The Growing Commercial Aircraft Turbine Engine Market
Updated: Jul 21, 2022
The commercial aircraft turbine engine market has shown recent exponential growth, which is poised to continue well into the future. A recent study by Technavio revealed that the market will continue to expand through 2020, with an estimated Compound Annual Growth Rate (CAGR) of 5.85% over that period.
The projected increase in the market is based mostly on the expected continued rise of new aircraft needed as fleets replace older models and grow their existing fleets. New designs offer advantages over older models, helping airlines increase passenger capacity and decrease fuel usage, factors that drive buying forward. Technavio also cites strict regulations concerning noise and carbon dioxide emissions as being additional driving factors.
Another factor for the increased growth is the development and introduction of new materials. Aimed at making the blades more durable and efficient, industry leaders predict these new components will be sought to retrofit older aircraft. New engines such as the LEAP and GE9X reduce the weight of the aircraft through utilizing composites, allowing for the increase of weight elsewhere or, more often, allowing the plane to be more fuel efficient.
In addition to utilizing lighter weight materials, new designs in the HGP (hot gas path) section of the engines have increased the efficiency of the cooling of the special alloy components, contributing to overall increased engine efficiencies. The use of special heat resistant coatings and intricate cooling film designs has raised the technical requirements for the production of these parts.
At Hi-Tek Manufacturing, we have been one of the leading manufacturers serving the aviation and land-based turbine market for over 30 years. This predicted growth gives us even more hope for the upcoming years, but it also means that we will need to rise to meet the demands of the growing market. The key areas that need to be addressed are capabilities and capacity.
Capabilities relates to what we can handle, such as new materials and new designs. We plan on taking these technical changes head-on by keeping abreast of the latest technology, and making the necessary equipment and employee development changes needed to work with the most advanced materials on the market.
Capacity, on the other hand, relates to just now much we can produce. Through capital investments in new machines, along with increasing the training of our staff, we can increase our capacity to produce HPT Blades and Vanes, heat shields, fairings, and other parts. We are excited to see how the turbine blade market grows, and to see how it benefits us at Hi-Tek as well as the world of travel overall.