The global aircraft engine and equipment market is expected to witness substantial growth over the forecast period on account of a surge in demand for advanced aircraft which is influenced by an entry of new airlines and expansion of existing airlines. Furthermore, factors such as obsolete aircraft and technology, demand for fuel efficient engines, increasing air travel, the considerable growth of emerging markets are expected to be the drivers of aircraft engines and equipment market growth. The industry manufactures aircraft engine and engine parts, fuselage, rotor, propeller, landing gear, electronic control, hydraulics and avionics systems. Aircraft engines and components comprise of about 45% of the global market.
Rising demand for private and commercial airplanes owing to changing trends in air travel, increasing population and consumer disposable income are expected to drive the market forward. World economy catalyzing urbanization and emergence of the middle class are keys to the expansion of airline industry leading to increasing demand for aircraft engines and equipment. Technological advancements along with developing innovative trends such as M601H-80 Turboprop Derivative Engine II-49 and launch of the G3-R9 II-48 market are also one of the factors anticipated to drive the market.
The focus of the industry is in the manufacturing of fuel efficient engines, leading to the manufacturing of low-cost aircraft which is expected to drive the market even further. Furthermore, recent collaborations such as Jet airways and Etihad, Avidyne Corporation, Eagle Creek Aviation Services, Inc., Edge Aviation Services, and Lone Mountain Aviation is anticipated to foster the aircraft engines and equipment market growth. However, reduction in defense expenditure is anticipated to hinder the aircraft engine and equipment market in the forecast period.
The market is further categorized on the basis of the commercial aircraft jet engine market by engine type into turbofan and turboprop. Furthermore, the commercial aircraft market is categorized on the basis of components into engine, airframe, systems, avionics, interior and landing gear. On the basis of aircraft type into large widebody, medium widebody, small widebody, narrow body, regional jets and business jets. The market is also segmented on the basis of application into civil and military. Aircraft engines and equipment market is further categorized on the basis of business sectors into integrated aero structures, engine systems, transparency systems, integrated propulsion systems, special products, wiring systems and landing gears.
Several distinctive factors are anticipated to pose a challenge for the aircraft engines and equipment industry such as the complexity of technology, its high regulatory, quality and safety requirements, the critical importance of intellectual property safety in sectors such as aircraft engine and avionics. Furthermore, the production of the industry is lower than any other industry owing to the bulky products and the high level of product design and customization. The U.S. and European standards are largely based on the global aviation standards and are accepted worldwide. Air Control Pollution Law is another regulation for conservation and safety of the environment. Rolls Royce follows the Engine Health Management to keep track of the numerous engines all over the world.
The market of Asia Pacific region is expected to grow at the substantially and at a higher rate owing to the increasing population and consumer demand and growing trade link between countries. Furthermore, growing modernization strategies and low-cost carrier supply by the Philippines is anticipated to foster Asia Pacific market. Increasing cargo, passenger hubs, deregulation and inter-regional trade are few other reasons which are anticipated to drive Asia Pacific market. The North American market is estimated to witness sluggish growth on account of the reduced expenditure on defense due to decreased involvement of the U.S. overseas. The Latin American aircraft engine and equipment industry continue to evolve on account of economic growth, market liberalization, new investments in airlines, infrastructure and liberalization market, cross-border airline consolidation and fierce competition. The market of European region is expected to grow as low-cost carriers are anticipated to drive efficiencies across the global aircraft engines and equipment industry. The market of Middle East is anticipated to grow owing to its geographical location. Furthermore, Gulf governments are leading investors in aviation projects fostering Middle Eastern aircraft engine and components market forward.
Few of the major contributors in the market include Airbus S.A.S., American Champion Aircraft Corporation, BAE Systems, Kawasaki Heavy Industries, Bell Helicopter Textron Inc., CFM International, Inc, Defense and Space Co, Fokker Aerostructures B.V., GE Aviation, Pratt & Whitney International Aero Engines, MD Helicopters Inc., Rolls-Royce, European Aeronautic , Safran, Thales, and Zodiac.
Research Support Specialist, USA