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Impact of COVID- 19 on Global Aircraft Engine Market by Type (Piston Engine, Turbofan, Turboprop, Turboshaft); By Application the Market Is Bifurcated Into(Civil & Commercial, and Military); by Region (North America, Asia-pacific, Europe, Latin America and Middle-East and Africa)- Analysis of market share, size & trends for 2016-19 and forecasts to 2030
Aircraft Engine Market is anticipated to exceed USD 135.7 billion by 2030 from USD 48.03 billion in 2019 at a CAGR of 9.90 % throughout the forecast period, i.e., 2019-30.
Aircraft engines are principal propulsion machines that generate the desired lift to power the aircraft. The engines were associated with the reciprocation of motors used in automobiles, but a transition from reciprocal motors to jet motors has been noted in the current world. Aircraft engine producers are constantly working to develop a system to minimize overall weight and to improve fuel productivity and effectiveness.
The global Aircraft Engine market is estimated to grow on the back of the following reasons. In-service emergency medical (EMS), search and rescue (SAR), and firefighting activities are anticipated to accelerate their use. The business is projected to increase growth. In the industry, demand for oil and gas aircraft for a variety of offshore applications is predicted to boost. Due to the basis of its vast application in carrying out legal compliance, public protection, and other Para public operations, there is likely to be a significant global demand for Aircraft Engines. The rising volume of aircraft orders & deliveries, an increasing number of affordable carriers, and growing demand worldwide for fuel-efficient motors have guided the growth of the aviation engine industry. New aircraft manufacturers in Asia-Pacific and Latin America are also expanding, helping, in turn, to significantly increase the demand for aircraft engines during the projected timeframe.
Global Aircraft Engine market has been segmented based on application and by product type. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
The Civil & Commercial segment is anticipated to register XX% of the volume share and is expected to grow at the highest CAGR.
Based on the application the market is bifurcated into Civil & Commercial aviation, and Military aviation. In light of rising Aircraft Engine demand as a means of between and intra-City transport, the transport Aircraft Engines segment is expected to dominate the application market during the prediction period. The surge in passenger numbers has increased the need for airlines to have new commercial aircraft. This has contributed to the expansion of the demand for motor aircraft.
Turbofan segment is anticipated to register XX% of the volume share
Based on the type the market is bifurcated into Piston Engine, Turbofan, Turboprop, Turboshaft. During the projected period, the turbofan engine market segment is anticipated to witness the fastest rising as airlines are concentrating on maximizing the fuel efficiency of these engines. The demand for turbofans for aircraft is anticipated to be driving this trend.
Increases air travels
Owing to the rise in disposable revenues, aircraft traffic has dramatically increased in recent years. The fleet has expanded and therefore the growth of the aircraft engine industry has been stimulated. The demand for aircraft engines has been created by a huge need for fast cargo and goods transport and comfortable travel for passengers. Owing to the strong military demand in the area of terrorist attacks, drug trafficking, and illegal interference the market is expected to gain momentum in the coming years.
Fuel efficiency to drive the market
The market is driven mainly by the ongoing research and development projects of important players in developing novel engine designs for minimal maintenance that will in turn encourage market development. Correspondingly, due to increased demand on the part of airline companies, the creation of a fuel-efficient, low-cost, and lightweight motor would enable the marker to grow rapidly.
High investment and environmental impacts
The competitiveness and productivity of aircraft OEMs may be limited by the number of orders, thereby restricting demand growth over the forecast period. Also, the manufacturing and maintenance of aircraft engines require highly trained staff to raise investment costs and thus serve as hurdles in the development of the aviation engine industry. Moreover, environmental pollution caused by fumes generated as a result of the combustion of fuel in the motors of the aircraft can impede the growth of the industry.
Europe was the largest market accounting for XX% of total market volume share in 2019
Global Aircraft Engine market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and the rest of the world is classified as Middle-East and Africa. The Clean sky Initiative is creating advanced instruments for the development of environmentally sustainable and smoother aircraft within the field involving public-private cooperation between the Commission and the European aviation industry. More than one- fourth of North America's world market share was estimated in 2019, and substantial growth over the projected timeframe is predicted. One of the main factors influencing the regional market is the substitution of aging Aircraft Engines, especially in the US.
Major players in the industry are focused on building new and increasing their market share long-term strategic partnerships on new avenues. For instance:-
The automotive and travel industry is one of the highly vulnerable vertical outbreaks of CO VID 19 and now has unparalleled complexity. The COVID-19 should have a profound influence on the automotive supply chain and product demand. The industry has gone from the business disruption from China to the overall downturn in the automotive market. For all non-essential activities, the demand for commercial vehicles will decrease. Also, shifts in consumer purchasing behavior due to the pandemic’s uncertainty could have significant repercussions for the industry's near growth prospects. The incident of the COVID-19 pandemic has led government agencies around the world to impose strict travel restrictions. Several flights were postponed due to the travel ban resulting in lower demand for the aviation engine. However, the market will start to recover once the travel ban has been lifted and flights begin to operate.
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