June 17, 2020
According to the research report titled ‘Aeroengine Fan Blades Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Engine Type; Material Type, available with Market Study Report LLC, global aeroengine fan blades market is projected to accrue notable growth by the year 2027.
Increasing spending on aerospace and defense and burgeoning demand for the products of this sector are expected to create tremendous opportunities for market players in aeroengine fan blades market. Owing to the rise of advanced technologies, changing aircraft fleet mix, and pressure on airlines to reduce the maintenance cost, the commercial and military aircraft aftermarket landscape in rising. There is an increase in investment by governments in the aerospace and defense sector which is driving the global aeroengine fan blades market growth.
The increase in demand for the commercial and freight aircraft has motivated aircraft manufacturers, like Airbus and Boeing, to increase the number of assembly/manufacturing plants. For example, Boeing is planning to develop manufacturing units in Southeast Asia and looking forward to ramp-up the production in India. Also, in November 2019, Airbus signed a deal with China to start its Airline production in the country. These developments are creating growth opportunities for aeroengine fan blade manufacturers.
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Based on the type of engine, the market is classified into turboprop aeroengine, turbojet aeroengine, and turbofan aeroengine. With regards to the material, the industry is segmented into titanium alloys, steel, aluminum alloys, and composites. According to the geographical overview, the industry is bifurcated into Asia Pacific, the Middle East and Africa, North America, Europe, and South America, further segmented into regional markets of respective countries.
The key market players include CFM International, IHI Corporation, Safran S.A, GKN Aerospace, C-FAN, Pratt & Whitney, Rolls-Royce Holdings plc, Chaheng Precision Co. Ltd., GE Aviation, and MTU Aero Engines AG.
Aerospace industry has been badly hit by the outbreak of Covid-19 pandemic. The major problems faced by the sector are technology events and industry meet cancellations, reduction in business activities, and factory and office shutdowns. There is travel ban imposed by many countries including Europe, Asia Pacific, North America, and others which is affecting the business partnership and collaboration opportunities. All these factors are projected to hinder the growth of global aeroengine fan blades market, especially in 2020 2021, depending on the duration of the outbreak.