Aircraft Engine Nacelle Market Size Expected to Grow at a CAGR over 8.98% from 2020 to 2027

August 2020, Research Report on the Global Aircraft Engine Nacelle Market.

Aircraft Engine Nacelle Market Overview

Global Aircraft Engine Nacelle Market is expected to reach USD 8,961.9 Million by 2027 at a CAGR of 8.98% during the forecast period.

The global aircraft engine nacelle market is growing at a rapid rate due to the increase in air passenger traffic and the subsequent demand for new aircraft, increased demand for fuel-efficient and noise-reducing nacelles, and decline in the cost of composite materials.

Segmental Analysis

Global Aircraft Engine Nacelle Market has been Segmented Based on Type, Material, and Application.

Based on Type, the aircraft engine nacelle market has been segmented into the rear-mounted nacelle, pylons underwing, clipped at wing, and others. The rear-mounted nacelle segment dominated the market with a valuation of USD 1,504.1 million in 2018 and is expected to reach USD 3,012.1million by 2027. Smaller jet aircraft are generally not suited to podded engines below the wing as they would be too close to the ground. This is also the case with aircraft designed to operate on unimproved grass or gravel runways. Therefore, in these cases, it is common to mount two podded engines at the rear of the fuselage, where they are less likely to be damaged by ingesting foreign objects from the ground.

On the basis of material, the global aircraft engine nacelle market has been classified as composites, titanium alloys, nickel chromium, stainless steel, and aluminum alloys. The composites segment is expected to exhibit the highest CAGR of 11.51% during the forecast period. Composite materials are especially those made from glass fibers, carbon fibers, and Kevlar. These are widely used in the aircraft industry. They are stronger and lighter than aluminum alloys.

By application, the global aircraft engine nacelle market has been divided into civil jet aircraft, business jet aircraft, private jet aircraft, and others. The civil jet aircraft segment is expected to register the highest CAGR of 9.78% during the forecast period. Although the civil jet aircraft is a narrow-body aircraft and has a lower capacity than the wide-body aircraft, they are larger in number. Airbus A318, A319, A320, and A321 and Boeing B727s and B737s are a few types of narrow-body aircraft. These planes generally fly over short routes. In 2018, there were over 15,000 narrow-body planes across the globe.

Regional Analysis

The geographic analysis of the global aircraft engine nacelle market covers North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

North America led the market with a valuation of USD 1,708.5 million in 2018, and the regional market is expected to reach USD 3,361.6 million by 2026 at a CAGR of 8.94% during the forecast period. This can be attributed to the presence of major manufacturers, such as United Technologies Corporation, Nexcelle, and Triumph Group, in the region.

Europe was the second-largest market with a valuation of USD 2,243.0 million in 2018. The European market is projected to exceed USD 4,330.4 million by 2026 at an 8.68% CAGR during the review period. Market growth in the region is driven by the increase in the number of aircraft in the region that will increase the requirement for engine nacelles.

Competitive Analysis

The Key Players in the Global Aircraft Engine Nacelle Market are Safran (France), United Technologies Corporation (US), Leonardo SpA (Italy), Bombardier (Canada), ST Engineering (Singapore), Nexcelle (US), GKN Aerospace Services Limited (UK), Triumph Group (US), Aernnova Aerospace S.A. (Spain), and Barnes Group Inc. (US).

Key Developments

• In February 2020, Collins Aerospace Systems, a business unit of UTC, inaugurated its new MRO facility in Singapore. The inauguration of the new facility enabled the company to offer enhanced services to its customers in Asia-Pacific.

• In February 2018, Triumph Aviation Services Asia, Ltd, a subsidiary of Triumph Group, signed a contract with Boeing to provide aftermarket support in Asia-Pacific for the latter’s engine nacelles program and thrust reverser service for the regional fleet of 777 airplanes.