At a compound annual growth rate of 5.6%, the size of the worldwide Turbine Engine market is projected to reach USD 4.6 Billion in 2030.
Air travel has become a necessity and the industry has seen growth owing to increased production of aircrafts. An integral part of every aircrafts is gas turbine engine that powers the aircraft. The engine converts fuel energy into mechanical energy that is used to push the aircraft. Since the invention of air transport, airlines have tried to use fuel efficient for overall cost reduction. The growing investment done by people in aircraft manufacturing and leasing of engine activities has contributed towards the growth of turbine engines market. Present day engines are digitally controlled, and the output is managed by sensors placed at different levels of flight. Sensors are placed at various important locations and various other dimensions pressure, temperature, oil debris and vibration is recorded in real time.
Turbine engines market is segmented on the basis of type, fit and region. Based on type it is divided as turbofan, turbojet and turboprop. Turbofan engine uses mechanical energy generated by the gas turbine to accelerate air. Turbojet is a jet engine that comprises of air inlet, compressor, combustion chamber and a turbine. At the same time, Turbopop comprises of combustor, intake, compressor, propelling nozzle and turbine. Based on fit, the market is divided into line-fit and retrofit. Line-fit is if some additional options are included during the aircraft construction. Some items are installed during production line by the producers. To reduce emission from engine, retrofit technology is added in the engine.
Turbine engines market region is segmented into America, Europe, Asia Pacific and Middle East and Africa (MEA). Turbine engines market trends indicate growth in North America and South America owing to technical advancement and increased buying power. Europe comes after North America as the top key player in the market. United States of America and Canada contributes the most revenue in North America region. Brazil is the biggest market in South America and similarly Germany, France, Spain, Italy and United Kingdom markets contributes maximum revenue in Europe region. Asia-Pacific owing to its growing population and constant innovations in the technology sector has a steady pace of growth. The biggest market in the region are Australia, India, China, New Zealand and Japan. Rest of Asia Pacific region has large requirement for commercial aircraft gas turbine engine. The market in Middle East and Africa is less owing to its lack in technology innovations. In regions like Kuwait, Israel and so on there is highest demand for turbine engine.
Turbine engines market trend indicate a shortfall of sufficient fund for buying new craft will hamper the market as implementing new engines might be difficult owing to the cost involved. The stringent custom duties and environmental threats due to carbon emission are also factors hampering the industry growth.
Key players in turbine engine market are CFM International, General Electric, NPO Saturn Avio Aero and many other.
The various segments of turbine engine market are,
- Asia Pacific
- Middle East and Africa (MEA)