Market Trends of Global Aircraft Engine Testbed Industry
This section covers the major market trends shaping the Aircraft Engine Testbed Market according to our research experts:
Fixed-Wing Segment is Anticipated to Hold Largest Market Share During the Forecast Period
The fixed-wing segment will showcase significant growth during the forecast period. The increase is attributed to rising air travelers, growing investment in constructing new airports, and MRO services. Furthermore, increasing deliveries of business jets, fighter jets, and general aviation aircraft will drive the market's growth. For instance, GTRE and Safran will jointly develop a 110kN powerplant for India's 5th generation AMCA program. Safran has proposed to use Dassault-owned Rafale as a flying test bed. Thus, rising investment in developing flying testbeds and the upgradation of aging aircraft fleets will drive the market's growth.
For instance, in February 2022, Airbus entered into a partnership with CFM International (a joint company of GE and Safran Aircraft Engines) to develop an A380 flying testbed called the ZEROe Demonstrator to examine how hydrogen combustion can be used to power turbofan jet engines. Furthermore, rising procurement of military aircraft will create demand for engine testbeds, driving the market growth. In July 2022, the United States Department of Defense (DoD) signed a three-year contract with Lockheed Martin Corporation to manufacture 375 F-35 fighter jets.
Asia Pacific may Showcase Highest Growth During the Forecast Period
Asia-Pacific is anticipated to grow with the highest CAGR during the forecast period. Rapid urbanization, growing air traffic, and rising demand for new aircraft drive regional market growth. An increase in air travelers and growing expenditure on the aviation sector from emerging economies such as China and India boost market growth. COMAC, a Chinese aircraft manufacturer, forecasts China will become the world's largest aviation market by 2040. Furthermore, the country's aircraft fleet will reach 9,957 by 2040, accounting for 22 percent of the global passenger aircraft fleet.
Furthermore, according to the International Air Transport Association (IATA) report, India will surpass the United Kingdom and become the third-largest aviation market by 2024. Increasing expenditure on the aviation industry and developing new airports lead to increased demand for new aircraft. Furthermore, in 2020, the Indian government plans to build 100 new airports to improve regional connectivity by 2024.
Additionally, the Indian government has a strong focus on strengthening military capabilities. China and India were the second and third largest defense spenders, respectively in 2021. Thus, growing spending on military aircraft procurement from India and China drives the market's growth across the region.
