The Europe aircraft engines market is projected to grow at a CAGR of over 4% during the forecast period.
- The demand for aircraft engines is driven primarily by either an increase in the order book of aircraft (business jet, commercial or military aircraft) or as a replacement for the engines for the existing aircraft fleet.
- Aircraft OEMs and engine manufacturers are engaging in extensive integration efforts to enhance performance and extend the range of aircraft. The investments towards the R&D of such technologies is anticipated to bolster the market prospects during the forecast period.
- The manufacturing cycle of the aircraft engine OEMs is expected to undergo rapid transformation due to the increasing use of 3D printing and ceramic matrix composites to construct critical components of an aircraft engine. Furthermore, emerging technologies such as a hybrid-electric jet engine are anticipated to enhance the current business opportunities for the market players.
Key Market Trends
Persistent R&D Efforts of Engine Manufacturers to Drive Adoption of Newer Generation Engines
Since the advent of commercial aviation, airlines have been engrossed in employing operational engines with increased fuel efficiency and reduced overall operational costs. Thus, the selection of advanced materials with increased durability is preferred to ensure performance without compromising on service life aspect of aircraft engines. The present generation of engines are digitally controlled, and the power output is controlled using sensors at different levels of flight. Sensors are located at various key locations, and multi-dimensional data such as temperature, pressure, vibration, and oil debris are collected in real-time. Aircraft OEMs and engine manufacturers are engaging in extensive integration efforts to enhance performance and extend the range of aircraft. For instance, Pratt & Whitney, a leading aircraft engine manufacturer, has been offering a high-bypass GTF called PW1000G (under the brand name PurePower) as a powerplant option to aircraft such as Embraer's second-generation E-Jets and MRJs. This family of engine incorporates an improved gearbox that empowers the fans to rotate at a slower speed than the blades of the driving internal turbine, leading to increased efficiency. The manufacturer claims that PW1000G can ensure a 12%-15% reduction in fuel consumption, around 15% reduction in CO2 emissions, and a decrease of 50% in nitrogen oxide (NOx) emissions, besides operating with a much lower level of noise. Also, due to the high number of forecasted deliveries, the civil and commercial aviation segment would overshadow the military aviation segment of the market in focus during the forecast period.
Western European Countries to Dominate the Market During the Forecast Period
The European Union (EU) is predominantly involved in R&D activities in the aerospace domain and houses several aircraft engine OEMs. The efforts to partner with suppliers have led to the formation of global networks, which have boosted the overall capabilities of the industry further. France is one of the leading testbeds for new engine technologies. Hence, in February 2019, Safran inaugurated a new research center near Paris to develop next-generation very-high-performance turbine blades. The advanced turbine blades research facility is part of the corporate Research & Technology center, Safran Tech. Similarly, in July 2018, Safran inaugurated a new LEAP engine parts plant in Poland to fabricate low-pressure turbine blades for the LEAP turbofan engine. With market players expanding their research and production base in Western Europe, a positive outlook is anticipated for the market in focus in the region.
The aircraft engine market in Europe is consolidated in nature, with a handful of engine OEMs such as Safran SA, United Engine Corporation (Rostec State Corporation), Rolls-Royce plc, Pratt & Whitney (Raytheon Technologies Corporation), General Electric Company, and CFM International dominating the market. Vendors must provide advanced and high-quality gas turbine engines to survive and succeed in the intensely competitive market environment. In-house manufacturing capabilities, global footprint network, product offerings, R&D investments, and a strong client base are the key areas to have the edge over competitors.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Powerplant Type
5.2.1 Civil and Commercial Aviation
5.2.2 Military Aviation
5.3.1 United Kingdom
5.3.7 Rest of Europe
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Safran SA
6.1.2 United Engine Corporation (Rostec State Corporation)
6.1.3 Rolls-Royce plc
6.1.4 Pratt & Whitney (Raytheon Technologies Corporation)
6.1.5 General Electric Company
6.1.6 CFM International
6.1.7 MTU Aero Engines AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.