Narrow Body Aircraft Engine market will grow at a CAGR of 9.30% from 2023-2030: Cognitive Market Research

Introduction of?Narrow Body Aircraft Engine

The narrow-body aircraft engine market refers to the segment of the aviation industry focused on manufacturing and supplying engines specifically designed for narrow-body aircraft. Narrow-body aircraft, also known as single-aisle aircraft, are characterized by a single aisle with typically two to six seats per row. Growth is fuelled by the increasing demand for short-Haul routes fue,l efficiency, and environmental considerations.

In February 2022, A Memorandum of Understanding (MoU) on the use of Sustainable Aviation Fuel (SAF) in helicopter engines was signed between Safran Helicopter Engines and ST Engineering. The goal of the project is to help helicopter operators convert from traditional fossil fuels to SAF.

Key Insights from Narrow Body Aircraft Engine Market Report

The Global Narrow Body Aircraft Engine market will grow at a CAGR of 9.30% from 2023 to 2030.

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Growing Air Travel Demand and Fleet Expansion to Provide Viable Market Output

The Narrow-Body Aircraft Engine market is driven by the increasing demand for air travel, particularly in the short to medium-haul segments. Airlines, aiming to cater to the rising passenger traffic and expand their fleets, are investing in fuel-efficient and technologically advanced engines for narrow-body aircraft. The need for more efficient and environmentally friendly engines, capable of supporting the expanding global air travel network, propels the market forward. Manufacturers strive to meet these demands by developing engines that enhance aircraft performance, reduce fuel consumption, and comply with stringent environmental standards.

In February 2022, A research partnership agreement was signed by Embraer, Wider?e, and Rolls-Royce to carry out a 12-month study and research cutting-edge sustainable technologies for regional aircraft, with an emphasis on creating a conceptual zero-emissions aircraf.

• Technological Advancements and Efficiency Improvements to Propel Market Growth

Continuous technological advancements play a pivotal role in driving the Narrow-Body Aircraft Engine market. Engine manufacturers focus on research and development to enhance engine efficiency, reduce emissions, and improve overall performance. Innovations in materials, aerodynamics, and propulsion systems contribute to the development of more powerful and sustainable engines. Airlines, seeking to optimize operational costs and comply with stringent emission regulations, are inclined towards adopting engines that offer improved fuel efficiency and lower environmental impact. The race for technological supremacy among engine manufacturers remains a key driver in shaping the competitive landscape of the Narrow-Body Aircraft Engine market.

In January 2022, as part of its global launch order for Boeing 777-8 Freighters, Qatar Airways made an order for GE9X engines. The airline committed to buying 30 GE9X engines (GE90-115B) for Boeing 777-8 aircraft (34 firm order with an extra 16 purchase rights). This commitment was made to GE Aviation.

Market Dynamics of the?Narrow Body Aircraft Engine Market

• Impact of COVID-19 on Demand and Production to Restrict Market Growth

The Narrow-Body Aircraft Engine market faced a significant setback due to the COVID-19 pandemic. The drastic decline in air travel demand led to a reduction in new aircraft orders and deferred engine deliveries. Airlines, grappling with financial challenges, curtailed their fleet expansion plans, affecting the overall demand for new engines. Additionally, disruptions in the supply chain and manufacturing processes due to lockdowns and travel restrictions impeded the timely production of aircraft engines, exacerbating the market's challenges during the pandemic.

Impact of?COVID–19?on the Narrow Body Aircraft Engine Market

The COVID-19 pandemic had a significant adverse impact on the Narrow-Body Aircraft Engine market. The widespread travel restrictions, lockdowns, and reduced passenger demand caused a severe downturn in the aviation industry, leading to a sharp decline in new aircraft orders and a delay in existing ones. Airlines, grappling with financial challenges, deferred or canceled fleet expansion plans, impacting the demand for new narrow-body aircraft engines. Engine manufacturers faced disruptions in their production schedules due to supply chain disruptions, labor shortages, and a decrease in overall aviation activities. Moreover, the prolonged grounding of existing aircraft fleets and reduced flight frequencies added to the financial strain. As a result, the Narrow-Body Aircraft Engine market experienced a downturn during the pandemic, with reduced revenues, delayed deliveries, and a cautious approach towards new engine acquisitions by airlines. The industry is now navigating a recovery phase as air travel gradually rebounds with vaccination efforts and easing travel restrictions.

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Competitive Landscape Of The Narrow-Body Aircraft Engine Market

The competitive landscape of the Narrow-Body Aircraft Engine Market, several prominent engine manufacturers vie for market dominance. Companies such as CFM International, Pratt & Whitney, and Rolls-Royce are at the forefront, leveraging their extensive experience and technological expertise.

Narrow-Body Aircraft Engine Industry News

In February 2022, A Memorandum of Understanding (MoU) was signed by Safran Helicopter Engines and ST Engineering to conduct research on the application of Sustainable Aviation Fuel (SAF) in helicopter engines. The purpose of the project is to assist helicopter operators in switching from conventional fossil fuels to SAF.

Top Companies Market Share in Narrow body Aircraft Engine Industry:

• CFM International
• GE Aviation
• International Aero Engines
• Pratt & Whitney
• Rolls-Royce

Narrow body Aircraft Engine Market Analysis

Type Segment Analysis

According to Cognitive Market Research,the dominant category is the Turbofan Engine. Renowned for its versatility and efficiency, the turbofan engine is widely preferred for narrow-body aircraft. Offering a balanced combination of high thrust, fuel efficiency, and low noise levels, turbofan engines cater to the demands of short to medium-haul flights common in narrow-body aircraft operations. Airlines prioritize these engines due to their superior performance characteristics, making them the go-to choice for modernizing and expanding narrow-body fleets. The dominance of turbofan engines reflects the industry's commitment to delivering optimal operational capabilities, fuel economy, and passenger comfort in the competitive landscape of narrow-body aircraft.

The fastest-growing category in the Narrow Body Aircraft Engine market is the Turboprop Engine. Turboprop engines are experiencing renewed interest, particularly in regional and short-haul operations. With advancements in technology, modern turboprop engines offer improved fuel efficiency, lower operating costs, and enhanced reliability. Airlines operating in regions with shorter runways and a focus on cost-effective operations find turboprop engines increasingly attractive. The versatility of turboprop engines makes them the fastest-growing category, addressing specific market niches and expanding their footprint in the evolving landscape of narrow-body aircraft applications.

SubType Segment Analysis

According to Cognitive Market Research, the dominant category is the Geared Turbofan. Renowned for its ground-breaking technology, the Geared Turbofan (GTF) engine has reshaped the landscape of narrow-body aircraft propulsion. This innovative subtype incorporates a gearbox between the engine's low-pressure turbine and the fan, optimizing fuel efficiency and reducing emissions. Airlines increasingly favour GTF engines for their exceptional fuel-saving capabilities, quieter operation, and overall improved performance. The dominance of Geared Turbofan engines signifies a paradigm shift in narrow-body aircraft propulsion, emphasizing the industry's commitment to technological advancements for enhanced efficiency and sustainability.

The fastest-growing category in the Narrow Body Aircraft Engine market is the Direct Drive Turbofan. Characterized by its simplicity and reliability, the Direct Drive Turbofan engine has garnered attention for its straightforward design, omitting the need for a gearbox. This subtype appeals to airlines seeking a balance between efficiency and ease of maintenance. With advancements in materials and manufacturing, direct-drive turbofan engines are experiencing a surge in adoption, particularly in regions where operational simplicity and lower maintenance costs are priorities. The fastest-growing status of direct-drive turbofan engines reflects the evolving preferences and requirements within the narrow-body aircraft engine market.

• Geared Turbofan
• Direct Drive Turbofan

Application Segment Analysis

According to Cognitive Market Research,the dominant sub-application category is Commercial Aircraft. The engines designed for commercial narrow-body aircraft hold a prominent position due to the sustained growth in commercial air travel. Airlines worldwide prioritize these engines for their efficiency, reliability, and performance, catering to the demand for passenger transportation on short to medium-haul routes. The dominance of engines for commercial aircraft underscores the critical role played by narrow-body aircraft in meeting the high demand for point-to-point travel, connecting major and secondary airports efficiently.

The fastest-growing sub-application category in the Narrow Body Aircraft Engine market is Regional Aircraft. With an increasing focus on regional connectivity and the exploration of untapped markets, engines designed for regional narrow-body aircraft are experiencing notable growth. These engines are tailored for shorter routes, allowing airlines to efficiently serve regional airports and enhance connectivity in emerging aviation markets. The fastest-growing status of engines for regional aircraft reflects the industry's response to the evolving dynamics of regional air travel and the demand for more agile and fuel-efficient solutions in this segment.

• Commercial
• Cargo
• Regional
• Military

In terms of revenue, the North America Narrow Body Aircraft Engine Market share was 40% of the total market

According to Cognitive Market Research, the global Narrow Body Aircraft Engine market size was estimated at USD XX Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030. The regional analysis underscores North America's pivotal role in the market, fuelled by a robust aerospace industry, technological innovation, and the presence of major engine manufacturers. The segmentation analysis reveals a diverse application of narrow-body aircraft engines across commercial, cargo, regional, and military sectors, reflecting the region's comprehensive utilization of these engines. In conclusion, North America's dominance is characterized by its significant market share and the influential role it plays in shaping the trajectory of the Narrow Body Aircraft Engine market, supported by technological advancements, strong industry collaborations, and a diverse range of applications driving market growth in the region.

According to Cognitive Market Research, the global Narrow Body Aircraft Engine market size was estimated at USD XX Million out of which Asia-Pacific held the fastest growing market of more than 23% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of 11.3% from 2023 to 2030. The regional analysis underscores Asia-Pacific's ascendancy, driven by the region's expanding aviation sector, increasing air travel demand, and a burgeoning middle-class population. In terms of segmentation, the region showcases a diverse application of narrow-body aircraft engines across commercial, cargo, regional, and military sectors, reflecting the diverse operational needs of Asia-Pacific airlines. In conclusion, Asia-Pacific's rapid growth is evident in its substantial market share and expanding market size, marking it as a key player shaping the trajectory of the Narrow Body Aircraft Engine market, driven by economic growth, increasing air connectivity, and a robust demand for efficient and reliable aircraft engines in the region.

Frequently Asked Questions

What is Narrow body Aircraft Engine market size/share and growth rate?

• Narrow body Aircraft Enginemarket size and its growth rate has been provided in the report. The historical period included in the report is from 2019 to 2023, whereas, the report provides forecast data for the years 2024 to 2031. This will help you to in terms of global market share, regional market share, country level market share to understand how the market has been performing in the past and how it is going to perform in the following years. Correspondingly, historical and forecast analysis comprises sales and revenue data of the global Narrow body Aircraft Enginemarket. Market size for UK, Europe, North America, Asia Pacific, Middle East & Africa is also included in the report.

What are the major factors affecting the Narrow body Aircraft Engine market?

• The major factors affecting the Narrow body Aircraft Engine market in a positive, as well as negative perspective, have been provided with detailed analysis in the report. This segment has encompassed drivers, opportunities, and challenges faced by the industry. This will help you to understand the major factors impacting Narrow body Aircraft Engine market trends and develop your business strategy accordingly.

Who are the top manufacturers of Narrow body Aircraft Engine? List of Narrow body Aircraft Engine Companies and there market trend or market share?

• Major manufacturers or list of Narrow body Aircraft Engine manufacturers 2024 involved in the market have been profiled in the report along with their business strategies, recent developments, SWOT analysis, business overview, and market Trend from the year 2019-2023. Narrow body Aircraft Engine Companies such as CFM International, GE Aviation, International Aero Engines, Pratt & Whitney, Rolls-Royce are part of the final deliverable document along with the same we can provide data for 2nd, 3rd, start-up level companies data and strategies as well. This will help you to understand the competitive analysis of the market and how other players are performing in the market. This detailed competitive analysis will help you to strategize your business accordingly and will keep you one step ahead. A quantitative and qualitative analysis of the main players in the Narrow body Aircraft Engine market is introduced, from the perspective of sales, revenue and price.

Which segments are covered under Narrow body Aircraft Engine market segments analysis?

• Under Narrow body Aircraft Engine market segments analysis Type, Application, SubType . It provides detailed insights on each type and application. Further, it provides which sub-segment is dominating the Narrow body Aircraft Engine market along with its reason. Additionally, the Narrow body Aircraft Engine market report will help you to analyze which sub-segment is fastest-growing during the forecast period.

What has been the impact of COVID-19 on the Narrow body Aircraft Engine market?

• After the analysis of the complete market, the report has provided how the COVID-19 pandemic has affected the market. All the parameters have covered the overall impact of COVID -19 on the market value, market trend & growth of the market, and how the major players in the particular market are adopting these changes. This will help you to understand the overall optimistic, pessimistic, and neutral effects of the coronavirus pandemic on the Narrow body Aircraft Engine market.

How the Narrow body Aircraft Engine market performed till 2023 and how will it perform in the following years?

• The Narrow body Aircraft Engine market has been analyzed thoroughly and has estimated the parameters which have affected the market in the historical period as well as how the market is going to perform in the following years. This will provide a complete market scenario and help you to strategize your next move accordingly to the Narrow body Aircraft Engine market Share.

Which region is expected to hold the highest market share in the Narrow body Aircraft Engine market?

• The report gives an exhaustive investigation of the Narrow body Aircraft Engine market at country & regional levels, and provides an analysis of the industry trends in each of the regions, from sales, revenue, and consumption. It will help you to understand which region is dominating the market and is expected to grow significantly in the following years. The regional analysis will help you in strategizing the expansion of business.

What are the parameters used to analyze market position?

• Narrow body Aircraft Engine market report has provided PESTEL and Porter analysis to provide insightful information regarding the market scenario. It also provides market attractiveness analysis with an acknowledgment of various factors within the market, including growth rate and market size, as well as outside factors such as access to raw materials, competition, and industry capacity.

How to order Full Report or Sample pages of the Narrow body Aircraft Engine market?

• The sample report for the Narrow body Aircraft Engine Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.

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