Aircraft Engine Market is rising rapidly due to rise in the number of passengers has boosted the demand for new commercial aircraft from airlines

Albany, NY -- (SBWire) -- 07/06/2017 --An aircraft engine is the module of the propulsion system for an aircraft that produces mechanical power. Based on type, the market is segmented into turbofan, turboprop, piston engine and turbo shaft. In 2016, in terms of type, the turbofan segment dominated the market trailed by turboprop and is anticipated to remain the dominant segment in the near future as well. Turbofan segment is further being segmented into ultralight aircraft, regional transport aircraft and military transport aircraft. Turboprop segment is further being segmented into very large aircraft, narrow body aircraft, regional transport aircraft, wide body aircraft, military transport aircraft and others. Turbo shaft segment is further being segmented into military helicopters and business helicopters. Increase in the air passenger traffic and increase in the air traffic is some of the key factor furling the demand of aircraft engines market for the forecast period of 2017 – 2025.

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Based on platform, the market is segmented into rotary wing and fixed wing. In 2016, in terms of platform, the rotary wing segment dominated the market trailed by fixed wing and is anticipated to remain the dominant segment in the near future as well. Advancement of rotary wing with the help of new technologies is one of the key factor driving the demand of rotary wing segment in aircraft engine market for the forecast period of 2017 – 2025.

Based on application, the market is segmented into military aviation, general aviation and commercial aviation. In 2016, in terms of application, the commercial aviation segment dominated the market followed by military aviation and is anticipated to remain the dominant segment in the near future as well. Military aviation segment is further being segmented into transport aircraft, fighter jets and military helicopter. General aviation segment is further being segmented into business helicopters, ultralight aircrafts and business jets. Commercial aviation segment is further being segmented into narrow body aircraft, very large aircraft, wide body aircraft and regional transport aircraft. Commercial aviation is also expected to grow at a high CAGR for the forecast period of 2017 – 2025. The rise in the number of passengers has boosted the demand for new commercial aircraft from airlines which in turn acting as a driving factor for the commercial aviation segment in aircraft engine market for the forecast period of 2017 – 2025.

The geographical split of the market includes North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. In 2016, North America is dominated the aircraft engine market followed by Asia Pacific. However, in 2025 Asia Pacific will be the largest market for aircraft engine market followed by North America. The APAC region is estimated to expand greatly during the forecast period. In 2016, the U.S. is expected to be the key market for the North America region. Increase in the demand for fuel-efficient engines is one of the key factor driving the market for the aircraft engine for the forecast period in the U.S. as well as North America region.

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Asia Pacific is anticipated to grow at the highest CAGR for the forecast period of 2017 – 2025. In 2016, China is expected to be the major market for the aircraft engine in Asia Pacific region. India is expected to grow at the high CAGR in Asia Pacific region. Increase in aircraft and passenger traffic in countries such as China and India among others is one of the key factor boosting the demand of aircraft engine market for the forecast period of 2017 – 2025. Europe is expected to grow at a sluggish rate for the forecast period. The U.K. and Germany are the major market for the aircraft engine market in Europe region. Increase in the aircraft orders is one of the key factor driving the market for the aircraft engine market in Europe. Middle East and Africa is estimated to grow at a healthy rate for the forecast period. Increase in the investment in defense sector by several countries such as Saudi Arabia among others is one of the main factor driving the market in Middle East and Africa during the forecast period of 2017 – 2025.

The major players in the Aircraft Engine market are General Electric Aviation (United States), United Technologies Corporation (United States), Safran SA (France), CFM International SA (France), International Aero Engines AG (Switzerland), Engine Alliance LLC (United States), Honeywell International Inc. (United States), MTU Aero Engines AG (Germany), Textron, Inc. (United States) and Rolls Royce Holdings PLC (United Kingdom) among others.