Global Aircraft Engines Market: Key Highlights
Global Aircraft Engines Market: Key Market Dynamics
Global Aircraft Engines Market: Regional Overview
North America is expected to hold the largest market in the aircraft engines market during the forecast period. Increasing the adoption of new technologies, government initiatives, and the presence of major key players such as Honeywell International Inc. and General Electric Company are the factors help drive the market in North America. Moreover, increasing the 3D printing market in North America will develop new designs and profitable opportunities for aircraft in terms of energy efficiency and fuel efficiency.
Asia-Pacific region is expected to grow with the highest growth rate during the upcoming years. Increasing population, rising domestic traffic for logistics and transportation will increase the aircraft engine market in the Asia-Pacific region. Moreover, increasing demand for military and commercial aircraft from China and India will be fueling the growth of the market in this region. According to IATA, China will replace the US as the world’s largest aviation market by 2024. By 2035, an additional 1.8 billion yearly passengers will be transported to, from and within the region for an overall market size of 3.1 billion and hence region will also grow by 4.7% in the aviation market during the forecast period which will directly fuel the aircraft engines market.
Global Aircraft Engines Market: Key Players Overview
General Electric Company provides various products and services ranging from aircraft engines, power generation, oil & gas power generation, medical imaging, and financing and industrial products. The company operates in eight business segments namely power, renewable energy, aviation, oil & gas, healthcare, transportation, lighting, and capital. With more than 33000, engines in service, the company is one of the global leaders in the provision of jet engines to commercial aircraft. The company provides commercial engines for twin-aisle aircraft, single-aisle aircraft, and regional aircraft. In January 2020, Boeing launched 777X jet powered by twin GE9X engines which are made by General Electric Company. The engines are equipped with over 300 3D printed parts.
Honeywell International, Inc. is a software-industrial company, which offers industry-specific solutions to aerospace and automotive products and services. The company operates through four business segments: aerospace, Honeywell building technologies, performance materials and technologies, and safety and productivity solutions. The company provides various turbofan, turboshaft and turboprop engines to various aviation industries to control various engine operations. The company partnered with Hindustan Aeronautics Limited (HAL) to manufacture the TPE331 turboprop engine, the first fully-manufactured engine in India.
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