Aircraft Turbofan Engine Market Size is anticipated to reach USD 3.927 Billion by 2027, registering a CAGR of 7.35% during 2020-2027.
The turbofan engine is widely used as a propulsion system for aircraft. In other words, it is also known as the modern variant of basic gas turbine engines. The fans and fan turbine are composed of different shafts and different blades connected. It is also known as the two-spool engine because of its unique design. In many advanced turbofan engines, the manufacturers involve more spools to provide greater efficiency and scope. Moreover, it is also a type of air-breathing jet engine, showing higher Aircraft Turbofan Engine Market Growth during the research timeframe.
Generally, turbofan engines are widely used in different aircraft due to their major advantages, which cannot be found in turboprop and turbojet engines. There are two types of turbofan engines such as high bypass engines and low bypass engines. The high bypass engines are widely prevalent in commercial jet engines, while the low bypass engines are mostly preferred in military applications. Moreover, the core of the turbofan engine involves multistage compressors, high & low pressure, a combustor section, and multistage turbine units. Here, the engine efficiency is based on the bypass ratio.
In the military segment, turbofan engines are broadly used in transport aircraft and fighter jets. For instance, turbofan engines in the commercial segment are broadly used in business jets and transport aircraft. In aircraft engines, the adoption of upgraded lightweight materials like super alloys, composites, and ceramics has been increased. And, these lightweight materials have various advantages in engine design, including increased safety, better high-temperature performance, lower maintenance costs, and lower weight. Also, it has an impact on the aircraft's inclusive weight. In engine performance, all these factors play an important role in boosting up the savings. As per the Aircraft Turbofan Engine Market Forecast report, the global market has various supportive audiences: equipment or system suppliers, OEMs, end-users, Government institutions, technology investors, key executives, and strategy growth managers' potential investors, and consultancy firms.
COVID-19 Impact Analysis
The global Aircraft Turbofan Engine Market has been affected negatively due to the arrival of the Covid-19 pandemic in the year 2020. The global lockdown, shutdown, and social distancing norms have pressured the global market's productivity and profitability. During this pandemic period, the Aircraft Turbofan Engine Market has lost its investors, workforce, supply chain, etc.
However, the government has decided to adopt some safety measures and reopen the markets, which has brought hope to the global market. Currently, the global market is projected to generate higher Aircraft Turbofan Engine Market Growth for the assessment period.
The technological advancements in turbofan engines, fuel-efficient aircraft, and growing demand for lightweight are the growth driving factors for the growth and development of the Aircraft Turbofan Engine Market. Moreover, the rising operations in the commercial aircraft industry are boosting up the growth of the global market.
In 2018, the UK government proposed a fund of $392.7 million for the research and development of electric planes and technology, which has generated more growth aspects to the global market. Further, the Aircraft Turbofan Engine Industry Outlook is predicted to register the higher market growth in the research timeframe.
The increasing use of Aircraft Turbofan Engine in the Military and Commercial sector can bring more opportunities for the global Aircraft Turbofan Engine Market. Moreover, the technological advancements in turbofan engines bring lucrative opportunities for the manufacturers and key players of the global market.
Hence, the opportunities are increasing along with the hard work of the key player who is adopting new strategies and promotional ideas to enhance the growth of the Aircraft Turbofan Engine Market in the upcoming years.
The global Aircraft Turbofan Engine Market might face restraints because of the Boeing and Airbus SAS's various fuel-efficient aircraft backlogs.
Moreover, the stringent government regulations and economic growth slowdown can be another major market restraints for the Aircraft Turbofan Engine global Market.
The Aircraft Turbofan Engine Global Market might experience challenges because of the stringent government regulations for carbon emissions reduction and the betterment of the environment.
Moreover, the unprecedented Covid-19 affects the aviation or aircraft industry, another biggest challenge for the global Aircraft Turbofan Engine Market.
Cumulative growth Analysis
In many parts of North America and the Asia Pacific, the demand for the Aircraft Turbofan Engine has been raised rapidly. This shows the continuous growth of the global market and is projected to meet the higher Aircraft Turbofan Engine global Market growth for the forecast period.
Moreover, the current report has mentioned that the ongoing research and development in the field of Aircraft Turbofan engines are propelling the growth of the global market.
Market segment Overview
The Aircraft Turbofan Engine global Market is segregated based on the turbofan engine, aircraft type, and application.
According to the Aircraft Turbofan Engine Market Analysis report, the global market is divided into PW1000, F414, V2500, PW4000, CFM56, CFM LeapX, GP7000, GEnx, Trent 1000, and F135 based on a turbofan engine.
Out of all, the CFM56 engine segment is registered to generate the highest Aircraft Turbofan Engine global Market Revenue and the highest CAGR during the research timeframe.
The global Aircraft Turbofan Engine Market has been classified into wide-body, narrow-body, and others based on aircraft type segment.
Here, the narrow-body aircraft segment was projected to register the largest Aircraft Turbofan Engine Market Share of 39.65% for 2018 and is expected to generate at 8.69% CAGR for the research period.
Based on the application segment, the global Aircraft Turbofan Engine Market has been segregated into military aviation and commercial air transport.
Out of all, the commercial air transport segment is registered to account for the largest Aircraft Turbofan Engine Market Share for the year 2018. This segment is growing due to the increasing commercial fleet across the world.
Regionally, the global Aircraft Turbofan Engine Market Trendshas have been divided into several regions such as Asia Pacific, North America, Europe, and the rest of the world.
Among these regions, the Asia-Pacific Aircraft Turbofan Engine Market has the greatest demand. The countries like Japan, China, and India of the Asia Pacific region support global market growth. Further, this region is predicted to grow the aircraft Turbofan Engine Market Size during the assessment period because of the increasing aircraft deliveries. Apart from that, the North American region is registered to grow the Aircraft Turbofan Engine global Market Revenue for the research period due to the modernization of engines in the current years.
Competitive Landscape Analysis
In the global market, the important market leaders or players are:
These market leaders generate higher Aircraft Turbofan Engine Market Size for the forecast period by applying various marketing strategies, new product launches, and many promotional ideas.
According to the Aircraft Turbofan Engine Industry Analysis, the report has included secondary and primary research methods to gather Turbofan Engine-related information. This report compiles quantitative, qualitative assessment and first-hand information by inputs from industry experts, industry analysts, and industry participants globally.
The Aircraft Turbofan Engine Market Trends report has covered all the major parts of the industry, which included the market dynamics, market segments, recent developments, competitive analysis, regional analysis, and market challenges. In addition, it has focused on the investment in research and development along with the new strategies of the key players.
By Turbofan Engine:
By Aircraft Type:
The global Aircraft Turbofan Engine Market has projected a CAGR of 7.35% for the forecast period.
The Asia Pacific region is dominating the global Aircraft Turbofan Engine Market for the forecast period.
The global Aircraft Turbofan Engine Market has been segmented into aircraft types, turbofan engines, and applications.
The major growth driving factors of the global market are technological advancements in turbofan engines, growing lightweight demand, and fuel-efficient aircraft.