Aircraft Engine Market Grows: 8.52% CAGR
Evolve Business Intelligence has published a research report on the Global Aircraft Engine Market, 2021–2034. The global Aircraft Engine Market is projected to exhibit a CAGR of around 8.52% during the forecast period of 2021 to 2034.
Evolve Business Intelligence has recognized the following companies as the key players in the global Aircraft Engine Market: General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc, United Technologies Corporation, Pratt & Whitney Division, Snecma S.A, Hindustan Aeronautics Limited, JSC “Klimov”-United engine corporation, Safran and The Boeing Company.
More Information: https://evolvebi.com/report/aircraft-engine-market-analysis/
Market Highlights
The Global Aircraft Engine Market is projected to be valued at USD 101.25 Billion by 2034, recording a CAGR of around 8.52% during the forecast period. The aircraft engine market encompasses the design, development, manufacturing, and sale of power sources used to propel aircraft. These engines are the primary component of an aircraft’s propulsion system, providing the necessary thrust to overcome drag, achieve lift, and maintain flight. The Key factors influencing the market include advancements in technology, fuel efficiency improvements, regulatory changes, and shifts in airline and defense industry demands.
The aircraft engine market is a critical component of the broader aviation industry, providing the power necessary for flight and supporting various sectors, including commercial, military, and regional aviation.
Segmental Analysis
The global Aircraft Engine Market has been segmented based on Type, Wing Position and Application.
Based on Type, the Aircraft Engine Market is segmented into Turboprop, Turbofan, Turboshaft and Piston Engine. The Turbofan segment is anticipated to dominate the market.
Based on Wing Position, the Aircraft Engine Market is segmented into Fixed Wing and Rotary Wing. The Fixed Wing segment is anticipated to dominate the market.
Based on Application, the global Aircraft Engine Market has been divided into Commercial Aviation, Military Aviation and Others. The Commercial Aviation segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/aircraft-engine-market-analysis/
Regional Analysis
The Aircraft Engine Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America has historically been the largest and most dominant region in the aircraft engine market. Strong domestic air travel, a robust aerospace industry, and significant military spending contribute to the region’s dominance. Europe is home to several leading aircraft engine manufacturers, including Airbus, Safran, and Rolls-Royce. The European market is characterized by a strong focus on research and development, with a particular emphasis on fuel efficiency and environmental sustainability. The Asia-Pacific region is witnessing the fastest growth in the aircraft engine market, driven by rapid economic development, increasing urbanization, and rising disposable incomes. Countries like China and India are experiencing significant growth in air travel, creating demand for new aircraft and engines. The Middle East and Africa are emerging as important markets for aircraft engines, particularly for regional and business aviation. The region’s military spending is also contributing to the growth of the aircraft engine market, particularly for military aircraft and helicopters. Latin America is experiencing steady growth in the aircraft engine market, driven by increasing air travel and economic development. The market is primarily driven by domestic air travel and regional aviation, with limited international routes.
