A turbofan engine is a type of jet engine which is used extensively for aircraft propulsion. The global aircraft turbofan engine market is driven by a variety of factors such as increasing investment on advanced technology solutions to achieve fuel efficiency. Market Research Future (MRFR) has predicted the global aircraft turbofan engine market to reach USD 42,000 Mn at a CAGR of 6% over the forecast period of 2016-2023.
Aircraft
Turbofan Engine Market Size
With the rise in disposable income of people across the
globe along with growing urbanization in various developing regions, global air
traffic is increasing at a rapid pace. This has created the need for very large
aircraft to meet the demand of growing air passengers. Since it is more
feasible and efficient to add capacity to the existing route network than
frequency, there has a been heightened demand for advanced aircraft turbofan
engines to remediate the problem. Additionally, soaring fuel prices and
increased focus on fuel efficiency have pushed the demand for lighter aircraft
among aviation companies to leverage their shrinking bottom-lines. Airline
companies across the globe are investing in turbofan engines as there is
towering need for economization to enhance profitability. Furthermore, growth
in a number of aging fleets has induced high need for their replacement which
has stimulated the growth of the aircraft turbofan engine market.
The airline industry is among the fastest growing industries
across the globe, however, it generates a number of harmful compounds such as
nitrogen dioxides (NOx), volatile organic compounds (VOCs), carbon monoxide
(CO), black carbon (BC), and organic carbon (OC) apart from CO2. This has
evoked major concern among various regulatory authorities to curb air pollution
caused by aircraft. Various regulations have been enacted which are aimed at
reducing aircrafts emissions, and such mandates encourage the adoption of
aircraft turbofan engine which consequently boosts the growth of the market.
On the contrary, the aircraft turbofan engine market growth
can be hampered by high costs of development of the engines, increase in the
price of materials such as titanium which raise the overall cost of the
engines, and tightened certification process which discourages market entry.
Moreover, meeting technological changes and other challenges remain market
growth impediments.
Segmentation
The global aircraft turbofan engine market has been segmented
based on type and application.
By type, the aircraft turbofan engine market has been
segmented into narrowbody, widebody, and others.
By application, the aircraft turbofan engine market has been
segmented into commercial air transport and military aviation.
Regional Analysis
By region, the aircraft turbofan engine market has been
segmented into North America, the Middle East & Africa (MEA), Europe, and
Asia Pacific (APAC).
North America has secured the pole position in the global
aircraft turbofan engine market. The concentration of major market players in
the region, and high demand from the commercial as well as the military
aviation industry.
Growing air traffic in the APAC region due to a rise in
disposable income, urbanization, and growing middle class demographic has
translated high demand in the aircraft turbofan engine market. The emerging
economies of the region are investing heavily on the procurement of turbofan
engines to meet the capacity requirements of the burgeoning population.
Moreover, the growing demand for fuel-efficient aircraft and a heightened focus
on energy efficiency has further boosted the growth of the market in the APAC.
Moreover, India and China have initiated the development of various fighter
aircraft programs which call for the procurement of aircraft turbofan engine
market.
In Europe, the aircraft turbofan engine market is driven by
emerging regulatory requirements to curtail greenhouse emissions.
Complete Report Details @ https://www.marketresearchfuture.com/reports/aircraft-turbofan-engine-market-3791
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