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Aircraft Turbofan Engine Market – Driver & Challenge
The demand for air travel is expected to be boosted by the rising affluence of the middle-class population in emerging markets. Also, the demand for commercial aircraft is likely to witness a surge due to the growth in air travel in key countries like China, Russia, India, Indonesia, and the US. The year-over-year increase in air traffic has made the induction of new aircraft necessary to cater to the growing demand. Hence, aircraft OEMs and their suppliers are revamping their production facilities to ensure that aircraft deliveries take place as scheduled.
However, countries cannot afford to adopt every new technology that emerges as it will result in downtime in their defense aircraft. Several other challenges that come with the introduction of new technology are its prohibitive cost, technology risks that are driven by stringent certification requirements, and the need for the required expertise. Technologically advanced equipment must also go through a rigorous testing and evaluation process prior to certification. In addition, innovations require substantial backing and support from prominent manufacturers and MRO service providers in the defense market.
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Some of key Aircraft Turbofan Engine Players:
The aircraft turbofan engine market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
- EuroJet Turbo GmbH
- General Electric Co.
- Honeywell International Inc.
- Ivchenko-Progress SE
- Liebherr-International AG
- PowerJet Pressure Cleaning Systems
- Raytheon Technologies Corp.
- Rolls-Royce Plc
- Rostec State Corp.
- Safran SA
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Aircraft Turbofan Engine Market Application Outlook (Revenue, USD mn, 2021-2026)
- Defense aviation – size and forecast 2021-2026
- Civil aviation – size and forecast 2021-2026
Aircraft Turbofan Engine Market Geography Outlook (Revenue, USD mn, 2021-2026)
- North America – size and forecast 2021-2026
- Europe – size and forecast 2021-2026
- APAC – size and forecast 2021-2026
- MEA – …….