HOME Research Insight Contracts was the Key Strategy Adopted by the Market Players to Achieve Growth in the Aircraft Engines Market.

Contracts was the Key Strategy Adopted by the Market Players to Achieve Growth in the Aircraft Engines Market.

The aircraft engines market report covers all types of aircraft engines used in fixed and rotary aircraft, including turboprop, turbofan, turboshaft, and piston engines. The aircraft engines market is projected to grow from an estimated USD 68.05 Billion in 2016 to USD 92.38 Billion by 2022, at a CAGR of 5.23% during the forecast period. The rapid growth in air passenger traffic has led to an increased demand for commercial aircraft, which has resulted in the growth of the aircraft engines market.

Key manufacturers in the aircraft engines market are General Electric Aviation (U.S.), United Technologies Corporation (U.S.), CFM International (France), and Rolls Royce Holdings PLC (U.K.). These companies account for a major share of the aircraft engines market and have their manufacturing facilities in regions such as North America, Europe, and Asia-Pacific. These companies adopted strategies such as contracts, new product developments, agreements, and partnerships, among others from January 2014 to March 2017 to increase their market shares. CFM International is a key player in the aircrafts engine market and specializes in engines for narrow body aircraft. CFM International won an order from Standard Chartered Bank for the supply of CFM56-7B engine for powering 10 Boeing Next-Generation 737-800. The order was valued at USD 224 Million at list price.

GE Aviation (U.S.) is a major player in the aircraft engines market. The company has been focusing on enhancing the technical competence of the products offered, and also on long term agreements with major airliners during the past few years. For instance, in March 2017, Innova Aerospace (U.S.) signed an agreement with General Electric Aviation (U.S.) for providing OnPoint solution services for the maintenance, repair, and overhaul of its GE H-Series engine fleet that is used in King Air 90 series aircraft.

Related Reports:

Aircraft Engines Market by Type (Turboprop, Turbofan, Turboshaft, Piston Engine), Application (Military Aviation, Commercial Aviation, General Aviation), Platform (Fixed Wing, Rotary Wing), and Region - Global Forecast to 2022

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