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.
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.
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