NEW YORK, Nov. 17, 2023 /PRNewswire/ -- The aircraft engine compressor market is expected to grow by USD 11.73 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 6.61% during the forecast period. The market is segmented by type (heavy duty, medium, and light), application (commercial and business aircraft and military aircraft), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
An increase in aircraft deliveries is a key factor driving market growth. By introducing innovative low-fare business models, several low-cost carriers and regional airlines have revolutionized the airline industry. In addition, with growing air traffic in the core countries of China, Russia, India, Indonesia, and the US, there will be increased demand for aircraft. Furthermore, airlines have been forced to add new aircraft for increasing demand because of this year's increased air traffic.
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Key Highlights:
- The report recognizes the following as some of the key players in the aircraft engine compressor market: Bet Shemesh Engines Ltd., Bharat Forge Ltd., Compressed Air Systems Inc., EuroJet Turbo GmbH, General Electric Co., Honeywell International Inc., IHI Aerospace Co. Ltd., JSC Klimov, Melrose Industries Plc, MTU Aero Engines AG, OC Oerlikon Corp. AG, Raytheon Technologies Corp., Rolls Royce Holdings Plc, Safran SA, The Williams Co. Inc., Turbocam Inc., and UEC Aviadvigatel JSC
- Aircraft Engine Compressor Market is fragmented in nature.
- Market to observe 6.41% YOY growth in 2024.
Market Dynamics:
Major Trend
- The development of electric and hybrid aircraft is a primary trend shaping market growth.
- To increase range and reduce the negative impact on the environment, hybrid solutions such as Ampaire Electric EEL combine both conventional and electric propulsion.
- Furthermore, there is a strong investment in electric vertical takeoff and landing aircraft by large players such as Boeing and Airbus for urban air mobility.
Significant Challenge
- The high production cost and delay in engine delivery is a significant challenge restricting market growth.
- Significant R&D and costs are required to develop a new engine or technology. Furthermore, the price of an aircraft engine is fully proportional to its associated development and production costs.
- Moreover, a rigorous test does not ensure that the engines are operating correctly once they have been fitted into an aircraft which can result in many problems.
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Keg Segments:
- The heavy-duty segment is estimated to witness significant growth during the forecast period. Over the past years, there has been a significant rise in demand for hydraulic engine compressors on military aircraft. In addition, these compressors, which are essential parts of jet engines, are made for high-pressure uses in both military and commercial aircraft. In addition, significant brands such as GE Aviation have started to introduce the advanced Heavy Duty Compressors.
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Aircraft Engine Compressor Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.61% |
Market growth 2024-2028 |
USD 11.73 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
6.41 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 34% |
Key countries |
US, Canada, UK, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
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Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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