Worldwide,
the commercial aircraft market has experienced a surge in demand for
innovative and advanced aircrafts. This trend is largely influenced
by the entry of new airline companies and network expansion by
existing airline companies.
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Increasing
Demand for Energy-efficient Engines to Drive the Commercial Aircraft
Market
Market
forces driving the global commercial aircraft market include rise in
air passenger traffic, replacement of obsolete aircrafts, and
accelerating growth in emerging economies. Another growth opportunity
for market players operating in the global commercial aircraft market
is the increasing need for energy-efficient engines. Several
countries around the world are committing to reduce their carbon
emissions substantially. This has led to a growing demand for
aircraft engines which meet the new standards of reduced greenhouse
gas emissions.
It
is anticipated that by 2050, the innovative energy-efficient engines
will result in a reduction of carbon emissions by 80%. This green
trend is further supported by the development of alternative fuels
such as bio-fuels, which are safer for the environment and human
health. Bio-fuels are expected to emerge as a primary solution
towards achieving carbon-neutral growth in the global aviation
industry.
Supply
Chain Issues to Suppress the Global Commercial Aircraft Market
One
of the major hurdles restraining growth in the market is the supply
chain ramp-up. The global commercial aviation market is experiencing
soaring order books and elevated production rate. In this scenario,
supply chain risk is the top priority for manufacturers in the
commercial aviation market. Around a fifth of suppliers in this
market are not ready to support the high ramp-up lying ahead.
High
production rate ramp-up is required across the commercial aviation
market. Leading manufacturers such as Airbus and Boeing previously
announced a series of record deals for their upcoming generation of
commercial aircraft. Additionally, military programs are also
accelerating their production for the coming five to ten years. The
big rate will influence mean pressure on the supply chain sector,
which will leave programs at risk of supply chain delay or failure.
Companies
in the global commercial aircraft market and their leading tier 1
suppliers are highly conscious of these potential problems,
especially in light of major delays which have affected recent
programs.
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Turbofan
Engines Sector to Demonstrate Record High Growth in the Commercial
Aircraft Market
In
spite of environment regulations and supply chain issues that will
challenge the commercial aircraft industry; the market will continue
to demonstrate a moderate growth in the foreseeable future. In 2012,
the global commercial aircraft market was worth US$189.21 billion.
The global commercial aircraft market with a 5.0% CAGR during the
forecast period will reach a total value of US$265.71 billion by
2019. Geographically, North America registered the highest domestic
passenger load (85.4%) in 2013, according to an IATA (International
Air Transport Association) report. Alternatively, Asia Pacific will
remain undisputed as the largest regional market in the global
commercial aircraft market.
On
the basis of engine type, the global commercial aircraft market is
segmented into turbofan and turboprop. The turbofan engines segment
with its high speed and better efficiency at higher altitudes is
anticipated to show a record high growth. Component-wise, the global
commercial aircraft market is divided into systems, airframe,
engines, interior, avionics, and landing gear. The market sectors of
landing gear and airframe will show a high growth rate during the
forecast period. Collectively, the landing gear and airframe
components sector contributed to a total of 72.3% market share in
2012. By aircraft, the global commercial aircraft market is
classified into large widebody, business jets, medium widebody,
regional jets, small widebody, and narrow body.
The
global commercial aircraft market is consolidated in nature, with
manufacturers specializing in different types of aircraft models.
Airbus S.A.S and Boeing Company are two players leading the global
market for commercial aircraft, and collectively held 80.9% market
share in 2012. Other prominent players in this market space are GE
Aviation, Rolls-Royce Holding Plc., Embraer S.A., Fokker
Technologies, and BAE Systems.
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