Global LEAP Engine Market Prognosticated To Accrue With A Whooping CAGR by 2030; Asserts

Market Research Future Published a Report on Global LEAP Engine Market.

According to Market Research Future, the global LEAP Engine market has been segmented based on engine type, and region/country.

LEAP (Leading Edge Aviation Propulsion) engine is a new generation aircraft engine designed, produced, and supported by CFM International (a joint venture between GE Aviation and Safran Aircraft Engines) and officially launched as LEAP-X on 13 July 2008. It is intended to be a successor to the CFM56-5B and CFM56-7B. The LEAP engine has been chosen by the world’s largest aircraft manufacturers such as Airbus, Boeing, and COMAC to be equipped with their new single-aisle aircraft. LEAP engines represent the perfect combination of the most advanced technologies matched with the renowned reliability and low maintenance cost of the CFM 56 engine.

The rising awareness regarding the nitrogen oxides (NOx) emission in the aerospace industry and the exponential development seen in the aerospace and defense industry are some of the drivers fueling great interest in the LEAP Engine market.

Furthermore, the rising requirement for fuel-efficient engines especially in the aerospace industry, as well as the engines contributes to minimizing the CO2 emission driving the demand for LEAP engines. As aircraft equipped with the LEAP engines experienced a 15% reduction in fuel consumption and CO2 emissions, and up to 50% reduction in NOx emissions.  

Based on engine type, the LEAP engine market has been segmented into LEAP-1A, LEAP-1B, and LEAP-1C. LEAP-1A engine is designed for Airbus 320neo single-aisle commercial jet. the LEAP-1A engine offers A320neo operators enhanced performance in terms of fuel consumption and CO2 emissions (15% lower1), NOx emissions (up to 50% lower2), and noise regulations. LEAP-1B engine designed for Boeing’s new-generation 737 MAX single-aisle jet. The LEAP-1B engine benefits from the latest innovations in materials and production processes. LEAP-1C engine is the only western engine developed for the COMAC C919, a new-generation single-aisle jet from China.

The global LEAP Engine market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Regional Analysis

By region, the global LEAP Engine market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America is expected to be the largest market for LEAP Engine during the forecast period. The regional market growth is primarily driven by the high product demand from the players based in the US. It is expected that approximately 10,000 aircraft would be in service in the region by 2035, which is expected to create additional opportunities for the players operating in the North America LEAP engine market. Moreover, the increasing revenues of airlines headquartered in the region are also projected to boost the growth of the market. According to the International Air Transport Association (IATA), North American carriers are expected to generate USD 16.6 billion in net profits in 2019 as against USD 14.7 billion in 2018. However, the ongoing COVID-19 pandemic is expected to hamper the growth of the market in the region. Owing to travel restrictions and global recession, the air transport revenue in North America is expected to fall by USD 50 million in 2020, according to IATA.

In Europe, regional market growth is primarily driven by the UK, Germany, France, and Italy. In 2017, there were approximately 5,000 aircraft in the region; the number is expected to reach over 8,000 fleets by 2035. However, the COVID-19 pandemic reduced air passenger traffic in the region, and airlines witnessed substantial losses in 2020. According to IATA, the European airlines are expected to lose USD 76 billion in passenger revenues in 2020 owing to travel restrictions due to the spread of COVID-19. Several regional airlines also collapsed owing to a reduction in bookings. Although, with enhanced medical facilities, government support, and credit facilities available, the situation is expected to improve over time. The commercial aerospace supply chain in Europe is gearing up for recovery. With the increase in the number of aircraft and increasing demand for single-aisle aircraft, there will likely be an increased requirement for LEAP engines.

Asia-Pacific is gaining prominence in the global aviation industry and is projected to become the world’s leading market for air travel. Additionally, according to Airbus SAS, by 2035, it is expected that more than 16,000 aircraft would be delivered in Asia-Pacific, which is expected to impact the growth of the regional market positively. With the growing demand for new-generation single-aisle jets such as COMAC C919, the demand for LEAP engines is also increasing.

Key Players

LEAP engines are designed, produced, and marketed by CFM International (A 50/50 joint company between GE (US) and Safran Aircraft Engines (France)). The key players in the LEAP engine market are CFM International, GE Aviation, and Safran Aircraft Engines.