New York, May 20, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Global Commercial Aircraft Engine Growth Opportunities” Report – https://www.reportlinker.com/p06279627/?utm_source=GNW
The total market was worth $29.94 billion in revenue in 2021 and, considering the impact of the COVID-19 pandemic, is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2021 to 2032 The study also examines revenues across the linefit, refurbishment, and aftermarket segments. In 2021, linefit represented 84.3% market share, driven by the delivery of new aircraft to airlines. The demand for modernization and aftermarket services stems from the airlines’ need to maintain existing aircraft fleets. The demand for narrow-body aircraft like the Boeing 737 Max and Airbus A320neo will drive the demand for aero engines. However, the pandemic-related decline in air travel and weak demand for regional jets and turboprop aircraft led Mitsubishi Aerospace and De Havilland Canada to cease manufacturing SpaceJet and Dash-8, respectively. In addition, the Russian-Ukrainian war limited the possibilities for aircraft engine manufacturers to market their equipment to Russian-built commercial aircraft. The study includes regional analyzes for Asia Pacific, North America, Europe, Latin America, Middle East and Africa. The demand for new aircraft, which led to record production levels in 2018, came from emerging economies, particularly China. Although it will take until 2024 to return to pre-pandemic production levels, China and other Asian countries are expected to remain the biggest customers ordering new planes. In the United States and Europe, airlines are focusing more on restructuring their fleets by replacing older planes with more fuel-efficient ones to manage operational expenses and maintenance costs. GE Aviation, CFM, Rolls-Royce and Pratt & Whitney are the four major commercial aircraft. aircraft engine manufacturers. They prioritize the use of new technologies such as additive manufacturing and aircraft engine health monitoring systems to support airlines with maintenance, repair and overhaul services. They also partner with other industry stakeholders to reduce their carbon footprint, primarily through the sustainable research and use of aviation fuel.
Read the full report: https://www.reportlinker.com/p06279627/?utm_source=GNW
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