DUBLIN, February 16, 2016 /PRNewswire/ --
The global commercial aircraft gas turbine engine market is to grow at a CAGR of 5.85% by 2019, according to a report available from Research and Markets. The report notes that engines account for a third of the cost of a new aircraft, and how manufacturers are integrating improved engines into new aircraft designs. One such manufacturer is Pratt & Whitney, who today justified the USD 10 billion development cost of their new engine, the Geared Turbofan.
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The American aerospace manufacturer claims that the Geared Turbofan engine burns 15% less fuel than competitor's engines. This efficiency is expected to attract many new customers, justifying development costs. Pratt & Whitney has sold over 7,000 Geared Turbofan engines and plans to increase production from 200 engines this year to 1,400 by 2020.
The global aircraft fuel systems market is predicted to be worth USD 9.15 billion by 2020, up from USD 6.52 billion in 2015, as highlighted in a recent report. The Geared Turbofan's success could influence this figure, as more efficient engines will require smaller fuel tanks and less complicated fuel systems.
The Geared Turbofan may also have an effect on the global jet fuel additives market, which is poised to grow at a CAGR of 7% by 2019, as revealed in a recent industry report. The report states that the need for fuel efficient aircrafts is driving the growth of this market, and the successful implementation of Geared Turbofan engines on a global commercial basis could result in an even higher growth.
For further information on this topic, and a full list of all related documentation, please visit the Aircraft section at http://www.researchandmarkets.com/rm/LOKP.
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SOURCE Research and Markets