Many countries have embarked on a military modernization program, including the development of a range of aircraft covering multirole, fighters, bombers, transport, training, reconnaissance and surveillance. Over the forecast period (2017–2027), cumulative global expenditure on military aircraft engines will value US$126.4 billion, driven by upgrade projects, fleet replacement and modernization programs.
Global military aircraft engines industry is anticipated to value US$9.7 Billion by the end of 2017, registering a compound annual growth rate (CAGR) of 3.73% to value US$14.1 Billion by 2027. The combat and transport aircraft engine segments will account for 54.9% and 19.6% of the military aircraft engine market, respectively, followed by the rotorcraft and other aircraft engine segments, with a cumulative share of 25.5%.
Due to budget cuts, modern aircraft are required to be more versatile than their predecessors, which necessitate the need for more powerful and efficient engines. With the top-defense spenders investing in the development of fourth- and fifth-generation fighters, the combat engines segment is anticipated to dominate the industry over the forecast period, posting a CAGR of 4.96%.
Over the forecast period, the industry will be led by North America with a share of 28.9%, followed by Asia-Pacific at 26.1%, and Europe at 25.7%. The Middle Eastern market for military aircraft engines is expected to account for 13.2%, followed by the Latin American and African markets with a cumulative share of 6%.
Expenditure in the Asia-Pacific region will be driven by China, India, and Australia. European expenditure will be propelled by engine procurement requirements for new fleets and aircraft requiring maintenance. The Middle East is a promising market for the industry, supported by the demand for aircraft to counter terrorism, illegal infiltration, drug trafficking, and border encroachments. Research and development (R&D) programs being undertaken by major economies are contributing significantly to the industry growth. Top defense spenders are concentrating on the design, development, and production of a line of powerful and more reliable engines. For example, China is already working on the development of fifth generation fighter aircraft (J-20) engine.
The report “The Global Military Aircraft Engines Market 2017-2027” offers a detailed analysis of the global military aircraft engines industry over the next 10 years, and provides market size forecasts. It covers key technological and market trends, and analyzes factors influencing the demand for military aircraft engines.
In depth, this report provides the following analysis -
- Overview: Snapshot of the military aircraft engines industry over the forecast period, including highlights of the demand drivers, trends, and challenges. It also provides a snapshot of expenditure with respect to regional markets and segments.
- Market dynamics: Insights into the technological developments in the military aircraft engines industry and a detailed analysis of the changing preferences of governments. It also analyzes changing industry structure trends and the challenges faced by participants.
- Segment analysis: Insights into the military aircraft engines industry from a segmental perspective and a detailed analysis of factors influencing geographical markets.
- Regional review: Insights into modernization patterns and budgetary allocation for the leading economies within each region.
- Trend analysis – key defense market: Analysis of the key markets in each region and the segments expected to be in demand.
- Key program analysis: Details the three-leading programs in each segment expected to be executed over the forecast period.
- Competitive landscape analysis: Analysis of the industry’s competitive landscape. It provides an overview of key defense companies, together with key alliances, strategic initiatives, and financial analysis.
Companies mentioned In this report: General Electric, Rolls-Royce, Honeywell, Pratt & Whitney, Snecma S.A, Hindustan Aeronautics Limited (HAL), CFM International, JSC Klimov
- The global military aircraft engines market is estimated to value US$9.7 billion in 2017, and is expected to grow at a CAGR of 3.73% to value US$14.1 billion by 2027.
- In terms of segments, Combat aircraft engine and Transport aircraft engines are expected to account for 54.9% and 19.6% of the military aircraft engine market, respectively, followed by Rotorcraft aircraft engines and Other aircraft engines, with a cumulative share of 25.5%
Reasons To Buy
- Determine prospective investment areas based on a detailed trend analysis of the global military aircraft engines market over the next ten years
- Gain in-depth understanding about the underlying factors driving demand for different military aircraft engines segments in the top spending countries across the world and identify the opportunities offered by each of them
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
- Identify the major channels that are driving the global military aircraft engines market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global military aircraft engines market
- Make correct business decisions based on thorough analysis of the total competitive landscape of the sector with detailed profiles of the top aircraft providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available