Albany, NY -- (SBWIRE) -- 08/06/2018 -- Global Aircraft Engine, Parts and Equipment Market: Overview

The global aircraft engine, parts, and equipment market encompasses landing gear, aircraft engines, engine parts, propeller, hydraulic and electric control, rotor, fuselage, and avionics systems. Among them, engines and other component parts account for a significant share in market. As far as the competitive dynamics is concerned, the market is consolidated with two of the aircraft manufacturing stalwarts – Airbus and Boeing – holding almost half the share.

The global aircraft engine, parts, and equipment market can be segmented by aircraft type into military aircrafts – comprising of helicopters, their engines, and engine parts, commercial aircrafts – comprising of wide body aircrafts and narrow body aircrafts, rotary aircrafts – consisting of helicopters, and general aviation – consisting of small business jets and planes. It also encompasses turbofan or turbojet, turboprop, single engine piston, and multi-engine piston that form a part of these aircrafts.

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Global Aircraft Engine, Parts and Equipment Market: Drivers and Trends

The single-most important growth driver in the global aircraft engine, parts, and equipment market is the soaring demand for new, advanced private and commercial aircrafts, which in turn has been brought about by the foray of new airlines and network expansion by current players. Such aircrafts consist of both single-aisle or narrow body aircrafts and large wide-body aircrafts. Another growth driver is the frequent need to supplant obsolete aircrafts. This has resulted from the swift pace of technological progress along with new trends such as the unveiling of M601H-80 Turboprop Derivative Engine II-49 by GE Aviation.

The growth in air passenger traffic fueled by economic development in many countries has also boosted the market significantly. A recent noticeable trend in the global market for aircraft engine, parts, and equipment market is the rising demand for fuel-efficient aircrafts. This would likely compel companies to push the envelope further by launching more budget air carriers. This, in turn, would power more growth in the near future.

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