Research Nester published a report titled “Aircraft turbofan engine market- Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers detailed overview of the aircraft turbofan engine market in terms of market segmentation by aircraft type, by application type, by engine type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for aircraft turbofan engine is anticipated to record a notable CAGR over the forecast period 2020-2028. The rising technological advancements in turbofan engines along with the demand for lightweight aircrafts for high fuel efficiency are estimated to drive the growth of the market. Further, advantages such as increased safety and lowered maintenance cost related to lightweight materials results in better high temperature performance of aircrafts. Based on application type, the market is segmented into military aviation, commercial aviation and general aviation, out of which, commercial aviation is predicted to witness highest growth rate with the rise in global passengers. Moreover, adoption of next generation aviation turbofan engines to meet delivery timelines and to increase production will propel the market growth over the forecast period.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Based on the regional analysis, the market for aircraft turbofan engine is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The aircraft turbofan engine market in North America is estimated to account for largest market share on the back of rising investments to produce next generation turbofan engines. The Asia Pacific region is anticipated to be fastest growing market on the account of rising population in the emerging economies such as India, China and Japan. Further, rising demand for turbofan engines along with the economic growth is estimated to accelerate the market growth.
Rise in Demand for Fuel Efficient Engines and Aircraft Orders
The aircraft turbofan engine manufacturers are mainly focusing on to reduce carbon emissions to delivery high fuel efficiency as fuel has an overall impact on the cost of aircraft. In addition, to reduce the weight of the engine the manufacturers are coming up with fuel efficient engines. The profitability of an airline mainly depends on the passenger traffic, therefore with the rise in traffic; aircraft orders are rising and the manufacturers are installing latest turbofan engines to reduce the consumption of fuel and offers high bypass ratio. These factors are anticipated to account for the growth in the market over the forecast period.
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However, stringent regulatory instructions and macroeconomic slowdown along with future uncertainties are expected to operate as key restraint into the growth of aircraft turbofan engine market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the aircraft turbofan engine market which includes company profiling of GE Aviation (NYSE:GE), Safran (EPA:SAF), Rolls Royce Plc (LON:RR), Pratt and Whitney, CFM International, MTU Aero Engines AG (ETR:MTX), Honeywell International Inc (NYSE:HON), UEC Aviadvigatel, International Aero Engines and Engine Alliance. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the aircraft turbofan engine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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