Jet engine sales seen to top $500bn over coming decade
Pratt & Whitney and CFM International are competing to grab a share of $20bn in orders for the new fuel-efficient engines that will power the next generation of narrow-body airplanes, Reuters has reported. Pratt, a unit of United Technologies Corp and a major military contractor, has had a smaller commercial engine market presence in recent years. In contrast, CFM, a joint venture between General Electric Co and France’s Safran, has supplied the dominant engine on narrow-body, single-aisle planes, which make up more than 60% of all commercial jets flying today, and are expected to account for 70% of the 35,000 new commercial jets delivered over the next 20 years. Aerospace research firm, Teal Group expects jet engine sales are to top $500bn over the next decade.