With increasing operation in the commercial aviation sector across various countries spread across different region along with the rising demand of commercial aircraft will drive the demand for aircraft engine market. Narrow body aircraft are turning out to be an integral part of the commercial airlines industry with countries such as US, China, Israel, Turkey, and others are investing heavily in operations related to commercial aircraft industry. Whereas in the commercial aviation industry Boeing in its commercial outlook of 2020 reported that the demand for narrow body aircraft is rising in the growing economic country such as India, China, and others. Hence, the increasing operations in commercial aircraft industry will drive the demand for aircraft engine market during the forecast period. The aircraft engine market includes major players such as Safran SA (France), General Electric Company (US), Honeywell International Inc (US), Rolls Royce PLC (UK), and MTU Aero Engine (Germany). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
Turbofan aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. Turbofan engines are much more capable of flying at a higher altitude when compared to other engines, these engines also have a less amount of noise as compared to others, they are the most suitable engine for long-range flights because of their lighter weight. The turbine is projected to grow at the highest CAGR for the aircraft engine market during the forecast period. A turbine is a rotary engine that Is used to extract energy from a flow of combustion gases. Based on technology, the conventional aircraft engine segment is projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. A conventional aircraft is also referred as aero engine. North America is projected to be the largest regional share of the aircraft engine market during the forecast period. The key factor responsible for North America, leading the aircraft engine market owing to the rapid growth of the technologically advanced aircraft engine in the region.