The demand for aircraft engine components can be attributed mainly to the planned fleet modernization and expansion strategies of various major airlines, aircraft operators, armed forces, and freight operators. Furthermore, the rising demand for new generation engines with low emissions and lower weight to improve the fuel efficiency of aircraft and reduce the carbon emissions are driving the global aircraft engine components market. Presently, prominent components manufacturers are focusing on the research and development of new engine models using advanced technologies like implementation of additive manufacturing and integration of composite technologies. However, the development of electric aircraft to reduce environmental impact is hindering the growth of conventional engine components manufacturers.
MARKET SCOPE
The "Global Aircraft Engine Component Market Analysis to 2028" is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of Aircraft Engine Component market with detailed market segmentation by type, engine type, fit type, and geography. The global Aircraft Engine Component market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Aircraft Engine Component market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of Type, the market is segmented as Compressor, Turbine, Gear Box, Exhaust Nozzle, Fasteners, Fuel System, and Others.
- On the basis of Engine Type, the market is segmented as Turboprop, Turbofan, and Turboshaft.
- Based on Fit Type, the market is bifurcated into Line Fit, Retrofit
MARKET DYNAMICS
Drivers:
- Planned fleet modernization and expansion strategies of various major airlines, aircraft operators, armed forces, and freight operators
- Rising demand for new generation engines
- Advanced technologies like implementation of additive manufacturing and integration of composite technologies
Restraint -
- Replacement of conventional engines by electric aircraft and delivery delays
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Aircraft Engine Component market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Aircraft Engine Component market in these regions.
IMPACT OF COVID-19 ON AIRCRAFT ENGINE COMPONENT MARKET
COVID-19 severely impacted the aviation industry by the end of 2020 due to plummeting air traffic and lockdown-related restrictions imposed across the globe. The impact of the pandemic extends to all segments of the aviation and aerospace industry, including Aircraft Engine Component manufacturers. In the short term, the market is witnessing low utilization, reduced demand and fall in transaction volume. According to industry experts, demand for aircraft engine remains considerably low compared to pre-crisis levels, and the situation continues to be extremely challenging for aerospace manufacturers across the world. For instance, Rolls Royce, a prominent aircraft engines manufacturer, faced a net loss of US$ 4.4 billion in the fiscal year 2020, compared to US$ 1.7 billion loss in 2019. However, during the second half of 2021, the rising demand in key US and Chinese markets has resulted in aerospace companies, like Airbus, doubling up their jet production to capitalize on a bulging order book of new jets. Therefore, the market is expected to regain momentum with the successful implementation of vaccine drive leading to reopening of airlines and resuming production of aircraft.
MARKET PLAYERS
The reports cover key developments in the Aircraft Engine Component market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from Aircraft Engine Component market are anticipated to lucrative growth opportunities in the future with the rising demand for Aircraft Engine Component market. Below mentioned is the list of few companies engaged in the Aircraft Engine Component market.
The report also includes the profiles of key Aircraft Engine Component market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Clarendon Specialty Fasteners
- Eaton Corporation Plc
- JAMCO Corporation
- MS Aerospace
- MTU Aero Engines AG
- Parker Hannifin Corporation
- Precision Threaded Products
- Raytheon Technologies Corporation
- Safran SA
- STANLEY Engineered Fastening