing to significant investments in space exploration programs across the globe. Radiation-Hardened Electronics are highly used for space application which is required to decommissioning nuclear power plants and also to carry out human activities in space accelerator.
30 October 2020
Focus of armed forces across the globe on the procurement of military aircraft, armored vehicles, missile systems, and various artillery systems is one of the major factors driving the demand for inertial navigation systems market over the past few years.
30 October 2020
The growth can be attributed to increasing investment on the advanced aircraft technologies with heavy lifting capabilities. Hybrid aircraft uses electricity as one of the main sources along with high powered turbines during takeoff, which enables heavy lifting capabilities. The turbine power also used for charging batteries onboard aircraft.
30 October 2020
Flight navigation systems market has been witnessing strong growth over the past few years on account of increasing demand aircraft deliveries across the globe. Demand from airline operators to increase flight safety and accurate location services is also one of the major factors driving the market growth for flight navigation systems in the recent past.