Global Aircraft Engine Market by Platform (Fixed, Rotary), Engine Type (Piston & Turboprop, Turbojet, Turboshaft, Turbofan), Component (Fan, Compressor, Combustor, Turbine, Mixer, Nozzle), Technology (Conventional, Hybrid), End-User (Commercial, Military), & Region for 2024 – 2031

Aircraft Engine Market Valuation – 2024-2031

The demand for air travel is rising, the commercial aviation sector is expanding, and there is an increasing focus on environmental sustainability and fuel efficiency. These factors have led to advances in engine technology and the creation of more eco-friendly and efficient propulsion systems, which in turn have driven the aircraft engine market. According to the analyst from Market Research, the aircraft engine market is estimated to reach a valuation of USD 119.11 Billion over the forecast subjugating around USD 84.66 Billion valued in 2024.

Rising demand for new-generation aircraft with improved fuel efficiency and fewer emissions, combined with the requirement for fleet modernization and the replacement of aging engines, drives market expansion. It enables the market to grow at a CAGR of 4.36% from 2024 to 2031.

Aircraft Engine MarketDefinition/Overview

An aircraft engine is a mechanical device that propels the aircraft forward through the air. These engines deliver the power required to overcome drag, lift the aircraft off the ground, and maintain the aircraft’s speed and altitude while in flight.

Furthermore, there are several types of aircraft engines, including piston engines, turboprop engines, turbofan engines, and turboshaft engines, each tailored to a certain aircraft type and application. Piston engines are often used in smaller aircraft, such as general aviation planes, whereas turbofan engines are preferred in commercial airliners due to their great efficiency and performance. Turboprop engines are commonly employed in regional airliners and military aircraft, providing a balance of speed and fuel efficiency.

What are the Aspects Influencing the Growth of the Aircraft Engine Market?

The constant increase in worldwide aircraft traffic is a major driver of the aircraft engine market’s growth. As economies grow, so does the need for both passenger and freight air transport. This upward tendency needs a bigger number of aircraft in operation, which directly translates to increased demand for aircraft engines. Also, rising markets in Asia, Africa, and Latin America are increasingly important contributors to global aviation traffic growth, driving up demand for more efficient and dependable aircraft engines.

The aircraft engine market is heavily driven by technology improvements aimed at increasing engine efficiency, lowering emissions, and improving performance. More efficient turbofan engines, advances in materials science that allow for lighter and stronger engine components, and the development of alternative propulsion systems (such as electric and hybrid engines) are all critical innovations. These developments not only address environmental issues, but also increase airline cost-efficiency through fuel savings and decreased maintenance costs, resulting in additional investments in new engine technology.

Furthermore, increasingly strict emissions and noise rules for engines in aircraft are driving the market to innovate and develop greener propulsion systems. Regulatory agencies throughout the world are setting aggressive targets for decreasing the aircraft sector’s carbon footprint, necessitating the development of new engine technology that is more fuel-efficient and emits fewer pollutants. This regulatory environment is a primary driver of R&D investments in the aircraft engine market, as manufacturers work to comply with these requirements while meeting their customers’ operational demands.

What are the  Primary Challenges Faced by the Aircraft Engine Market?

The demand for more efficient, dependable, and cleaner engines fuels fierce rivalry and innovation in the market. However, developing new propulsion technologies, such as electric or hybrid engines, entails substantial technical and financial risks. The high expenses of R&D and the uncertainty about the market acceptability of new technology are significant hurdles. Also, producers have to constantly participate in innovation to remain competitive, which puts a burden on financial resources, particularly for smaller market competitors.

Furthermore, aircraft engines are extremely complicated machines composed of thousands of components, demanding a sophisticated and efficient supply chain. However, supply chain interruptions, whether caused by geopolitical conflicts, natural disasters, or pandemics, result in major delays in production and delivery. In addition, the precision manufacturing necessary for aircraft engines incurs significant costs and technical obstacles, making it difficult to rapidly scale production or incorporate new technology.

Category-wise Acumens

What Factors Contribute to the Increasing Demand for Turbofan Engines?

According to analyst, the turbofan engine segment is expected to dominate within the aircraft engine market. Turbofan engines are chosen for commercial and military aircraft due to their higher fuel efficiency, particularly over long distances. These engines are designed to generate thrust more effectively, resulting in decreased fuel consumption and operating expenses for aircraft. In an industry where fuel costs can have a substantial impact on profitability, turbofan engines are an attractive option for commercial air transport due to their lower running costs.

Turbofan engines have a high thrust-to-weight ratio, which is critical for long-distance flying. They can operate efficiently at high altitudes and speeds, which is important for commercial airlines looking to minimize trip time while retaining fuel efficiency. Turbofan engines are suited for the majority of commercial aircraft due to their versatility and excellent performance in a wide range of operating situations, including short-haul narrow-body jets and long-haul wide-body airliners.

Furthermore, turbofan engines were developed to solve these issues as environmental rules become harsher and the increasing emphasis is placed on decreasing the carbon footprint of aircraft. Newer generations of turbofan engines use innovative technologies to lower pollutants and noise levels. This is critical not only for complying with environmental rules but also for functioning in noise-sensitive environments. The aircraft industry’s focus on sustainability and lowering environmental impact maintains turbofan engines’ supremacy, as they evolve to become cleaner and quieter.

How Does the Turbine Boost the Sales of the Aircraft Engines?

The turbine segment is estimated to hold the largest share of the aircraft engine market during the forecast period. The turbine’s important function in energy conversion and overall engine efficiency makes it a focus for technological innovation and study. Creating turbines that can function efficiently at greater temperatures and pressures immediately benefits the engine’s overall efficiency and performance. The requirement for new materials and complex cooling strategies to endure harsh circumstances drives major R&D spending in the turbine segment, which contributes to its large market share.

Turbines are subjected to intense temperature and mechanical forces, resulting in wear and tear that demands regular maintenance and occasional repairs or replacements. Given the critical role and operating conditions of turbines, the significant demand for MRO services supports a substantial and stable market for turbine components. The need for turbine MRO services is still high since aircraft want to keep their aircraft operating for longer periods while maintaining high standards of efficiency and safety.

Furthermore, turbines are among the most expensive components of an aircraft engine due to the scientific intricacy and high-quality materials required in their construction. The high cost of turbines, combined with the necessity for regular maintenance and the possibility of upgrades to improve engine performance, contributes to the turbine segment’s substantial market share. Turbine technology is becoming more and more firmly established in the market as engine makers strive to fulfill ever-tougher performance and environmental demands.

Gain Access to Aircraft Engine Market Report Methodology

Country/Region-wise Acumens

What are the Drivers Contributing to the Dominance of North America in the Market?

North America region is estimated to dominate the aircraft engine market during the forecast period. North America is home to some of the world’s leading aircraft and engine manufacturers, including General Electric Aviation, Pratt & Whitney, and Boeing. These firms are at the forefront of technological innovation in aircraft, due to large investments in R&D. This ecosystem promotes a solid supply chain, innovative manufacturing capabilities, and a qualified workforce, bolstering the region’s position in the aircraft engine market.

Furthermore, the United States has the world’s largest defense budget, with a considerable percentage dedicated to aerospace and defense technology, such as military aircraft engines. This investment not only promotes the development of innovative propulsion technology but also maintains a consistent market for aircraft engines. The demand for high-performance, dependable engines for fighter jets, transport planes, and unmanned aerial vehicles adds significantly to the region’s supremacy in the worldwide aircraft engine market.

What Factors Influence the Market of Aircraft Engines in the Asia Pacific Region?

The Asia Pacific region is estimated to exhibit the highest growth within the market during the forecast period. The Asia Pacific region, which includes some of the world’s fastest-growing nations, has experienced a major growth in air travel demand. This boom is being driven by rising earnings, increased corporate travel, and a burgeoning middle class with a strong interest in travel. Countries, particularly China and India, have emerged as key aircraft markets, necessitating a significant growth of commercial aircraft fleets. This expansion directly correlates with increased demand for aircraft engines, resulting in growth in the region’s engine market.

Furthermore, the Asia Pacific region has experienced tremendous growth in low-cost carriers, making air travel more accessible to a broader population. LCCs prioritize fuel-efficient and dependable aircraft to save operational costs. The desire for newer, more efficient engines drives growth in the aircraft engine market, as aircraft upgrade their fleets and invest in next-generation engines to remain competitive.

Competitive Landscape

The aircraft engine market is characterized by intense competition fueled by innovation, technological improvements, and tight regulatory criteria. This competition drives a steady stream of research and development initiatives targeted at improving engine designs, materials, and production methods.

Some of the prominent players operating in the aircraft engine market include

• Rolls-Royce plc
• CFM International
• Pratt & Whitney
• General Electric Aviation
• Honeywell Aerospace
• Aviadvigatel
• Snecma Moteurs
• Motor Sich
• MTU Aero Engines
• Avio Aero
• Ishikawajima Harima Heavy Industries
• Garrett AiResearch
• Lycoming Engines
• Williams International
• Hindustan Aeronautics Limited
• Shanghai Aviation Industry Corporation

Latest Developments

• In April 2024, Rolls-Royce received a substantial order for its Trent XWB engines from Air India, marking a return to the Indian wide-body aircraft engine market after a long absence. This agreement represents a significant growth opportunity for Rolls-Royce in the Asian aircraft market.
• In April 2024, GE Aerospace announced progress on a fighter aircraft engine technology agreement with India. Soon, Hindustan Aeronautics Limited (HAL) is anticipated to receive a comprehensive proposal. This represents the continuous collaboration between GE and India in the military the aircraft market.

Report Scope

Aircraft Engine Market, by Category

Platform

• Fixed Wing
• Rotary Wing

Engine Type

• Piston and Turboprop Engine
• Turbojet Engine
• Turboshaft Engine
• Turbofan Engine

Component

• Fan
• Compressor
• Combustor
• Turbine
• Mixer
• Nozzle

Technology

• Conventional
• Hybrid

End-User

• Commercial Aviation
• Military Aviation

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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