The aircraft engines market is projected to grow from an estimated $68.05 billion in 2017 to $92.38 billion by 2022, at a CAGR of 5.23%, a new report from Research & Markets finds.

This growth is put down to increasing aircraft orders as a result of increasing air passenger traffic across the globe.

“Airliners are opting for fuel-efficient and lightweight engines to replace old engines in their aircraft,” the report says.

The market has been segmented based on engine type, application, platform, and region. The engine type market has been segmented into turboprop, turbofan, turboshaft, and piston engine. The turbofan engine segment is expected to witness the highest growth during the forecast period, as “airlines are focusing on increasing fuel economy which is provided by these engines”. This factor is expected to drive the turbofan engine segment.

The current backlogs in aircraft deliveries could act as a barrier in the growth of the aircraft engines market, the report notes.