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: March - 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 CustomizationThe aviation engine industry remained at USD94.40 billion in 2021 and is expected to climb to USD195.62 billion by 2035, proceeding with a growth rate of 5.30% during the forecast period of 2022-2035.
A surge in technological growth and a boom in demand for overseas tourism and commercial trade are stimulating the overall aircraft engine industry's growth over the forecasted years.
Jet, turbine, or piston-driven engines are known as aviation engines. Jet propulsion engines should have a minimum of 1750 lb of thrust or its equivalent to achieve takeoff. Additionally, for turbine- or piston-powered aircraft engines, all modules and other integrated or attached items, parts, and equipment should produce at least 550 rated takeoff shaft horsepower or its equivalent. The accessories usually found combined with the engine operation are the accessory drive gearbox, fuel system, lubrication system, ignition system, bleed system, start system, anti-ice system, etc.
The worldwide distribution of the COVID-19 pandemic has created public health and economic issues. As a result of total and partial lockdowns implemented in various countries to minimize the risk of coronavirus exposure, most of the aviation engine-producing companies were forced to suspend production for a couple of months, which had a direct impact on aircraft engine sales, globally. Based on published statistics by the World Bank, global GDP declined by 3.3% in 2020, affecting global economies. As a result of slower economic growth and political restrictions on passenger air travel, airlines globally delayed replacing their current fleets, which led to a fall in aircraft sales in 2020. International Air Transport Association (IATA) reports that passenger air travel declined worldwide in 2020 as a result of the COVID-19 pandemic, greatly impacting the aviation sector in the second and third quarters of 2020.
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Rise in Global Tourism
According to the statistics released by United Nations World Tourism Organization (UNWTO), in 2021, the total number of international tourists registered globally was 15 million higher compared to that of 2020. International travel has been made easier with expanded airline connectivity between nations. More working opportunities, more passenger airlines, more disposable income, increasing living standard of people, and numerous other factors have led to the enormous growth of international tourism. The United Nations World Tourism Organization (UNWTO) reports that there were 15 million more international tourists in 2021 than in 2020. This was an increase of about 4% over the 2020 figures. The increase in worldwide travel has led directly to the increased need for passenger planes around the globe, which is stimulating growth in the global aircraft engine market.
Less Demand in Renewal Market
Engines are one of the most vital parts of aircraft operation and are generally very costly. In 2021, an airplane engine will likely cost USD13.54 million on average. Therefore, the high expense of engines makes it difficult for aircraft operators to replace them when they fail. Additionally, the production of engines takes a considerable amount of time, leading to idle time, which slows down the operations of aviation industries. Due to all these factors, airplane owners prefer to lease or hire aero engines in order to reduce their costs, as new engine purchase requires a much greater amount of money compared to that of leased ones. Aircraft manufacturers, therefore, experience a reduction in demand for the replacement market.
Rising Safety Concern
7 fatal accidents happened in 2021, claiming 121 lives, as reported by the International Air Transport Association (IATA). The death rate was 76.92% higher than that of the previous year. Due to the growing concern about passenger safety, manufacturers of aircraft engines are designing their engines with better efficiency and technology to offer a safer experience of air travel. With the advancement of air safety regulations, manufacturers of aircraft engines have to spend more time and resources on research and development. These developments are a major driving force in the aircraft engine industry.
Technological Advancement
Aircraft engine producers are continuously changing with varying types of engine designs to provide a superior aircraft experience for individuals. The excessive noise pollution generated by aircraft engines is among the main worries of aircraft engine producers. The producers are focusing on deflecting the engine upwards to maintain the noise away from passengers. For example, Safran Landing Systems, is creating landing gear noise reduction technology under Boeing's 2020 eco-Demonstrator. The company is quantifying a landing gear's noise estimates to construct an enhanced and quieter operational solution.
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Market Segmentation
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By Engine Type
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Turbofan EnginesWidely used in commercial and military aircraft due to their efficiency and performance.
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Turboprop EnginesCommonly used in regional and general aviation aircraft.
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Turboshaft EnginesPrimarily used in helicopters.
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Piston EnginesUsed in small general aviation aircraft.
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Electric and Hybrid EnginesEmerging segment focused on sustainability.
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By Aircraft Type
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Commercial AviationEngines for passenger and cargo aircraft.
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Military AviationEngines for fighter jets, transport aircraft, and helicopters.
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General AviationEngines for private and business aircraft.
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UAVsEngines for drones and unmanned systems.
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By Component
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Compressors
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Turbines
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Combustors
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Nozzles
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Fuel Systems
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By Region
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North AmericaLargest market due to the presence of major engine manufacturers like GE Aviation and Pratt & Whitney.
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EuropeSignificant market driven by Airbus and Rolls-Royce.
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Asia-PacificRapidly growing market due to increasing air travel and defense spending in countries like China and India.
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Middle East & AfricaGrowing demand for commercial and military aircraft.
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Latin AmericaEmerging market with potential for growth.
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Key Players
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GE Aviation (U.S.)
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Rolls-Royce (UK)
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Pratt & Whitney (U.S.)
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Safran Aircraft Engines (France)
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Honeywell Aerospace (U.S.)
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CFM International (a joint venture of GE Aviation and Safran)
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MTU Aero Engines (Germany)
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IAE International Aero Engines (a consortium including Pratt & Whitney and Japanese Aero Engines Corporation)
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.
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Attribute |
Details |
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Market Size Value in 2021 |
USD94.40 Billion |
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Revenue Forecast in 2035 |
USD195.62 Billion |
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US Revenue Forecast in 2035 |
USD104.50 Billion |
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Growth Rate |
5.30% |
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Base Year |
2021 |
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Historical Years |
2017 – 2021 |
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Estimated Year |
2022 |
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Forecast Period |
2023 – 2035 |
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Quantitative Units |
Revenue in USD Billion, Volume in Units, and CAGR for 2017-2021 and 2022-2035 |
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Report Coverage |
Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
· By Engine Type · By Aircraft Type · By Platform · By Application · Region |
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Regional Scope |
Americas, Europe, Asia Pacific, Middle East and Africa |
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Country Scope |
United States, Canada, Brazil, Mexico, United Kingdom, Germany, France, Italy, Spain, Russia, Poland, China, Japan, South Korea, Australia, India, Israel, South Africa. |
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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. |
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Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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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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