The global aerospace engine and engine parts market is anticipated to grow at a considerable CAGR during the forecast period (2022-2028). The rise in air traffic coupled with the growing demand for air travel has enabled the airliners to increase their aircraft fleet size, which in turn is driving the growth of the global aerospace engine and engine parts market. For instance, According to International Civil Aviation Organization (ICAO), the total number of passengers carried on scheduled services rose to 4.5 billion in 2019, which is 3.6% higher than in 2018, while the number of departures reached 38.3 million in 2019. The low-cost carriers carried an estimate of 1.4 billion passengers in 2019, which was approximately 31.0% of the global total scheduled passengers. Further, according to the data published by the Bureau of Transportation Statistics in 2022, US airlines carried 674 million passengers in 2021, which is 82.5% more than in 2021.
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The rise in the aerospace engine manufacturing units is anticipated to drive the growth of the global Aerospace Engine and engine parts market. In April 2022, ITP Aero, which operates in India through its wholly-owned subsidiary ITP Externals India Pvt. Ltd had set up an office and manufacturing facility in Hyderabad. The facility will be dedicated to the production of end-fittings and brackets for subsequent welding onto rigid tubes for aircraft engines. The facility will have the capacity to make 2.5 lac units of components annually.
Looking toward the demand for aerospace engine and engine parts, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in June 2021, Safran SA had collaborated with General Electric for the development of new generation jet engine technologies. The development aimed to reduce the fuel consumption of the engine by more than 20.0%.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Safran SA, Honeywell International Inc., Rolls-Royce Holdings Plc, and Textron Inc among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Aerospace Engine and Engine Parts Market Report by Segment
By Type
- Propeller
- Landing Gear
- Control System
- Others
By Application
- Commercial
- Military
- Civil
Recent Developments
o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment
Geographic coverage
- North America market size and/or volume
- Latin America market size and/or volume
- Europe market size and/or volume
- Asia-pacific market size and/or volume
- Rest of the world market size and/or volume
Recent Developments
- Market Overview and growth analysis
- Import and Export Overview
- Volume Analysis
- Current Market Trends and Future Outlook
- Market Opportunistic and Attractive Investment Segment
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