Global Aircraft Engine Market Size, Share, Future Trends, Market Growth to 2016- 2028.
The Global Aircraft Engine Market is projected to reach USD 140.17 Billion by 2028, growing at a CAGR of 6.2% during a forecast period. Aircraft engines are primary propulsion devices that produce the necessary thrust to generate lift for the aircraft to fly. These engines were synonymous in design to reciprocating engines used in automobiles but in the present world, a shift from reciprocating engines to jet engines has been observed. Turbofan engines are the most common type of jet engines used in commercial aircraft, owing to their high bypass ratio and fuel efficiency. Manufacturers of aircraft engines are continuously engaged in innovating such systems in order to reduce the overall weight and improve fuel efficiency and performance.
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• In April 2017, GE Aviation was awarded a contract by the US army for the production of 2,500 T700 turboshaft engines for the US Army, Navy, Air Force, Coast Guard, Marines, Foreign Military Sales (FMS) and other government agency.
• In February 2018, Safran(France) took control of Zodiac Aerospace. This helped them significantly expand their aircraft equipment portfolio.
• In November 2018, UTC Aerospace Systems(US) acquired Rockwell Collins and is one of the largest acquisitions in the history of the aerospace manufacturing industry.
• In June 2019, Rolls-Royce announced that the Royal Thai Air Force was the first international customer to update its C-130H transport fleet with the Rolls-Royce T56 Series 3.5 engine upgrade. The technology upgrade has achieved considerable success with the US Air Force C-130 and National Oceanic and Atmospheric Administration (NOAA) P-3 fleets.
The North American region is expected to have the highest share in the market during the forecast period. Two of the biggest aircraft manufacturers, Boeing(US) and Bombard