By 2026, the Global Aircraft Engines Market is anticipated to reach a value of over $70 billion with a CAGR of over 7%. Due to a downturn in the aviation sector and decreased engine deliveries in 2020 and 2021, the COVID-19 pandemic had a significant impact on the market for aircraft engines. However, the market is anticipated to be driven by the sizable backlog of aircraft OEMs in the commercial, military, and general aviation sectors during the forecast period.
During the forecast period, it is anticipated that plans for fleet modernization and expansion by airlines, aircraft operators, the armed forces, and charter operators will fuel market growth for aircraft engines. The demand for new generation engines with low emissions and lighter weight, which will improve aircraft fuel efficiency, is another factor driving the market's growth. Due to this trend, businesses are spending money on the research and development of new engine models using cutting-edge technologies like composites and additive manufacturing.
Engines for aircraft: An Introduction
The power source of an aeroplane drive system is referred to as an aircraft engine or an air motor. Although a few have been rocket-controlled and many small unmanned aerial vehicles (UAVs) have recently used electric engines, the majority of aircraft engines are either cylinder motors or gas turbines.
An aeroplane is controlled by an aircraft engine. The two most common types of aircraft engines used today are the stream motor and the cylinder motor. These two engine types have been developed in a wide variety over the course of aviation history.
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The market is being supported by the rising demand for aeroplanes as a result of rising air traffic, which is spurring interest in new motors. The market value is increasing as a result of the growing demand for eco-friendly motors and advancements in modern aeroplane. In addition, a few carriers are repairing their armada by acquiring new aircraft, which is another factor boosting market value.
In addition, growing concerns about aviation emissions will likely open up new opportunities for eco-friendly and lightweight motors in the speculative future. On the other hand, factors like current transportation surpluses and the longevity of aircraft engines are anticipated to impede market growth.
The size of the global market for aircraft engines was $42.43 billion in 2020; it is anticipated to grow to over $70 billion by 2026, with a compound annual growth rate (CAGR) of over 7% from 2021 to 2026.