The global aviation gas turbine market is segmented into aircraft type such as commercial aircraft, defense aircraft, business aircraft and others. Among these segments, commercial aircraft gas turbine segment is anticipated to occupy top position. Moreover, growing number of commercial aircrafts across the globe is anticipated to intensify the growth of the aviation gas turbine market. Additionally, rising tourism all across the globe have increase the demand for aircraft along with rapidly evolving aviation industry are envisioned to flourish the growth of aviation gas turbine market by the end of 2024.
Global Aviation Gas Turbine Market is expected to flourish at a significant CAGR of 5.1% during the forecast period. Increasing number of aircraft fleet coupled with robustly expanding aviation industry are some of the key factors driving the growth of the aviation gas turbine market. Further, rise in per capita income coupled with increasing number of air travels is likely to aid the growth of the global aviation gas turbine market. Moreover, the global Aviation Gas Turbine Market Is Expected To Garner Exponential Sales By The End Of 2024.
The turbofan segment by type is projected to capture the largest stake in the overall aviation gas turbine market over the forecast period. Further, this segment is projected to showcase considerable CAGR by 2024 on the account of growing utilization of turbofan on commercial aircraft. In terms of regional platform, North America captured the biggest market share in overall aviation gas turbine market. Further, North America is expected to continue its dominance over the forecast period. Rising passenger traffics, increasing demand for new aircrafts and presence of major companies in the region are some of the factors which are expected to behold the positive growth of the North America aviation gas turbine market in the upcoming years. Europe market is predicted to showcase significant growth in global aviation gas turbine market during the forecast period. Further, Asia Pacific is believed to be the highest growing market of aviation gas turbine due to increasing consumer spending on air travels and positive GDP figures.
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Positive Outlook of Global Aircraft Industry
Growth in the aircraft industry is believed to propel the demand for gas turbine. Moreover, rising tourism around the globe along with rising demand for better commercial aircraft are some of the factors behind the growth of the aircraft industry which is fuelling the growth of the global aviation gas turbine market.
Technological Advancements
Continuous research and development activities by major key players in order to innovate and advance the aviation gas turbine is anticipated to positively impact the growth of the global aviation gas turbine market. Moreover, increasing research & development expenditure and evolution of innovative offerings by OEM is likely to spearhead future market growth.
Although, volatility in the price of raw materials and declining defense budgets is likely to dampen the growth of aviation gas turbine market during the forecast period.
The report titled “Aviation Gas Turbine Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global aviation gas turbine market in terms of market segmentation by type, by aircraft type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global aviation gas turbine market which includes company profiling of General Electric Aviation, CFM International, Pratt & Whitney Division, Rolls-Royce, Avio Aero, Engine Alliance, International Aero Engines, MTU Aero Engines, NPO Saturn, Power Jet. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global aviation gas turbine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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