Aero Turbofan Engine Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2370
Global Aero Turbofan Engine Market size is mainly driven by aircraft such as light fighters, business jets, single aisle transports, heavy jet transports, and trainer aircrafts. Increasing air traffic due to growth in tourism, rising middle class population, and high living standards significantly contributes industry demand over the forecast timeline.
Technological innovations are driving the product acceptance across the aviation industry over the projected time span. Incorporation of geared turbofan concept in the basic form will minimize thrust specific fuel consumption, fan blade tip speed, and overall product weight. Airbus, Mitsubishi, Irkut, Bombardier, and Embraer are few industry participants who have chosen the geared turbofan for their short & medium haul aircraft and new regional jet planes.
The International Civil Aviation Organization (ICAO) has mandated manufacturers to reduce harmful emissions which makes the manufactures to spend heavily on R&D to enhance aircraft technology. For instance, manufacturers are developing enhanced planetary gearboxes that will be incorporated on main shafts of the engine. These gearboxes will enhance product performance thereby complying to pollution standards. Advancements in the engine parts will enhance the industry size over the projected time span.
Electrification of primary power in the aircrafts is gaining interest owing to intrinsic limitations of turbofan technology. Electric products offer light weight, compact, modular unit, easy control, minimal maintenance, ease of integration, low noise level, reduced operating costs, and designed with inherent robustness. Targeted applications include flight training and air taxi for private pilots. This may negatively affect the aero turbofan engine market share over the next eight years.
Stringent government policies for certification process of the product may pose a challenge to the aero turbofan engine market size from 2017 to 2024. For instance, FAA, DGCA, and EASA has designed certain policies to be followed by the industry participants. Increasing environmental concerns and soaring fuel prices may challenge the aero turbofan engine market size over the forecast time span.
Industry players focus on improving the product performance to conform to the stringent emission regulations. Players are consistently working on developing requisite technologies to improve product efficiency. Increasing research activities may open new growth opportunities for the manufacturers over the forecast timeframe.
Asia Pacific aero turbofan engine market size is estimated to be the fastest growing region owing to emerging economies such as India and China. For instance, in December 2016, China powered up its military jet engines technology to wean itself off from Russia imports. Advancements in product design, radar systems, and home-grown turbofan technology showcased that the country is no more reliant on Russian products for next generation of fighter planes. In addition, India introduced Hindustan Turbofan Engine 25 (HTFE-25) in Aero India-2017 that will be ready for first flight by 2018. This was pitched and designed to power business jets and trainer aircrafts in the twin engine configuration.
Global industry players are Safran Aircraft Engines, General Electric, Honda Aero, Lufthansa, IHI Corporation, MTU Aero Engines, Pratt & Whitney, CFM International, UEC PERM Engines, Rolls-Royce Holdings PLC, and Honeywell International Inc.
Manufacturers are focusing on enhancing the product performance and conforming to stringent environmental norms. For instance, in November 2014, Honda Aero announced production launch of HF120 turbofan engine in its North Carolina manufacturing facility. Industry participants are engaged in mergers and acquisitions to combine production, research activities, and aviation expertise of the two companies. For instance, in December 2017, MTU Aero Engines and Lufthansa Technik have set up joint venture for MRO services of geared turbofan products holding equal share.
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