航空機エンジンの世界市場 - 成長、動向、予測（2021年～2026年）
Aircraft Engines Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|航空機エンジンの世界市場 - 成長、動向、予測（2021年～2026年）|
発行: Mordor Intelligence Pvt Ltd
ページ情報: 英文 110 Pages
The aircraft engines market was valued at USD 42.43 billion in 2020 and is projected to reach about USD 75 billion by 2026, registering a CAGR of over 7.6% during the forecast period (2021-2026).
The market of aircraft engines is highly affected by the COVID-19 pandemic due to a downturn in the aviation industry and issues in the supply chains (halt of manufacturing of components and materials), leading to an overall decrease in the total aircraft engine deliveries in 2020. This has resulted in engine OEMs witness huge losses and implement new cost-cutting strategies.
The planned fleet modernization and expansion plans of airlines, aircraft operators, armed forces, and charter operators are expected to generate new engines demand during the forecast period.
The growth of the market is also driven by demand for new generation engines with low emissions and lower weight, which will enhance the fuel efficiency of aircraft. Due to this trend, the companies are investing into research and development of new engine models with latest technologies like additive manufacturing and use of composite technologies.
However, the growing concerns over failure of aircraft engines during operation and delay in deliveries are some of the factors hampering the growth of the market.
Commercial Aircraft Segment will Record Higher Growth During the Latter Half of the Forecast Period
The commercial aircraft segment currently dominates the market in terms of revenue share. By the end of 2020, Airbus reported a backlog of 7,184 jets. On the other hand, by the end of 2020, Boeing's backlog was 4,223 aircraft. These numbers represent the fact that despite the reduction in demand from the airlines, commercial aircraft deliveries will continue at a healthy rate during the forecast period. Technological advancements in newer generation passenger aircraft are making them possible to fly longer distances. Players are emphasizing increasing the fuel efficiency of the passenger aircraft while increasing their range, as the airlines are looking to procure such aircraft for their fleet. Several airlines have already placed aircraft orders in the last few years to expand their fleet sizes, to cater their services to more passengers, with a positive outlook for the regional and global air passenger traffic numbers in the past. As a result, the existing order backlog with the OEMs is still high. The demand for narrow-body aircraft is expected to recover faster than wide-body aircraft as domestic demand is expected to return to pre-COVID-19 levels earlier than the international passenger demand. Also, the return of the 737 MAX into service in late 2020 will also help the growth of the narrow-body segment. Such robust plans of the airlines and aircraft operators are expected to propel the growth of the market.
However, the outbreak of COVID-19 pandemic has put brakes on the growth of the commercial aviation market globally. The passenger traffic is estimated to take 3-4 years to recover fully and hence the orders for new commercial aircraft in the next three years are projected to be lesser than the pre-COVID-19 levels. Also, in 2020, major aircraft OEMs have trimmed their production rates as the pandemic decreased demand for new aircraft. Since, engine market growth is dependent on new aircraft orders, demand for new engines from this segment will be less between 2020-2022.
Asia-Pacific Region is Expected to Witness Highest Growth During the Forecast Period
The Asia-Pacific region is expected to witness the highest growth during the forecast period due to the strong demand for domestic air travel in developing economies. The COVID-19 pandemic greatly affected airlines' revenues in the region due to a sharp decline in passenger traffic. According to IATA, the international passenger traffic reduced by approximately 80% in 2020 compared to the previous year. However, the domestic passenger traffic in countries like China, India, and Japan has been gradually recovering from the second half of 2020. Due to this, the major domestic airlines in the region are expected to receive new aircraft scheduled (from the existing order book) to be delivered during the forecast period. Indigo, the largest domestic airline in India, has a huge aircraft order backlog of more than 600 aircraft, including ATR 72 and A320 family of aircraft. The airline received 44 Airbus A320neo family aircraft, similar to aircraft deliveries in 2019. Such robust aircraft orders as a part of fleet modernization plans of the airlines in the region are expected to accelerate the demand for the aircraft engines market in the coming years. Furthermore, due to geopolitical tensions in the region, the countries are increasing their investments to strengthen their aerial capabilities with the procurement of advanced aircraft and replace their aging aircraft. The Indian Air Force is planning to acquire 450 fighter aircraft for deployment on the northern and western frontiers of the country by 2035 as a part of its plan to bridge the gap between existing number of squadrons and required number of squadrons. Such fleet modernization plans will generate demand for advanced light weight fuel efficient engines in the coming years.
The market of aircraft engines is highly consolidated with few players dominating the market in commercial and military aircraft segments. Some of the prominent players in the aircraft engines market are General Electric Company (through GE Aviation), Raytheon Technologies Corporation (through Pratt & Whitney), Rolls-Royce Holding PLC, Safran SA, and MTU Aero Engines AG. The aforementioned players along with their joint ventures such as CFM International (GE Aviation and Safran), International Aero Engines (Pratt & Whitney, Japanese Aero Engine Corporation, and MTU Aero Engines), and Engine Alliance (General Electric and Pratt & Whitney) provide engines for major commercial and military aircraft programs. Rolls-Royce, Raytheon Technologies Corporation, Honeywell International Inc., and Textron Inc. (through Lycoming Engines) are major players in the general aviation sector. However, the players have suffered losses in 2020 due to the slow down of aircraft deliveries and lack of new aircraft orders. The companies are implementing new strategies to mitigate these losses. In addition to this, the companies are investing in the development of advanced eco-friendly engines with reduced fuel consumption, higher fuel efficiency, and lightweight.