increase in aircraft deliveries is driving the Aircraft Engine Market
Technavio analyzes that the Aircraft Engine Market is expected to grow at a CAGR of 21.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 65.4 billion.There are various factors that contribute to the growth of the market. The global aircraft engine market is poised for significant growth due to the increasing number of aircraft deliveries. According to industry reports, there has been a steady rise in aircraft orders, leading to an uptick in engine demand. This trend is expected to continue, as airlines expand their fleets to meet growing passenger traffic and replace aging aircraft. The market is further bolstered by advancements in engine technology, which offer improved fuel efficiency and reduced emissions.
The commercial aviation sector plays a pivotal role in the expansion of the global aircraft engine market. With an increasing number of aircraft deliveries and growing demand for air travel worldwide, this segment is expected to lead market growth. Airlines prioritize fuel efficiency and environmental compliance, favoring turbofan engines for their superior fuel economy. Manufacturers are investing heavily in research and development, focusing on lightweight materials and advanced turbine designs to enhance engine performance. Crucially, this includes engines for various aircraft types, such as piston engines for regional aircraft, turbofans for passenger jets, and turbofans and supersonic engines for long-haul jumbo jets and wide-body aircraft. These innovations aim to improve flight conditions, increase load capacity, and boost long-haul efficiency.
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Aircraft Engine Market Segmentation
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The Aircraft Engine Market caters to the needs of Commercial Aviation, specifically Airlines, by providing advanced engine technology for enhanced flying experience. Jet engines and turboprops offer improved fuel efficiency, power, endurance, and economy for air travel. Safety and efficiency standards are prioritized, ensuring high performance and reliability. Turbine engines, with their combustion chambers, air compressors, and high cruising speeds, power passenger aircraft and wide-body jumbo jets. Piston engines are suitable for regional aircraft, adapting to various flight conditions and load capacities. Global connectivity is facilitated through long-haul flights and supersonic speeds, making air travel a preferred mode of transportation.
The commercial aviation sector, comprising airlines and aircraft manufacturers, is a significant consumer of industrial machinery and components, primarily jet engines and turboprops. The focus on enhancing flying experience, fuel efficiency, and safety standards in air travel drives the demand for advanced engine technology and performance. Technavio's market analysis for the global industrial machinery and supplies and components market estimates the growth based on the combined revenue generated by manufacturers supplying machinery and components to the aviation industry. Factors fueling market expansion include the increasing industrial output in process and discrete industries, particularly in developing economies, leading to capacity additions in energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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