CFM International, the venture of General Electric Co and Safran SA of France that makes the most engines for single-aisle commercial jetliners, said it's developing a model to preserve its lead when a new generation of planes arrives late next decade.
The new engine, called Leap-X, may be certified as early as 2016 and is designed to cut fuel consumption by 16 percent over the venture's current CFM56 model, the companies said last week in London ahead of the Farnborough International Air Show. The companies also extended the venture, started in 1974, to 2040.
With airlines clamoring for fuel savings amid record oil prices, engine makers are racing to have technology ready when Boeing Co and Airbus SAS design new planes for the biggest part of the commercial market: narrow single-aisle jetliners that seat at least 110 people and serve short-haul flights. The planes, which would succeed the Boeing 737 and Airbus A320, are likely to come no earlier than 2016, with a potential engine-market value of US$40 billion, according to Bloomberg News.
"Our customers are hurting and we are responding," CFM Chief Executive Officer Eric Bachelet said in a statement.
"We have set aggressive targets for this engine, and the technology plan is in place to achieve them," he said.
CFM powered about half the existing narrow-body market and accounts for two-thirds of orders as of last Wednesday, according to the Ascend Online Fleets database.
CFM competes with International Aero Engines, a venture of Pratt & Whitney and Rolls-Royce Group Plc, for A320 models.