Ongoing conflicts all over the world and issues such as terrorism are driving the growth of the military aircraft engine industry. The whole geopolitical landscape is changing and emerging powers, such as India and China, are seeking to modernize their armed forces and to close the gap between them and established players, such as the U.S., the U.K., and Russia. This is likely to give global military aircraft engine manufacturers greater opportunities in the years that lie ahead.
Market Research
The Military Aircraft Engines Industry 2019 Global Market Research report offers an in-depth analysis of market size and much more, including forecasts covering the next ten years. The global military aircraft engines market is projected to grow at a CAGR of 4.47{84e786aa7bc4bf3b5df058222a0f6722812a467d22864132d785a5cfa66d7c96}, reaching US$16.7 billion by 2028. The market is divided into several categories: combat aircraft engines, rotorcraft engines, transport aircraft engines, and others.
The report contains detailed profiles of top military aircraft engine solution providers across the world, including information about contracts, alliances, products, and financial analysis where available.
One of the factors influencing growth is that countries with aging aircraft fleets will be investing significantly to replace worn out and damaged models.
The combat aircraft engines segment is expected to dominate, accounting for just over 60 percent of the market. This is expected to be followed by transport aircraft and rotorcraft engines segments. The region forecasted to dominate is North America, followed by Asia-Pacific and Europe.
Engine manufacturers are gearing up their industrial bases as production starts ramping up to meet the demand. Evolving technology has enabled the development of turboshaft engines for rotorcrafts and sixth-generation turbofan engines for combat jets in the U.S.
Ripple Effect of Growth
The growth in the military aircraft engines market will have a ripple effect on manufacturers supplying the aerospace industry, such as electric motor manufacturer, Arc Systems Inc. This company provides custom electric motors for buyers in the aerospace industry. Components supplied for military aircraft engines have to be precision-made and tough enough to survive many adverse conditions. As demand for aircraft updates increase, so too does demand for aerospace military motors and other electronics.
A Rapidly Changing Market
The market today is changing rapidly and technology innovations are causing economic shifts while providing many advantages. Companies need to understand market trends and how a market is moving to better strategize. With an efficient strategy, it is possible to develop an edge over the competition.
For example, a company’s prospective investment areas can be based on a detailed analysis of trends. An understanding of the underlying factors driving demand for different engine segments in top spending countries can enable companies to identify opportunities and channel their resources.
Players in the industry who are able to adopt, invest in, and incorporate the right technologies for the right applications will experience many benefits. They will be able to deliver more value to end-users, and stakeholders while giving themselves a distinct competitive advantage. Leveraging technology-led innovation and differentiation will keep them at the forefront in the industry going forward as it faces one of its most disruptive phases.