Aircraft Engine Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2035 Segmented By Engine Type (Turbofan, Piston, Turboprop, Turboshaft), By Aircraft Type (Narrow Body, Rotocrafts, Business Aircrafts, Fighter Aircrafts, Wide Body Aircrafts, Regional Aircrafts), By Platform (Fixed Wing and Rotary Wing), By Application (Commercial, Military), By Region
Published Date: January - 2025 | Publisher: MIR | No of Pages: 280 | Industry: Aerospace and Defense | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationAircraft Engine Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2035 Segmented By Engine Type (Turbofan, Piston, Turboprop, Turboshaft), By Aircraft Type (Narrow Body, Rotocrafts, Business Aircrafts, Fighter Aircrafts, Wide Body Aircrafts, Regional Aircrafts), By Platform (Fixed Wing and Rotary Wing), By Application (Commercial, Military), By Region
The aircraft engine market stood around USD94.40 billion in 2021 and is estimated to reach USD195.62 billion by 2035, advancing with a CAGR of 5.30% in the forecast period, 2022-2035. An increase in technological development and an upsurge in demand for international tourism and commercial trading are driving the growth of the global aircraft engine market in the forecast years.
Engines driven by jet propulsion, turbines, or pistons are referred to as aviation engines. Jet propulsion engines must generate at least 1750 lb of thrust or its equivalent for takeoff. Furthermore, in the case of turbine- or piston-powered aircraft engines, all modules and other integrated or attached components, parts, and equipment must provide at least 550 rated takeoff shaft horsepower or its equivalent. The systems often found integrated with the engine operation are the accessory drive gearbox, fuel system, lubrication system, ignition system, bleed system, start system, anti-ice system, etc.
The global spread of the COVID-19 pandemic has caused public health and economic challenges. Due to full and partial lockdowns enforced across several nations to reduce the risk of coronavirus transmission, most aviation engine manufacturers were obliged to cease manufacturing for a few months, directly affecting aircraft engine sales, worldwide. According to published data from the World Bank, global GDP plummeted by 3.3% in 2020, impacting worldwide economies. Due to weaker economic growth and political constraints on passenger air travel, airlines worldwide have put off replacing their existing fleets, resulting in a decline in aircraft sales in 2020. According to International Air Transport Association (IATA), passenger air travel reduced globally in 2020 due to the COVID-19 pandemic, significantly affecting the aviation industry in the second and third quarters of 2020.
Rise in Global Tourism
As per the data published by United Nations World Tourism Organization (UNWTO), in 2021, the number of international travelers recorded worldwide was 15 million more than that of 2020. International travel has become easier due to increased airline connectivity between countries. Increased work opportunities, a growing number of passenger airlines, rising disposable income, rising people's standard of living, and other factors have contributed to the massive development of international tourism. According to the United Nations World Tourism Organization (UNWTO), there were 15 million more international travelers in 2021 than in 2020. This amounted to approximately a jump of 4% compared to the 2020 statistics. The escalation in international travel has directly raised the demand for passenger airplanes worldwide, which is driving expansion in the worldwide aircraft engine industry.
Less Demand in Renewal Market
Engines are among the most critical components in aircraft operation and are often quite expensive. In 2021, an airplane engine will probably cost USD13.54 million on average. As a result, the high cost of engines makes it challenging for aircraft operators to replace them when they collapse. Furthermore, engine manufacturing takes a long time, resulting in idle time, which hinders the operations of aviation industries. Because of all these aspects, airplane owners like to rent or lease aero engines to minimize their financial burden, as the upfront cost of new engines is substantially higher than that of leased ones. As a result, aircraft manufacturers see a drop in demand in the replacement market.
Rising Safety Concern
According to the International Air Transport Association (IATA), 7 fatal incidents occurred in 2021, resulting in 121 deaths. The rate of death was 76.92% higher than the previous year. Because of the increased concern for passenger safety, aviation engine manufacturers are working to improve the efficiency and technology of their engines to provide a safer air travel experience. As air safety regulations have improved, aircraft engine manufacturers must devote more time and money to research and development. Such advancements are a primary driving force in the aircraft engine sector.
Technological Advancement
Aircraft engine manufacturers are consistently evolving with different engine designs to deliver a better aviation experience for people. The high noise pollution caused by aircraft engines is one of the primary concerns for aircraft engine manufacturers. Manufacturers are emphasizing on diverting the engine upwards to keep the noise apart from the passengers. For Instance, Safran Landing Systems, is developing landing gear noise reduction technology as part of Boeing's 2020 eco-Demonstrator. The company is measuring a landing gear's noise projections to build a modified and quieter operational solution.
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Market Segmentation
Company Profiles
Raytheon Technologies Corporation, General Electric Company, Safran Aircraft Engines, Rolls-Royce plc, Honeywell International Inc., MTU Aero Engines AG, Aero Engine Corporation of China (AECC), Continental Aerospace Technologies, Textron Inc., Williams International. These are the key players are developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
|
Attribute |
Details |
|
Market
Size Value in 2021 |
USD94.40
Billion |
|
Revenue
Forecast in 2035 |
USD195.62 Billion |
|
US
Revenue Forecast in 2035 |
USD104.50
Billion |
|
Growth
Rate |
5.30% |
|
Base
Year |
2021 |
|
Historical
Years |
2017 –
2021 |
|
Estimated
Year |
2022 |
|
Forecast
Period |
2023 – 2035 |
|
Quantitative
Units |
Revenue
in USD Billion, Volume in Units, and CAGR for 2017-2021 and 2022-2035 |
|
Report
Coverage |
Revenue
forecast, volume forecast, company share, competitive landscape, growth
factors, and trends |
|
Segments
Covered |
·
By Engine Type ·
By Aircraft Type ·
By Platform ·
By Application ·
Region |
|
Regional
Scope |
Americas, Europe, Asia Pacific, Middle East
and Africa |
|
Country
Scope |
United
States, Canada, Brazil, Mexico, United Kingdom, Germany, France, Italy,
Spain, Russia, Poland, China, Japan, South Korea, Australia, India, Israel,
South Africa. |
|
Key
Companies Profiled |
Raytheon Technologies Corporation, General Electric
Company, Safran Aircraft Engines, Rolls-Royce plc, Honeywell International
Inc., MTU Aero Engines AG, Aero Engine Corporation of China (AECC),
Continental Aerospace Technologies, Textron Inc., Williams International. |
|
Customization
Scope |
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope. |
|
Pricing
and Purchase Options |
Avail
customized purchase options to meet your exact research needs. Explore purchase options |
|
Delivery
Format |
PDF and Excel through
Email (We can also provide the editable version of the report in PPT/pdf format
on special request) |
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