The global Commercial Aircraft Gas Turbine Engine market is projected to reach USD 124830 million by 2028, growing at a CAGR of 16.4%
main work of a gas turbine engine is to convert fuel energy into useful mechanical energy, this engine in turn propels the aircraft. Aircraft functioning entirely rely on number of accessories and supercharger. It is observed that there is higher investment in engine and craft leasing activities, which is driving the expansion of the market during the forecast period. However, lack of adequate funds for new craft may hamper the adoption of engines because rates of new engines are getting thrice of entire new craft price. This triggered the engine leasing business. Airlines have adopted these funding facilities offered by craft entities to feature a new engine.
The factors that has exceeded commercial aircraft gas turbine engine market share are aircraft using these operational engine because that increases fuel efficiency and reduces overall cost incurred during maintenance or operation. Aircraft OEMs, in association with engine manufacturers, have been broadly integrating better-quality engines into their innovative aircraft designs to confirm enhanced performance and rate of aircraft. This also supports in verifying the viability of the aircraft rapidly evolving aerospace industry. For instance, higher acceptance given to Pratt & Whitney's new generation GTF engine technology as it is fulfilling aerospace industry's insight of low-carbon emissions.
The commercial aircraft gas turbine engine market trends that is getting higher traction is development of 3D printed engine elements. Additive manufacturing arrived with the help of 3D printing which involves synthesizing consecutive layers of materials, with the help of computerised management technology or software (CAD) to develop a part. This method allows producers to evolve with a tiny and micro-components of virtually any size or form. This method reduces time taken in manufacturing and lessen associative material wastage.
“In the aviation sector, manufacturers are highly dependent on 3D printing to alleviate supply chain constraints, limit warehouse space, and reduce wasted materials from traditional manufacturing processes. Rapid production of aircraft parts as per market demand will help in saving enormous amounts of space and money. Most aero-engine manufacturers have started using the 3D printing technology to fabricate critical and complex components such as fuel nozzles,” stated a senior analyst at renowned institution.
key regions of commercial gas turbine engine market are Europe, APAC, North America, Latin America, and MEA. The fastest growing region is APAC due to growing manufacturing of commercial aircraft in countries like Japan and China.
Key segments of ‘Global Commercial Aircraft Gas Turbine Engine Market’
Based on technology, the market has been segmented into,
The top manufacturers of market are,
- CFM International
- GE Aviation
- Pratt & Whitney
- Safran Aircraft Engines
Based on types, the market has been segmented into,