Aircraft Turbofan Engine Market Global Research Report 2018 Analysis & Forecast to 2023

Global Aircraft Turbofan Engine Market Information Report by Aircraft Type (Narrowbody, Widebody, and others) by Application (Commercial air transport and military aviation), and by Regions (Americas, APAC, and EMEA) - Global Forecast To 2023

Market Scenario

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%.

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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 have 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, have resulted in an increase in the demand of such engines and in the growth of the global market.

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.

Global Aircraft Turbofan Engines market

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.

Key Players

The key players of global aircraft turbofan engine market GE Aviation, Pratt & Whitney, Safran Aircraft Engines, CFM International, International Aero Engines AG, Rolls Royce, MTU Aero Engines, Honeywell International, Engine Alliance, EuroJet, and Aviadvigatel.

The report for Global Aircraft Turbofan Engine Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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