High Speed Engine Market Poised for Considerable Growth Owing to Increasing Demand from Aerospace Industry
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High Speed Engine Market |
Engines
with high RPM capabilities find extensive applications across automotive,
marine and industrial sectors. With the rising demand for aircrafts from
commercial and defense sectors, the global high speed engine market is
estimated to be valued at US$ 22.85 Mn in 2024 and is expected to exhibit a
CAGR of 5.8% over the forecast period 2024 to 2030.
High speed engines deliver superior horsepower and are extremely lightweight.
These characteristics make them suitable for performance vehicles as well as
aviation industry. They can withstand high stress and operate efficiently at
extreme temperatures. The demand for high performance aircraft is increasing
rapidly which is driving OEMs to develop more fuel efficient and powerful
engines. Furthermore, high speed engines help reduce carbon footprint and
comply with stringent emission norms.
Key Takeaways
Key players operating in the Global
High Speed Engine Market Demand are I-Minerals Inc., Quarzwerke GmbH,
Eczacibasi Esan, Micronized Group, Imerys Minerals, Sibelco Nordic, The Quartz
Corp., Adolf Gottfried Tonwerke GmbH, LB MINERALS, Ltd., and Sun Minerals.
The global aerospace industry is growing at a rapid pace creating new
opportunities for high speed engine manufacturers. According to International
Air Transport Association (IATA), the global passenger traffic is expected to
double by 2037. This bullish demand outlook from commercial aviation will drive
the need for engines with higher output and fuel efficiency.
Key players are expanding their operations in emerging economies to tap the
rising demand for aircraft from Asia Pacific and Middle East regions.
I-Minerals Inc has set up a new manufacturing plant in India to serve the
growing demand from APAC aerospace clusters. Quarzwerke GmbH recently acquired
a manufacturer of aviation components in China to strengthen its presence in
the world's fastest growing aviation market.
Market Drivers
Growing aircraft deliveries from Boeing and Airbus is a key driver as both OEMs
are introducing new aircraft programs over the next decade which will need high
powered engines. According to Airbus, it aims to deliver ~16,000 new aircraft
worth $2.2 trillion over the period of 2023-2042. This presents a massive
market opportunity for engine manufacturers.
Market Restraints
Development of high speed engines involves huge capital investment and long
gestation periods. It may take 3-5 years and investment of over $1 billion for
a new certified engine program. Furthermore, fluctuating fuel prices and
economic slowdowns pose challenges to the aviation industry's growth outlook
which acts as a restrain for this market.
Segment Analysis
The high speed engine market can be segmented based on the type, power output,
end users and region. Based on the type, turbofan engines dominates the market
as they are widely used in commercial aircrafts. Turbofan engines offers high
bypass ratios for better fuel efficiency and noise reduction.
In terms of power output, engines with thrust between 500-1000 kN holds major
market share. These engines are widely used in narrow body aircraft like Airbus
A320 and Boeing 737. The end user segment can be divided into commercial
aviation and military aviation. Commercial aviation dominates the market due to
growing air passenger traffic across the world.
Regional Analysis
North America is expected to be the fastest growing region in the high speed
engine market during the forecast period. This is attributed to increasing
aircraft fleet and rising number of MRO facilities in the US and Canada. Asia
Pacific dominates the global market with China and India being the major
contributors. Growth in the APAC region is driven by expanding airports
infrastructure, rising middle class population and increasing air passenger
traffic in the region. Europe holds significant market share owing to presence
of prominent aircraft manufacturers like Airbus.
Global Analysis
The global high speed engine market is expected grow at a CAGR of 5.8% during
the forecast period. Key factors driving the market include increasing aircraft
deliveries, rising air passenger traffic, replacement of aging fleet and
upcoming aviation projects. However, stringent emission norms posed by
regulatory bodies may hamper the market growth. Key players are investing in
R&D to develop more fuel efficient and lightweight aircraft engines. They
are also focusing on aftermarket services to gain additional revenue.
Collaboration with parts suppliers and government agencies helps manufacturers
to get new projects.
For more details on the report, Read- High
Speed Engine Market
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