Global Commercial Aircraft Turbofan Engines Market - Annual Review & Market Outlook - 2023 - Key Trends, Issues & Challenges, Growth Opportunities, Force Field Analysis, Market Outlook

Commercial Aviation’s Roaring Comeback

Commercial Aviation has been making a roaring comeback from the pandemic with strong passenger demand levels thanks to strong & sustained pent-up demand for travel and sustained growth in air cargo traffic across most key markets & regions. The global airline passenger traffic is reaching the pre-pandemic levels now in 2023 aided further by the opening up of China in late 2022 after jettisoning of the zero-tolerance COVID policy. At the industry OEMs level, Boeing’s 737 MAX program now seems to be stabilizing and heading towards the cruise phase following a spate of new, big-ticket orders while the Airbus' A321XLR is gearing up for certification & EIS in Q2 2024 following its maiden flight last year. The ongoing recovery in demand & activity levels across airlines globally has been steady as well as encouraging and the global air passenger demand is projected to grow by almost 3% from the pre-pandemic levels by the end of 2023 with the airline industry projected to be in black for 2023 with marginal profits

Supply-Side Led Market Scenario marked by Supply Chain Constraints & Challenges

The Airbus-Boeing duopoly is raring to ramp up production rates, especially for narrow bodies, amid burgeoning demand levels in an unusual, supply-led market scenario at present. The view from the supply side, however, is complex & challenging marked by supply chain disruptions, constraints and labor shortages with the situation being really acute at the engine manufacturers level with them unable to ramp up engines production from the abysmally low levels reached through the pandemic. Boeing already has plans to ramp-up 737 MAX production rate to 50 per month (up from the current 31) by the middle of the current decade aided by the plans for establishment of a new production line for the 737 MAX program at Everett while Airbus is gunning for a production rate of 65 per month by 2024 & 75 by 2025 for its A320neo family (up from the current rate of 50 per month). The aviation supplier base, thus, needs to get in shape quickly while battling working capital crunch with weakened balance sheets amid soaring inflation levels and an unprecedented economic tightening underway. Most of the engine OEMs have outlined plans to ramp-up production & engine deliveries in 2023 which are likely to reach the pre-pandemic levels this year

Strong, Long Term Fundamentals for Commercial Aviation

The long-term industry fundamentals, however, remain robust and firmly in place with forecasts for strong tailwinds to prevail in form of deliveries of around 40,000 new airplanes by the industry projected over the next two decades. Additionally, aviation needs to go green and absolutely carbon-neutral by 2050 by focusing on sustainability and switching to sustainable power sources, with Electric and Hydrogen-powered airplanes likely to rule the skies as well as the future, complemented by Sustainable Aviation Fuels (SAFs) powered traditional airplanes operating with conventional aviation turbofan engines

Sustainability Challenges and Technological Leaps

However, these monumental shifts will entail massive & radical technological leaps along with equally humungous developmental challenges in virtually uncharted territories led by the engine OEMs and backed by deep R&D budgets, policy incentives & support as well as commitments. Commercial Aviation industrial base will also have to tackle huge production capacity shortfalls and logistical challenges on the SAF front as well the production of which needs to be scaled up rapidly from their current availability levels of mere 1% of the global demand for aviation fuels to substantial levels while maintaining a manageable economic & price equation with their conventional, fossil fuel counterparts. Latest, under-development technological efforts by Engine OEMs promising substantial reduction in carbon emissions as compared to the current generation engines are encouraging signs & the much needed stepping stones for the future

Against this backdrop, the report analyzes and provides insights into key industry, market & technology trends likely to shape the future of the Global Commercial Aviation Turbofan Engines market over near to medium term followed by outlining of emerging, potential growth opportunities

Relevance & Usefulness:

The report provides insights & inputs to be incorporated into the broader strategic planning & decision making processes:

• Strategic Planning & Market Analysis Purposes
• Identification of the degree of Congruence between Emerging Market Landscape & Strategy focus
• Identifying & highlighting areas for making potential Strategic Changes, Adjustments & Realignment
• Analysis & Assessment of Emerging Market, Technology Trends & Developments likely to Shape the Global Commercial Aviation Propulsion Market
• Analysis of Forces Driving as well as restraining the Industry & their overall Dynamics through a Force Field Analysis
• Analysis of Market Evolution with Medium Term Demand Growth Projections & Market Outlook

For Whom:

The report would be indispensable for those having strategic interest & stakes in the Global Commercial Aircraft/Aviation Turbofan Engines Market. The report will be extremely useful for:-

• Key Decision-Makers
• Program Offices & Program Managers
• Top Management of Industry OEMs, Players across Industry Value Chain & Other Companies
• Defense Procurement Executives, Defense Departments, Program Staff
• Suppliers, Vendors, Technology & Services Providers and other Key Players in the Industry Value Chain
• Existing & Potential Investors
• Industry & Company Analysts
• M&A Advisory Firms
• Strategy & Management Consulting Firms
• PE Firms, Venture Capitalists and Financing & Leasing Companies
• Researchers and all those associated with the industry in general