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 Global Aircraft Engines Market 
Posted on : Friday, 13 March, 2020  06:26
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Global Aircraft Engines Market was valued US$ 63.17 Bn in 2018 and is expected to reach US$ 109.85 Bn by 2026 at a CAGR of 7.17 % during the forecast period.

Global Aircraft Engines Market

Growing air passenger traffic is leading towards a rising number of aircraft fleet with more efficient planes. This in turns is estimated to be the major factor driving the growth of aircraft engines market across the globe. Various emerging regions in aviation traffic are witnessed across the globe and are expected to remain resilient in the coming decade. The economic and income growth in large emerging markets such as China and India has been a primary driver for the global GDP growth and also, for air travel. The manufacturers have to face certain challenges in the production of aircraft engines. As aircraft engines are the main propulsion system of an aircraft and any negligence during the manufacturing can cause a great disaster. Therefore the demand for durable and efficient aircraft engines is growing causing intense competition among the manufacturers.

By type, the turbofan segment of the aircraft engines market is estimated to the highest growth during the forecast period. This growth is attributed to the recent rise in demand for turbofan engines by airlines around the world because of the fuel efficiency and reliability of these engines.

The market in North America is poised for above-average growth, owing to the increase in the number of passengers travelling on a yearly basis. The presence of a prominent aircraft manufacturer in the region is another driving factor for the growth of the aircraft engine market. The European region also has potential to grow with a healthy rate in the market, owing to the presence of aircraft engine manufacturers in Russia and the U.K. In the Asia Pacific region, China is on the verge of manufacturing its own commercial aircraft to reduce the costs involved in imports. In line with this, China has set up its own aircraft engine manufacturing plant, which is expected to boost the production output of aircraft engines in the region. A large number of orders for new aircraft placed by significant carriers of the Middle East & Africa region are also expected to help the aircraft engines market grow further over the forecast period.
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