Aviation Gas Turbine Market Overview, in-Depth Analysis, Forecasts, Applications, Shares & Insights
Aviation Gas Turbine Market: Introduction
- Aviation gas turbine refers to a gas turbine that works on the principle of the Brayton cycle
- The first generation gas turbine engines were turbojets, which sucked air from the front, and exhausted it at a high speed from the rear end. This provided a forward thrust to the aircraft.
- Turbofan is another gas turbine engine, where some amount of air is exhausted without going through the core, thus producing additional thrust. These are also called ‘bypass jets’ and are more efficient than turbojets.
- Aviation gas turbines are used in civil and military applications
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Key Drivers of Aviation Gas Turbine Market
- Rise in global trade and increase in per capita disposable income have led to growth in air travel across the globe. Demand for aircraft has been increasing due to the rise in preference for air travel. There were more than 24,000 active aircraft across the globe in 2017.
- According to the International Civil Aviation Organization (ICAO), around 3.97 billion passengers flew on scheduled flights around the world in 2017. According to the International Air Transport Association (IATA), the number of passengers indicated growth of 8.8% in 2017 compared to that in 2016, as measured by revenue passenger kilometers (RPKs). These factors are driving the demand for aviation gas turbines.
- Several companies are conducting research and development activities in order to provide highly advanced aviation gas turbines. This is also projected to propel the aviation gas turbine market.
- Increase in military budgets of several countries across the globe in order to advance their air forces is fuelling the growth of the aviation industry. This, in turn, is projected to augment the global aviation gas turbine market.
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Commercial Aircraft Application Segment to Offer Lucrative Opportunities
- The global aviation gas turbine market can be segmented based on type, application, and region
- In terms of type, the market can be divided into turbojet, turbofan, turboprop, and others. The turbofan segment is anticipated to expand at a rapid pace during the forecast period.
- In terms of application, the market can be classified into commercial aircraft, defense aircraft, business aircraft, and others. The commercial aircraft segment dominated the aviation gas turbine market in 2018. The segment is anticipated to expand at a rapid pace during the forecast period. Increase in number of air passengers, rise in tourism, and economic development are driving the demand commercial aircraft. This, in turn, is boosting the aviation gas turbine market.
North America to Hold Major Share of Global Aviation Gas Turbine Market
- Based on region, the global aviation gas turbine market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America dominated the global aviation gas turbine market in 2018. The market in the region is expected to expand at a prominent CAGR during the forecast period. This can be ascribed to the strengthening passenger air traffic in North America. Furthermore, positive outlook of the defense aviation industry in the region is expected to supplement the growth of the aviation gas turbine market.
- Asia Pacific is anticipated to dominate the global aviation gas turbine market during the forecast period. The market in the region is projected to expand at a considerable pace during the forecast period. The number of air passengers has increased in Asia Pacific due to the rise in industrialization & urbanization and increase in disposable income of individuals in emerging economies in the region. This is driving the aviation gas turbine market in Asia Pacific. China, Japan, India, Thailand, and Indonesia are key countries of the aviation gas turbine market in the region.
- In terms of revenue, Europe and Latin America is expected to contribute significantly to the aviation gas turbine market during the forecast period
Key Players in Aviation Gas Turbine Market
The global aviation gas turbine market is highly concentrated with the top manufacturers accounting for approximately 40% to 45% share. Prominent players operating in the global aviation gas turbine market are:
- General Electric Aviation
- CFM International
- Pratt & Whitney Division
- Avio Aero
- Engine Alliance
- International Aero Engines
- MTU Aero Engines
- NPO Saturn
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