Aircraft turbofan engine is a type of jet engine used in aircraft propulsion which produces thrust with the help of bypass air and jet core efflux, accelerated by a ducted fan that uses mechanical energy to accelerate air rearwards. A turbofan engine is of two types that is low bypass engine and high bypass engine. Low bypass engines are widely used in military applications, whereas high bypass engines are prevalent in commercial jet engines. The core of turbofan engine consists of high and low pressure, multistage compressors, multistage turbine units and a combustor section. The efficiency of the engine depends on the bypass ratio that is the ratio of air bypassing the core to the air that flows through the core. Higher the bypass ratio, more efficient is the engine.
The market for aircraft turbofan engine is anticipated to record a significant CAGR over the forecast period that is 2020-2028. The key drivers estimated to drive the growth of the market include the technological advancements in the turbofan engine and rising demand for lightweight aircraft along with its high fuel efficiency. The use of lightweight materials such as super alloys and ceramics is widely increased in aircraft engines owing to its several advantages such as lower maintenance cost, increase in the safety and lower weight of the engine. In addition, these lightweight materials results in better high temperature performance of the engine along with the overall impact on the weight of aircraft. Thus, these factors are anticipated to drive the market growth over the forecast period.
The market by application type is segmented into military aviation, commercial aviation and general aviation, out of which, the commercial aviation segment is anticipated to hold the highest growth on the back of increasing passengers all over the globe propelling the demand for new commercial aircrafts. Moreover, increase in the order book positions with engine manufacturers are focusing on to increase the production rate to meet delivery timelines along with the adoption of next generation aviation turbofan engines. Hence, these factors are estimated to drive the growth of commercial aviation segment over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The rising environmental awareness is pushing aircraft turbofan engine manufacturers to focus on the efficiency. The focus is mainly on to reduce carbon emissions along with the delivery of high fuel efficiency. Since, the fuel has impact on the overall cost of the aircrafts; increase in efficiency will result in the reduction of maintenance cost. Further, the manufacturers are employing the application of the components in order to come up with different fuel efficient engines to reduce the weight of the engine.
Additionally, increasing passenger traffic along with the profitability for airline operators is driving the growth of the market. This rising traffic results in the shift in aircraft orders all over the globe and for the latest aircrafts the manufacturers are installing next generation turbofan engines with high bypass ratio to reduce fuel consumption along with noise and it further offers active duty service. Hence, these factors are anticipated to drive the growth of the market over the forecast period.
The tightening of regulatory instructions along with the reductions in carbon emissions is likely to put pressure on the profitability of the aircraft turbofan engine market. Further, surge in the crude oil prices with latest European environment taxes is expected to put more pressure on the profitability. In addition, the economic slowdown along with a lot of uncertainties is impacting the air traffic and aircraft growth. Hence, these factors are predicted to hamper the market growth over the forecast period.
Our in-depth analysis of aircraft turbofan engine market includes the following segments:
On the basis of regional analysis, the aircraft turbofan engine market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for aircraft turbofan engine in North America is anticipated to account for the largest market share on the account of increase in modernization and sustainable investments for the production of latest turbofan engines in coming years. The market in Asia Pacific region is projected to be fastest growing owing to the rising demand for turbofan engines in emerging economies such as India, China and Japan. Further, robust economic growth, rising population along with the improvement in household incomes will drive the growth of the market over the forecast period.
The aircraft turbofan engine market is further classified on the basis of region as follows:
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