Aircraft Engine Seals Market
Throughout the journey of the aircraft industry, aircraft engines have tremendously evolved due to a fact that it plays most pivotal role in an aircraft. The biggest innovations happening in an aircraft engine are primarily targeting three areas: more power, more durability, and more efficiency. Almost all the engine systems and their components have had a disruptive journey with significant changes in design, technology, and materials.
In the year 2020, the aircraft engine seals market witnessed its biggest decline in the past 16 years, due to the rapid outbreak of the pandemic. As per the recent impact assessment of IATA, (14 April 2020), the total global passenger airline revenue dropped around US$ 314 billion which is 55% below 2019’s revenue. Despite, the long-term growth prospects are favorable and the market is anticipated to rebound from 2021 onwards.
In terms of regions, North America is projected to remain the largest market during the forecast period, whereas Asia-Pacific is expected to remain the fastest-growing market during the same period. Short-term market demand is challenging across regions including Asia-Pacific. Based on IATA estimates, airlines in the Asia-Pacific region lost about US$ 113 billion in passenger revenues in 2020 from 2019 level. The long-term market outlook seems promising. As per Boeing’s estimations (2019-2038), China will need 8,090 commercial aircraft in the next twenty years, 5.2% higher than the company’s last year forecast. 74% of these deliveries will be of single-aisle aircraft.