World News: 09:24 GMT Wednesday 14th August 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Aug. 14, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
The Global Commercial Aircraft Turbofan engines market has been in the super-cruise mode propelled by one of the longest aviation super-cycle being driven by strong tailwinds with strong demand drivers and favorable macroeconomic factors.
The engine manufacturers, buoyed by the huge order backlog & visibility of order book positions, are ramping up production output to meet delivery timelines with some transitioning from the production of previous generation engines to latest engine programs. The same is likely to translate into significant top-line growth for the industry over the next decade.
Next-generation aviation turbofan engines, featuring a high bypass ratio and extensive usage of technological innovations from the competing engine powerhouses have just entered service over the recent years, are proving their mettle in grueling, active duty service and are likely to form a major chunk of new deliveries over medium term given the composition of order backlog across aircraft OEMs. The grounding of the global Boeing 737MAX aircraft family fleet, however, remains the top concern for Boeing as well as the suppliers and the airline groups having exposure to the 737MAX program with the global fleet likely to be airborne and resume service only from November 2019 which has disrupted schedules and has impacted numbers across the board.
2019, however, is turning out to be another good year for commercial aviation with reference to the order intake wave which has showed no significant signs of abating at the Paris Air Show 2019 with both Boeing & Airbus booking decent orders from airline customers with the latest A320XLR from Airbus being the showstopper and posing further questions for Boeing to answer with Boeing required to take a well-calculated call on its NMA decision on priority while grappling with & sorting out the 737MAX crisis.
However, the slowing down of the world economic growth from the ongoing trade wars remains a key concern for the airline groups with likely impact on cargo business & passenger traffic. The profitability forecasts for the airlines for 2019, too, has been revised downward in June 2019 indicating pressures on profitability from slowing demand & rising input costs. The technology landscape across the industry, too, is evolving radically with the engine OEMs focusing significantly on the development of hybrid-electric propulsion technologies for commercial & general aviation applications which are likely to become part of the mainstream through the middle of next decade.
Urban Aerial Mobility and resurgence of Supersonic air travel are other, upcoming growth areas for the engine manufacturers, in addition, to power & thermal management systems for directed energy systems, thereby, indicating towards a lot to look forward to for the engine OEMs in the next decade. The engine OEMs are focused on varying strategic priorities with CFM rapidly scaling up production of LEAP engines as it transitions from production of CFM56 engines to the LEAP engine family.
Rolls Royce is future-focused aiming at next generation of aircraft programs from Boeing & Airbus, likely in the middle of next decade, with focus on the development of next-generation engine programs, in addition, to the active development of hybrid & electric propulsion technologies.
Pratt & Whitney is developing engine variants based on its Geared Turbofan Technology while GE is laser-focused on the 9X which powers the 777X and is now scheduled to power the maiden 777X flight in early 2020 owing to a developmental delay.
2.7 Market Shares for Engine Manufacturers for Key Geographic Regions
Analysis of Top 4 Engine Manufacturers - Commercial Aircraft Turbofans:
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Globe Newswire: 09:24 GMT Wednesday 14th August 2019
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