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Aero Turbofan Engine Market Size is Expected to Uphold an Impressive Revenue By 2024

Author : Ronak Bora | Published Date : 2019-05-14 

Global Market Insights adds global Aero Turbofan Engine Market report which focuses on the major drivers and restraints for the key players. It also provides analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Global Aero Turbofan Engine Market is mainly driven by aircraft such as light fighters, business jets, single aisle transports, heavy jet transports, and trainer aircrafts. Increasing air traffic due to growth in tourism, rising middle class population, and high living standards significantly contributes industry demand over the forecast timeline.

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The International Civil Aviation Organization (ICAO) has mandated manufacturers to reduce harmful emissions which makes the manufactures to spend heavily on R&D to enhance aircraft technology. For instance, manufacturers are developing enhanced planetary gearboxes that will be incorporated on main shafts of the engine.

Electrification of primary power in the aircrafts is gaining interest owing to intrinsic limitations of turbofan technology. Electric products offer light weight, compact, modular unit, easy control, minimal maintenance, ease of integration, low noise level, reduced operating costs, and designed with inherent robustness. Targeted applications include flight training and air taxi for private pilots. This may negatively affect the aero turbofan engine market share over the next eight years.

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Stringent government policies for certification process of the product may pose a challenge to the aero turbofan engine market from 2017 to 2024. For instance, FAA, DGCA, and EASA has designed certain policies to be followed by the industry participants. Increasing environmental concerns and soaring fuel prices may challenge the aero turbofan engine market over the forecast time span.

Industry players focus on improving the product performance to conform to the stringent emission regulations. Players are consistently working on developing requisite technologies to improve product efficiency. Increasing research activities may open new growth opportunities for the manufacturers over the forecast timeframe.

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Asia Pacific aero turbofan engine market is estimated to be the fastest growing region owing to emerging economies such as India and China. For instance, in December 2016, China powered up its military jet engines technology to wean itself off from Russia imports. Advancements in product design, radar systems, and home-grown turbofan technology showcased that the country is no more reliant on Russian products for next generation of fighter planes.

Manufacturers are focusing on enhancing the product performance and conforming to stringent environmental norms. For instance, in November 2014, Honda Aero announced production launch of HF120 turbofan engine in its North Carolina manufacturing facility. Industry participants are engaged in mergers and acquisitions to combine production, research activities, and aviation expertise of the two companies

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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