DUBLIN, March 14, 2023 /PRNewswire/ — The “Aircraft Engine Shaft Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Engine Type (Turboprop, Turbofan, Turboshaft, Piston), By Material (Steel, Iron), By Aircraft Type, By Application, and By Region” report has been added to ResearchAndMarkets.com’s offering.
The global aircraft engine shaft market is anticipated to witness a growth of steady CAGR in the forecast period, 2023-2027. Factors such as the rise in the air passenger traffic, expenditure capacity of the consumers, and shift in preference of consumers to travel via air modes are accelerating the demand for aircraft across the globe.
An increase in the investments by the market players for technological advancements and the advent of innovative solutions to improve the performance of aircraft engine shafts are expected to contribute to the market growth. Also, the expansion of the aircraft fleet and growing demand for commercial aircraft are expected to propel the demand for the global aircraft engine shaft market in the forecast period.
Growing Commercial Aviation Industry Drives the Market Demand
Air traffic is expected to rise at a significant rate which is expected to propel the demand for commercial aircraft across the globe. Improvement in air traffic, reduction in fuel prices, and the emergence of aircrafts offering tickets at cost-effective prices are boosting the frequency of people traveling via the air modes. Consumers have started to prefer comfort and convenience over the cost of buying a ticket.
Aircraft take the passengers from their location to the desired location in the lowest time possible, which eliminates the need to travel for long hours for big distances. Commercial aircraft are environment-friendly and have a low adverse impact on the environment. The emergence of online platforms provides information about the present status of the tickets available in the aircraft, along with their prices.
They are also offering online payment gateways and web-check options to provide enhanced comfort to the passengers. Also, the rise in the investments by the government to support the aviation industry in their respective countries and are encouraging the market players to start domestic production in their country is expected to create lucrative growth opportunities for the market players in the forecast period.
Thus, the growing commercial aviation industry is expected to bolster the demand for the global aircraft engine shaft market over the next five years.
Increased Demand for Military Aircrafts Boosts the Market Demand
Countries are investing in the modernization of their aviation fleet due to changing warfare technologies and the rise in terrorism and cross-border conflicts.
They are replacing conventional aircraft with technologically advanced aircraft to have the upper hand during combat situations. Governments of various countries are increasing their defense budgets to expand their air force fleet. A number of countries are focusing on enhancing their domestic production and reducing their dependency on other countries to fulfill their military requirements, which is expected to support the local manufacturing market players.
Market players are working on improving the performance and target-hitting probability of their military aircraft and improving the fuel efficiency of their aircraft. The advent of the new aircraft that can fly long distances with minimal fuel requirements and aircraft engines offering higher performances are expected to accelerate the market demand over the forecast period.
Market Players
PBS Aerospace, Rolls-Royce, Safran, GE Aviation, Honeywell, Duacsek & Jakadofsky OG are among the major market players in the global platform that lead the market growth of the global aircraft engine shaft market.
Report Scope:
In this report, global aircraft engine shaft market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Aircraft Engine Shaft Market, By Engine Type:
- Turboprop
- Turbofan
- Turboshaft
- Piston
Aircraft Engine Shaft Market, By Material:
- Steel
- Iron
Aircraft Engine Shaft Market, By Aircraft Type:
- Narrow Body Aircrafts
- Wide Body Aircrafts
- Regional Aircrafts
- Business Aircrafts
- Rotorcrafts
- Fighter aircrafts
Aircraft Engine Shaft Market, By Application:
- Commercial
- Military
Aircraft Engine Shaft Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- Malaysia
- Thailand
- Indonesia
- Vietnam
- South Korea
- Europe & CIS
- Germany
- France
- United Kingdom
- Spain
- Italy
- Belgium
- Russia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
For more information about this report visit https://www.researchandmarkets.com/r/apostf
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SOURCE Research and Markets
