Engines with high RPM capabilities find extensive applications across automotive, marine and industrial sectors. With the rising demand for aircrafts from commercial and defense sectors, the global high speed engine market is estimated to be valued at US$ 22.85 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2030.
High speed engines deliver superior horsepower and are extremely lightweight. These characteristics make them suitable for performance vehicles as well as aviation industry. They can withstand high stress and operate efficiently at extreme temperatures. The demand for high performance aircraft is increasing rapidly which is driving OEMs to develop more fuel efficient and powerful engines. Furthermore, high speed engines help reduce carbon footprint and comply with stringent emission norms.
Key Takeaways
Key players operating in the Global High Speed Engine Market Demand are I-Minerals Inc., Quarzwerke GmbH, Eczacibasi Esan, Micronized Group, Imerys Minerals, Sibelco Nordic, The Quartz Corp., Adolf Gottfried Tonwerke GmbH, LB MINERALS, Ltd., and Sun Minerals.
The global aerospace industry is growing at a rapid pace creating new opportunities for high speed engine manufacturers. According to International Air Transport Association (IATA), the global passenger traffic is expected to double by 2037. This bullish demand outlook from commercial aviation will drive the need for engines with higher output and fuel efficiency.
Key players are expanding their operations in emerging economies to tap the rising demand for aircraft from Asia Pacific and Middle East regions. I-Minerals Inc has set up a new manufacturing plant in India to serve the growing demand from APAC aerospace clusters. Quarzwerke GmbH recently acquired a manufacturer of aviation components in China to strengthen its presence in the world's fastest growing aviation market.
Market Drivers
Growing aircraft deliveries from Boeing and Airbus is a key driver as both OEMs are introducing new aircraft programs over the next decade which will need high powered engines. According to Airbus, it aims to deliver ~16,000 new aircraft worth $2.2 trillion over the period of 2023-2042. This presents a massive market opportunity for engine manufacturers.
Market Restraints
Development of high speed engines involves huge capital investment and long gestation periods. It may take 3-5 years and investment of over $1 billion for a new certified engine program. Furthermore, fluctuating fuel prices and economic slowdowns pose challenges to the aviation industry's growth outlook which acts as a restrain for this market.
Segment Analysis
The high speed engine market can be segmented based on the type, power output, end users and region. Based on the type, turbofan engines dominates the market as they are widely used in commercial aircrafts. Turbofan engines offers high bypass ratios for better fuel efficiency and noise reduction.
In terms of power output, engines with thrust between 500-1000 kN holds major market share. These engines are widely used in narrow body aircraft like Airbus A320 and Boeing 737. The end user segment can be divided into commercial aviation and military aviation. Commercial aviation dominates the market due to growing air passenger traffic across the world.
Regional Analysis
North America is expected to be the fastest growing region in the high speed engine market during the forecast period. This is attributed to increasing aircraft fleet and rising number of MRO facilities in the US and Canada. Asia Pacific dominates the global market with China and India being the major contributors. Growth in the APAC region is driven by expanding airports infrastructure, rising middle class population and increasing air passenger traffic in the region. Europe holds significant market share owing to presence of prominent aircraft manufacturers like Airbus.
Global Analysis
The global high speed engine market is expected grow at a CAGR of 5.8% during the forecast period. Key factors driving the market include increasing aircraft deliveries, rising air passenger traffic, replacement of aging fleet and upcoming aviation projects. However, stringent emission norms posed by regulatory bodies may hamper the market growth. Key players are investing in R&D to develop more fuel efficient and lightweight aircraft engines. They are also focusing on aftermarket services to gain additional revenue. Collaboration with parts suppliers and government agencies helps manufacturers to get new projects.
For more details on the report, Read- High Speed Engine Market
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