Aircraft Nacelle and Thrust Reverser Market Scenario:
The global aircraft nacelle and thrust reverser market is estimated to register a CAGR of nearly 6% during the forecast period of 2018 to 2023.
Nacelle is an external aerodynamic structure that houses the aircraft engine. It is connected to the wing or the body of an aircraft through pylon/strut. The aircraft nacelle comprises inlet cowl and fan cowl. Thrust reverser is an equipment that provides deceleration by temporarily diverting the aircraft engine’s thrust and thereby enables shorter landing distances and reduces wear on brakes & tires. Engine cowling, inlet cowl, fan cowl, thrust reverser, core cowl and exhaust system all together forms the aircraft nacelle system.
The growth in global air travel and subsequent demand for new commercial aircraft are key factors projected to drive the growth of the civil aircraft nacelle and thrust reverser market. In addition, rise in defense expenditure and subsequent demand for new combat aircraft drives the growth of military aircraft nacelle and thrust reverser market.
However, the existing backlogs in new commercial aircraft deliveries hinders the market growth to a certain extent, whereas developing an effective nacelle and thrust reverser that ensures effective & safe operation, reduced maintenance and enhanced performance is a challenge faced by the emerging players. Meanwhile factors such as focus on aircraft modernization programs, growing importance for aviation safety and initiatives taken for ensuring safe flight further boosts the service (MRO) requirement and impacts the aftermarket growth.
Furthermore, developments in 3D printing technology for manufacturing nacelle and thrust reverser and use of advanced materials and composites in system fabrication offer promising growth opportunities to aircraft nacelle and thrust reverser market players.
Aircraft Nacelle and Thrust Reverser Market Segmentation:
Based on engine type, the turbofan engine segment accounted for the largest market share as nowadays, airlines are focusing on procuring these engines to increase fuel economy on long range flights, which ultimately generates component requirement for the same.
Based on application, the civil aviation segment accounted for the largest market share owing to the rising number of airliners annually throughout the world. Based on end-user the OEM segment accounted for the largest market share as various aircraft manufacturers are readily integrating these components with their offerings. Based on component, the nacelle segment accounted for the largest market share as it is a vital component for connecting the engine to aircraft.
North America is the leading region for the global aircraft nacelle and thrust reverser market. Several major aircraft manufacturers (such as Boeing, Bombardier) and nacelle and thrust reverser providers (GE affiliated companies, UTC) are present in the region, gaining the region a high market share. Moreover, it is expected that approximately 10,000 aircraft would be in service in the region by 2035, which would create an opportunity for the major and prominent companies of the region.
Meanwhile, in terms of military aircraft aspect, the US military is likely to receive USD 674 billion in support in 2019 for new fighter jets, Black Hawk helicopters, among others, which indirectly influences the aircraft nacelle and thrust reverser market in this country. Similarly, Canada is set to acquire used F-18 fighter jets from Australia, which generates a further scope of the aftermarket market in this country.
Aircraft Nacelle and Thrust Reverser Market Key Players:
The key players in the global aircraft nacelle and thrust reverser market are Aircelle (a part of Safran SA (France)), Collins Aerospace (a part of United Technologies Corporation (US)), FACC AG (Austria), GKN Aerospace (UK), Leonardo SpA (Italy), Middle River Aircraft Systems (a part of GE Aviation (US)), Nexcelle (a MRAS/Safran joint venture (US)), Sicamb SpA (Italy), Spirit AeroSystems, Inc. (US) and Westfield Hydraulics Inc. (US).
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