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COMMERCIAL AERO TURBOFAN ENGINE MARKET REPORT OVERVIEW
The global commercial aero turbofan engine market size was USD 26880 million in 2019 and will touch USD 34060 million by 2026, exhibiting a CAGR of 3.4% during the forecast period.
An aircraft engine that generates thrust using a turbofan or turbojet is known as a commercial aero turbine engine.Compared to previous piston engines, these engines usually use less fuel and produce less noise. Additionally, they provide more propulsion, enabling bigger, longer-range planes. Modern airliners cannot function safely or effectively without commercial aviation turbofan engines. One kind of gas turbine engine utilized in airplane propulsion is the commercial turbofan engine. Modern commercial aircraft frequently select it because of its effectiveness and performance attributes.
COVID-19 Impact: Pandemic Effectuated Travel Bans Affected Aviation Industry and the Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The COVID-19 pandemic had a significant impact on the aircraft engine market because it caused a slump in the aviation sector, which led to a decrease in engine deliveries in 2020 and 2021.Increasing worries about airplane engines failing while in flight and delivery delays are a couple of the things impeding the market's expansion. Nonetheless, during the course of the projection period, the market is anticipated to be driven by the substantial backlog of aircraft OEMs in the general aviation, military, and commercial aviation sectors.
LATEST TRENDS
"Improved Fuel Efficiency and Adaptive Cycle Engines to Enlarge the Market Share"
In the aviation sector, continuous attempts to increase fuel economy continue to be a top concern. In an effort to minimize emissions and fuel consumption, engine makers are making investments in aerodynamics, new materials, and design optimization. Adaptive cycle engines provide for increased fuel efficiency since they are made to work optimally at various phases of flight. Depending on the aircraft's operational conditions at the time, these engines may modify their bypass ratio and other settings.
COMMERCIAL AERO TURBOFAN ENGINE MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into Al/Al-Li, Steel & Alloys, Ti & Alloys, Ni & Alloys, Composites and others.
Al/Al-Li: Aluminum and aluminum alloys are the primary components of the Al/Al-Li Commercial Aero Turbofan Engine, a kind of jet engine. Both wide-body and narrow-body aircraft applications employ these engines. They are also utilized in balloons, drones, and helicopters, among other kinds of aircraft.
Alloys and Steel: Alloys and Steel Business An engine type called an aero turbofan employs a turbine to propel an airplane. Air is drawn in and compressed by the compressor, which is turned by a shaft that is spun by the turbine. The airplane is powered by thrust produced when fuel is combined with compressed air and ignited. It is the most widely used engine type in aviation, found in both military and commercial aircraft.
Alloys and Ni: Alloys and Ni Business One kind of engine that employs nickel and alloys as its primary components is the aero turbofan engine. Both wide-body and narrow-body aircraft use these engines. In addition, they find usage in various applications including satellites and helicopters.
Composites: Turbofan engine for commercial aircraft The airframe and engine of a composite engine are made of composite materials. Both wide-body and narrow-body aircraft use these engines.
- By Application
Based on application the global market can be categorized into wide body aircrafts and narrow body aircraft and others.
Wide-Body Aircraft: Wide-body aircraft are frequently utilized for lengthy, long-distance trips. Higher thrust capacity turbofan engines are used to supply the power required for a prolonged cruise at high altitudes. Airbus A330, A340, A350, and A380, as well as Boeing 747, 777, and 787, are examples of wide-body aircraft that are built to carry a lot of people. A greater thrust-to-weight ratio in turbofan engines is chosen so that the aircraft can rise and take off with a big cargo in an economical manner. Wide-body aircraft are adaptable and may be set up for a number of uses, such as carrying cargo and/or passengers. The airline's unique needs and the aircraft's intended use are taken into consideration while choosing turbofan engines.
Narrow-Body Aircraft: Narrow-body aircraft are frequently utilized to connect domestic and regional destinations on shorter- to medium-haul trips. Narrow-body aircraft with turbofan engines are built to have the thrust needed for takeoff, ascent, and descent on these comparatively short flights. Narrow-body aircraft, such those in the Boeing 737 and Airbus A320 series, may carry fewer passengers than wide-body aircraft. Turbofan engines are specifically designed to meet the weight and size requirements of narrow-body aircraft. Narrow-body aircraft use turbofan engines because of their reduced operating costs and superior fuel economy. For airlines operating on shorter routes where fuel usage and turnaround times affect total profitability, these factors are critical.
DRIVING FACTORS
"Rising Demand for Air Travel to Raise High the Market Share"
As the world's aviation sector grows, the demand for commercial aero turbofan engines is anticipated to rise. The Association projects that over the next 20 years, passenger traffic will increase by an average of 4.7% year, reaching 8.2 billion passengers by 2035. This will lead to a need for engines that are more dependable and efficient, which the market for commercial aviation turbofan engines can provide.
"Demand for Commercial Aircraft Engines to Multiply the Market Sales"
Due to the high volume of commercial aircraft deliveries occurring worldwide, which are creating a need for aircraft engines, the commercial aircraft sector now has a dominant market share and is anticipated to maintain this position during the projected period. Airbus and Boeing both reported having a backlog of 7,082 and 5,136 aircraft, respectively, by the end of 2021. Throughout the projection period, the commercial engines category is anticipated to increase at a strong rate because to the aircraft OEMs' backlog.
RESTRAINING FACTOR
"Weight, Size, Limited Altitude and Speed to Contract the Market Growth"
When designing an airplane, the weight and dimensions of turbofan engines play a crucial role. Although improvements in materials science have contributed to weight reduction, an aircraft's overall performance and fuel economy are still influenced by the size and weight of its engines. Certain speeds and altitudes are ideal for turbofan engines. Although they are quite effective when operating within the commercial aircraft's cruising range, their efficiency may decrease at very high or very low altitudes. Hence, such factors are expected to hinder the commercial aero turbofan engine market growth during the forecast period.
COMMERCIAL AERO TURBOFAN ENGINE MARKET REGIONAL INSIGHTS
"Asia Pacific with Economic Development and Rapid Urbanization to Dominate the Market Growth "
The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
With more than quarter of the worldwide revenue, the commercial aero turbofan engine market share was led by Asia Pacific. Over the course of the projected period, the area is anticipated to maintain its supremacy. This is explained by the growing need for modern airplanes and customers' increased discretionary money, both of which will spur more regional growth. Furthermore, the confluence of economic progress and swift urbanization has resulted in a surge in travel and tourist endeavors throughout Asia Pacific nations, including China, India, and Thailand. This development is anticipated to yield favorable outcomes for industry expansion in the years ahead.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to commercial aero turbofan engine to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.
LIST OF TOP COMMERCIAL AERO TURBOFAN ENGINE COMPANIES
- GE (U.S.)
- Pratt & Whitney (U.S.)
- Rolls Royce (U.S.)
- Safran (France)
- MTU (Germany)
INDUSTRIAL DEVELOPMENT
- July 2023: Safran had consented to purchase the actuation and flight controls business unit of Raytheon subsidiary Collins Aerospace for $1.8 billion in cash. However, the Italian government vetoed the sale, citing Safran's potential to use its Golden Share in Microtecnica to sabotage the production of Eurofighter components. RTX is legally contesting this action.
REPORT COVERAGE
The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 26880 Million in 2019 |
Market Size Value By |
US$ 34060 Million by 2026 |
Growth Rate |
CAGR of 3.4% from 2019 to 2026 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the commercial aero turbofan engine market expected to touch by 2026?
The global commercial aero turbofan engine market is expected to reach USD 34060 million by 2026.
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What CAGR is the commercial aero turbofan engine market expected to exhibit by 2026?
The commercial aero turbofan engine market is expected to exhibit a CAGR of 3.4% by 2026.
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Which are the driving factors of the commercial aero turbofan engine market?
Rising demand for air travel and commercial aircraft engines are the driving factors of the commercial aero turbofan engine market.
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What are the commercial aero turbofan engine market segments?
The commercial aero turbofan engine market segmentation that you should be aware of, which include, Based on type the market is classified as Al/Al-Li, Steel & Alloys, Ti & Alloys, Ni & Alloys, Composites and others. Based on application the market is classified as wide body aircraft and narrow body aircraft and others.
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