Technavio Announces the Publication of its Research Report – Global Wide-body Aircraft Engine Market 2017-2021

Technavio recognizes the following companies as the key players in the global wide-body aircraft engine market: GE Aviation, Pratt & Whitney, and Rolls-Royce.

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Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is implementation of noise reduction technology. The commercial aerospace industry is not only focusing on efficient fuel consumption and reduced emissions but also on noise reduction technologies. In the case of wide-body aircraft, the payload that the engine carries is more than a narrow-body aircraft, and hence, the noise generated is more.”

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According to the report, one driver in the market is increase in passenger traffic. Increase in the global air passenger traffic has always been the most notable propelling factor for the year-on-year growth of aircraft and associated parts and components markets. As per Technavio estimation, the global passenger traffic was recorded as 3.76 billion in 2016, and it is anticipated to reach 4.51 billion by 2021 while reflecting a CAGR of 3.7%. As wide-body aircraft can fly more number of passengers on longer routes, it is also anticipated that the growth in passenger traffic will substantially contribute to the increased demand for wide-body aircraft and associated engines.

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Further, the report states that one challenge in the market is cost-intensive production. Aircraft building encompasses significant design, development, and production costs and has a high impact on the program budget management. Several factors lead to the uncertainty and increase in equipment costs. For instance, the modern aircraft engines have enabled the development of large and efficient commercial aircraft, but it involves high equipment costs; it is estimated that the engine cost occupies one-third of the total cost of the aircraft.

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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.