Aircraft Turbofan Engine Market Size, Share, Growth, Analysis Forecast to 2023

Market Highlights:

The market for global aircraft turbofan engine market is expected to witness a significant growth during the forecast period. Increasing demand for fuel efficient and lightweight aircraft is expected to result in increasing investments on technologically advanced turbofan engines and in turn contribute towards the growth of the market. In addition, with Airbus and Boeing accruing several thousand backlogs of fuel efficient aircraft, which would simultaneously translate into several subsequent years of the production of turbofan engines. Moreover, the increasing government regulations for reducing carbon emissions would act as another major driver for the aircraft turbofan engine market. The global aircraft turbofan engine market is expected to reach over USD 42,000 million by the end of 2023, growing at a CAGR of about 6%.

Although, the price of fuel continues to fluctuate in the recent years, the demand for fuel efficient engines has simultaneously increased. The engine plays a major role in improving the fuel efficiency of an airplane. The usage of advanced materials in the aircraft engines has enabled the enhanced performance of engines. Hence, the usage of composites, ceramics, and super alloys has considerably increased, during the manufacture of aircraft engines. These materials are lightweight and have a huge impact on the overall weight of an aircraft. Furthermore, these factors enhance the engine performance, which in turn leads to significant fuel savings. In addition, these materials offer several advantages in engine design such as lower maintenance costs, lower weight, increased safety, and better high-temperature performance. Hence, the continued usage of composites, ceramics, and super alloys in the development of aircraft turbofan engines, has resulted in an increase in the demand of such engines and in the growth of the global market.

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However, certain factors such as the high costs of development for the engines coupled with the rigorous certification processes are expected to act as restraints for the market growth.

Major Companies contributed in Market
• GE Aviation,
• Pratt & Whitney,
• Safran Aircraft Engines,
• CFM International,
• International Aero Engines AG,
• Rolls Royce,
• MTU Aero Engines,
• Honeywell International,
• Engine Alliance,
• EuroJet,
• Aviadvigatel.

The market for global aircraft turbofan engine is expected to witness a significant growth during the forecast period. Over the years, Airbus and Boeing have accrued several thousand backlogs of fuel efficient aircraft, which would simultaneously translate into several subsequent years of the production of turbofan engines. Therefore, the global aircraft turbofan engine market is expected to grow at a CAGR of approximately 6%.

Increasing demand for fuel efficient and lightweight aircraft is expected to result in increasing investments on technologically advanced turbofan engines and in turn contribute towards the growth of the market. Moreover, the increasing government regulations for reducing carbon emissions would act as another major driver for the aircraft turbofan engine market.

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Market Research Analysis:
The Americas region is expected to dominate the global aircraft turbofan engine market mainly due to presence of major market players in the North American region. However, due to the growing demand of fuel efficient aircraft in emerging economies such as India and China will result in the APAC region registering a high growth rate during the forecast period.
On the basis of aircraft type, the market has been segmented on the basis of narrowbody, widebody, and other aircraft. The narrowbody aircraft are expected to dominate the global aircraft turbofan engine market, during the forecast period.

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Table of Content
1 Executive Summary
2 Introduction
2.1 Definition
2.2 Scope of the Study
2.3 Assumptions
2.4 Market Structure
2.5 Key Takeaways of the Market
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Drivers
4.1.1 Development of Next-Generation Engines
4.1.2 Rapid Fleet Expansion
4.1.3 Increasing Demand For Fuel Efficient and Light weight Engines
4.2 Challenges
4.2.1 Impact on the Environment
4.2.2 High Manufacturing Costs
4.3 Opportunities
4.3.1 Increasing Use of Biofuels
4.4 Trends
4.4.1 Continued Usage of Advanced Materials in Engines
4.4.2 Evolution of 3D printing
5 Market Factor Analysis
5.1 Supply Chain of the Global Aircraft Turbofan Engine Market
5.2 Porter's Five Forces Analysis
Continued…..

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