Leap Engine Market Overview

The global leap engine market will grow at a healthy CAGR by 2030, as per the latest Market Research Future report.

Drivers 

Growing Awareness Regarding Nitrogen Oxides Emission in Aerospace Sector to Boost Market Growth 

Growing awareness of nitrogen oxides (NOx) emissions in the aerospace industry and exponential development in the aerospace and defence industry are some of the driving forces fuelling the high interest in the LEAP engine market.

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Key Players 

Eminent market players profiled in the global leap engine market report include CFM International, GE Aviation, and Safran Aircraft Engines.

COVID-19 Analysis 

The emergence of COVID-19 possessed a negative impact on consumers of the global LEAP engine market. As a result of the decrease in the import of raw materials and the subsequent production of the LEAP engine components in the markets of various economies, supply shortages occurred in the LEAP engine market.

Opportunities 

Burgeoning Demand for Fuel-Efficient Engines to offer Lucrative Opportunities 

Increasing demands for fuel-efficient engines, especially in the aerospace industry, as well as engines contribute to the minimization of CO2 emissions, leading to the demand for LEAP engines. Because aircraft equipped with LEAP engines have seen a 15% reduction in fuel consumption & CO2 emissions and up to a 50% reduction in NOx emissions.

Restraints and Challenges 

Increasing Rate of Backlog to act as Market Restraint 

The increasing rate of backlog to clear old orders may act as a market restraint over the forecast period. It is expected that there has been an increase in the percentage of backlog among the stepper motor manufacturers to meet the demand of their customers.

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Market Segmentation 

The global leap engine market is bifurcated based on engine type.

By engine type, the market is classified into LEAP 1C, LEAP 1B, and Leap 1A.

Regional Analysis 

North America to Command Leap Engine Market 

North America is expected to be the largest jump motor market for LEAP engines during the assessment period. The regional market’s growth is driven primarily by high demand for products from US-based players. Around 10,000 aircraft are expected to be in service in the region by 2035, which should create additional opportunities for players operating in the North American LEAP engine market. In addition, rising revenue from airlines based in the region will fuel market growth.

Europe to Have Favourable Growth in Leap Engine Market 

In Europe, regional market growth is mainly driven by Great Britain, Germany, France & Italy. In 2017, there was about approximate 5,000 aircraft in the region; the number is expected to reach more than 8,000 fleets by 2035. However, the COVID-19 pandemic has curtailed passenger air transport in the region and airlines have witnessed significant losses in 2020. European airlines are expected to lose $76 billion in passenger revenue in 2020 due to travel restrictions due to the spread of COVID-19. Several regional airlines also collapsed due to reduced bookings. Although with better healthcare facilities, government support and credit options available, the situation is expected to improve over time. The aerospace supply chain business in Europe is gearing up for a recovery. With the increase in the number of aircraft and the increasing demand for single-aisle aircraft, there is likely to be an increased requirement for LEAP engines.

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