The aircraft engine nacelle market is estimated to garner a sizeable revenue by growing at a significant CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the rising demand for aircraft engine nacelle for protection from fire, increase in the number of air passengers and growing advancements in engine and nacelle technology. According to the World Bank, 2019 recorded a total of 4.397 billion air passengers worldwide. The number grew up from 3.974 billion in 2017. Furthermore, intensifying development of noise-reducing and fuel efficient engine nacelles is also projected to drive market growth. In addition to these, escalating trend for 3D-printed engine nacelles is expected to offer ample opportunities to the market in the near future.
The market is segmented by material into titanium alloys, aluminum alloys, nickel chromium and composites, out of which, the aluminum alloys segment is anticipated to hold the largest share in the aircraft engine nacelle market on account of their properties such as high temperature endurance and strength, corrosion resistance and ductility. Additionally, based on engine type, the segment for turbofan is evaluated to witness the highest growth over the forecast period owing to the high usage of turbofan based aircraft in regional and commercial airlines and the ability of this engine to increase thrust with lesser fuel consumption. Moreover, by end user, the OEM segment is predicted to grow with the highest CAGR in the coming years, which can be credited to the fact that OEMs are solely responsible for the installation of aircraft engine nacelles and related components. CLICK TO DOWNLOAD SAMPLE REPORT
Global Aircraft Engine Nacelle Market Regional Synopsis
On the basis of geographical analysis, the aircraft engine nacelle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North America region is estimated to acquire the largest share over the forecast period on the back of growing demand for new aircraft, continuous replacement of ageing fleet and strong presence of key players in the region. However, Asia Pacific’s market is evaluated to witness the highest CAGR during the forecast period, which can be ascribed to the growing demand for fuel-efficient nacelles and increasing modernization of the aviation industry in the region. Furthermore, rapid rate of industrialization and rising aircraft expenditure in countries namely, China and India, is also anticipated to drive market growth in the future. For instance, China’s industrial production reached almost 14% YoY in March, 2021. The growth rate increased by more than 7% from the previous month.
The aircraft engine nacelle market is further classified on the basis of region as follows:
Our in-depth analysis of the aircraft engine nacelle market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for aircraft nacelle for protection from fire and increasing air passenger traffic worldwide are major growth drivers for market.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
High cost of procurement of engine nacelles is estimated to hamper the market growth.
Asia Pacific region will provide more business opportunities on the back of rapid industrialization and growth of the aviation industry in the region.
The major players in the market are Safran and Safran companies, Raytheon Technologies Corporation, Leonardo S.p.A., Singapore Technologies Engineering Ltd, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material, engine type, end user, and by region.
The aluminum alloys segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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