According to the new research report titled “Aeroengine Fan Blades Market Forecast to 2027 – COVID-19 Impact and Analysis,” published by The Insight Partners, the global Aeroengine Fan Blades market is expected to reach $ 9.58 billion by 2027, registering a CAGR of 5.3% during 2020–2027, the forecast period considered in the report. The scope of study involves understanding the factors contributing to the growth of the Aeroengine Fan Blades market; it also includes estimation and forecast of the revenues as well as market size analysis, along with spotting significant market players and their key developments.
Key Players mentioned in this Study are - CFM International, GE Aviation, Pratt & Whitney, Rolls-Royce Holdings plc, Safran S.A, GKN Aerospace, IHI Corporation, C-FAN, Chaheng Precision Co. Ltd., MTU Aero Engines AG
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Impact of COVID-19 Pandemic on Aeroengine fan blades market
The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread at a fast pace worldwide. The global factory shutdowns, travel bans, and border lockdowns to combat and contain the disease transmission have impacted every industry and economy worldwide, including aircraft manufacturing for both commercial as well as defence sector. The global economy is anticipated to take a worst hit in 2020, and the impact is likely to persist in 2021 as well. The outbreak has created significant disruptions in primary industries such as aerospace, manufacturing, and electronics & semiconductors. The sharp decline in aerospace manufacturing industry is impacting the growth of global aeroengine fan blades market.
Growing number air passenger in developing countries is supporting the growth of aeroengine fan blades market
As per 20 year estimates by the International Air Transport Association (IATA), the number of global air passenger could reach up to 8.2 billion by 2037, at a CAGR of 3.5% during 2018–2037, which implies doubling of the number of passengers during this period. Moreover, the aviation industry is anticipated to witness strong growth in next 20 years and provide diverse benefits to stakeholders involved in the ecosystem. The air passenger count in North America and Europe are projected to grow at CAGR of 2.4% (total 1.4 billion passengers) and 2.0% (1.9 billion passengers), respectively, during this forecast period. However, the major portion of the growth is anticipated to come from East of the world. In 2019, APAC is forecasted to be the largest contributor in revenue growth of global aviation industry, owing to rising air traffic growth in countries such as China, Singapore, India, and Japan. Asia Pacific region is expected to observe additional 2.35 billion passengers by 2037 and reach a total market size of 3.90 billion passengers. The CAGR of APAC region is anticipated to be 4.8% from 2018 to 2035, which is highest in the world, followed by that esitmated for the MEA.
The aeroengine fan blades market players adopt the product development strategy to expand their footprint worldwide by meeting the growing demand for their offerings. This strategy is mostly observed to be implemented in the market in North America and Europe. A few of the recent product developments in the global market are listed below:
2020: IHI Corporation primes more electric architecture for aircraft and propulsion that emphases at the optimization of the total energy management of aircraft system with technological innovation toward CO2 emission reduction from aviation. IHI, in cooperation with domestic companies, developed an electric machine (250kW) that can be fitted inside the tail cone located in the aircraft jet engine rear-end and successfully completed the evaluation testing.
2019: Safran S.A and MTU Aero Engines officially declared their partnership to jointly prime the development and production of the new engine that will boost the next generation combat aircraft, as portion of the Franco-German Future Combat Air System. They have also agreed to provide the after-sales support to the offering.
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