The Global Commercial Aircraft Turbofan engines market has been in a marked downswing following the decimation of commercial aviation by the outbreak of COVID-19 pandemic in early 2020 across most parts of the globe with the closing down of international borders and restrictions on international travel impacting passenger air traffic across most airlines severely worldwide following a decade of continued airlines profitability. The prevailing scenario has impacted the aviation turbofan engine manufacturers significantly with airlines deferring aircraft deliveries and fleet utilization & MRO activity taking a direct hit.
Amongst engine manufacturers, GE and Rolls Royce have been the most impacted given that the global wide body aircraft market has been the worst affected by the pandemic and both GE as well as Rolls Royce have been entrenched almost as a duopoly in the high thrust engines segment powering the wide body market. The EIS of GE’s 9X engine program, which is going to power the Boeing’s 777X, has been deferred by a year to 2022 while the deliveries of 787 have been on hold over production quality issues while the A380 & 747 programs have almost reached the end of their lifespan with Airbus and Boeing announcing end of production and their retirements from airlines’ fleets accelerated by the pandemic. Rolls Royce’s ongoing concern with the quality issues on the Trent 1000 have been coupled with the continued weakness in the wide body market since 2015 with the market preference shifting towards operating longer range narrow bodies for long haul operations on thin routes further exacerbated by Rolls Royce’s complete exit from the narrow body market earlier. Pratt & Whitney’s strong presence in military aviation is likely to provide it a strong cushion against the ongoing carnage in commercial aviation while arch-rival CFM International will have to weather the storm.
The ongoing market downturn is also likely to delay the development of next generation engines and sustainable propulsion technologies, led by electric & hybrid-electric, by the engine primes going forward with the industry likely to operate in the survival mode over near term. The development of Rolls Royce’s next generation Ultrafan engine is likely to be halted temporarily in 2022 owing to market downturn and any of the aircraft OEMs unlikely to initiate any new or re-engined aircraft programs over near term. However, the upcoming supersonic aircraft programs may turn out to be a kind of silver lining for the industry with GE Aviation powering two key, upcoming programs from Aerion and Boom respectively.
Against this backdrop, the report analyzes and provides insights into key industry, market & technology trends likely to shape the future of the global commercial aviation turbofan engines market over near to medium term followed by outlining emerging, potential growth opportunities for the long term.
Relevance & Usefulness: The report will be useful for:
- - Strategic Planning & Decision-Making process
- - Analysis of Near to Medium Term Strategy Focus and Key Strategies & Plans
- - Identification of & Insights into Potential Growth Opportunities & Avenues for Long Term
- - Market Evolution & Demand Growth Projections over Next Decade
- - Assessing potential impact of emerging Market Trends & Developments
- - Contingency planning for current Strategies & Programs
- - Identifying & highlighting areas for making potential Strategic Changes, Adjustments & Realignment
- - Strategic Perspective on the near-term Business & Strategic Outlook for Commercial Aviation
- - Demand Forecasts for Commercial Aircrafts & Turbofan Engines through 2039
The report would be quintessential for those having strategic interest & stakes in the Global Commercial Aviation/Propulsion Market. The report will be extremely useful for Key Decision-Makers, Program Managers, Global Procurement Managers, Top Management of Industry Players & Other Companies, Industry OEMs, Suppliers, Vendors, MRO Services Providers, Technology & Other Services Solutions Providers and other Key Players in the Industry Value Chain. The report will also be useful for existing & potential Investors, Industry & Company Analysts, M&A Advisory Firms, Strategy & Management Consulting Firms, PE Firms, Venture Capitalists, Financing & Leasing Companies, Researchers and all those associated with the industry/sector. The report is comprehensive yet concise & compact at the same time; is custom-built for meetings & presentations, being built on the Microsoft PowerPoint platform; in addition, to being a ready self-reckoner as well as a quick reference guide driving, enabling & ensuring prompt and informed decision making.