Market Share of Aircraft Turbine Engine Industry
The aircraft turbine engine market is semi-consolidated and characterized by many global vendors. CFM International, General Electric Company, Pratt & Whitney (RTX Corporation), Rolls-Royce plc, and Safran are five major companies in the market that compete in terms of availability, quality, price, and technology.
The market is highly competitive, with all the players competing to gain the largest market share. Grounding of fleets due to technical issues, high production costs, delays in engine deliveries, and fluctuations in customs and import duties are the key factors that threaten the market's growth. Vendors must provide advanced, high-quality gas turbine engines to survive and succeed in the competitive market.
In-house manufacturing capabilities, a global footprint network, product offerings, R&D investments, and a solid client base are the key areas that give you an edge over competitors. Improving global economic conditions is expected to fuel market growth during the forecast period, making it an ideal time to adopt new-generation aircraft and engines.
The competitive environment in the market is likely to intensify further due to an increase in product and service extensions, technological innovations, and mergers and acquisitions. For instance, in November 2021, Materialize and Proponent announced a partnership to expand the profile of 3D printing in aerospace aftermarket supply chains. Proponent offers traditional distribution services to airlines, MROs, Original Equipment Manufacturers, and Innovative Product Portfolios. The firm delivers 54 million parts annually to approximately 6,000 aircraft clients in more than 100 countries through its global coverage. These companies offer aftermarket parts like engines, airframes, cabin interiors, and cockpits.
Aircraft Turbine Engine Market Leaders
Rolls-Royce plc
CFM International
Safran
General Electric Company
Pratt & Whitney (RTX Corporation)
*Disclaimer: Major Players sorted in no particular order
