Lucintel Forecasters Relate, in a Report, that They Anticipate Demand to Drive Global Market to $37 Billion in 2020
The global aero engine market witnessed good growth despite less-than-ideal economic conditions during the last five years. Lucintel estimates the global aero engine market to approach $37.2 billion in 2020 with a CAGR of 6% over the next eight years. Lucintel, a leading global management consulting and market research firm, has analyzed the global aero engine market and presents its findings in “Growth Opportunities in Global Aero Engine Market for Turbofan and Turboprop 2012–2020.”
Lucintel’s research indicates that the global aero engine market is poised for robust growth. Various emerging trends such as demand for aero engines that are lightweight, fuel efficient, and less harmful to the environment are anticipated to drive market growth over the forecast period.
Low-cost carriers, demand for replacement engines, new technologies such as a woven resin transfer molding technique that reduces engine weight, and use of other emerging advanced materials are expected to greatly benefit the aero engine market.
The rising costs of some materials such as titanium are hampering the aero engine market. Additionally, rising fuel prices create a demand for newer, more efficient aircraft. Consequently, next-generation narrow body aircraft with new engines are expected to boost the market in coming years.
As per the study, demand for aero engines is directly proportional to the need for new aircraft, which is expected to grow in the future, especially among countries in the Asia Pacific region.Recent growth in the turbofan segment was the largest on a consumption basis, followed by narrow body aircraft engine. The aero engine market’s turboprop segment is anticipated to grow at a moderate rate during 2012–2020.The narrow body aircraft engine market is forecast to grow due to the upgrading of new engines for the Airbus A320neo and Boeing’s 737 MAX families of aircraft.
The report, which provides trend scenarios and forecast statistics for 2012–2020,also details industry drivers and challenges; provides market share analysis of major players; presents a global aero engine industry background and overview; describes growth opportunities and emerging trends in the market, and more.
For a detailed table of contents and pricing information on this timely, insightful report, contact Lucintel at 972.636.5056 or via email at helpdesk@lucintel,com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency.