Aircraft Engine Market

Aircraft Engine Market Size:

The global aircraft engine market size reached US$ 95.17 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 165.07 Billion by 2032, exhibiting a growth rate (CAGR) of 6.31% during 2024-2032. The market is experiencing growth primarily because of continuous technological advancements in the aviation industry, along with the increasing demand for air travel for personal and business purposes and the implementation of several stringent emissions regulations.

Aircraft Engine Market Analysis:

• Major Market Drivers: The aircraft engine market is witnessing growth driven by the increasing demand for air travel, particularly in emerging markets. Additionally, continuous investments in research and development (R&D) activities by engine manufacturers are influencing the market positively.
• Key Trends: Ongoing technological advancements are improving fuel efficiency, reducing emissions, and enhancing performance, including the integration of lightweight materials and digitalization. Additionally, rapid electrification and hybrid propulsion are driving the market.
• Geographical Trends: Emerging markets in Asia and the Middle East are driving demand for new aircraft engines due to increasing air travel. Furthermore, established markets in North America continue to invest in engine innovations.
• Competitive Landscape: Some of the major market players in the aircraft engine industry include Barnes Group Inc., General Electric Company, Honeywell International Inc., IHI Corporation, Mitsubishi Heavy Industries Ltd., MTU Aero Engines AG, Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran S.A., and Textron Inc., among many others.
• Challenges and Opportunities: The implementation of stringent emissions regulations is posing challenges and also stimulating innovation in eco-friendly engine technology. Additionally, several opportunities lie in expanding the use of sustainable aviation fuels and further optimizing engine design for increased efficiency and reduced environmental impact.

Aircraft Engine Market Trends:

Technological Advancements

Continuous technological advancements in the aviation industry are enhancing the efficiency, performance, and sustainability of aircraft engines. Manufacturers are investing in research and development (R&D) activities and increasingly utilizing advanced materials like carbon composites and titanium alloys to reduce the weight of engines, resulting in improved fuel efficiency. For instance, a February 2022 data from the International Civil Aviation Organization (ICAO) revealed that through its supportive zero carbon emissions by 2050 goals, major aircraft manufacturers like Airbus and Boeing recorded a 53% surge in aircraft orders and 20% increase in deliveries compared to previous years. Furthermore, the introduction of innovative designs, such as geared turbofan engines, and the widespread adoption of digital technologies for real-time monitoring and predictive maintenance of engines is propelling the aircraft engine market outlook.

Increasing Demand for Air Travel

The increasing demand for air travel for personal and business purposes is strengthening the growth of the market. For instance, statistics from the International Air Transport Association (IATA) predicts that the number of passengers could potentially double by 2037, reaching 8.2 billion. On the other hand, ICAO in February 2023 indicated a 47% increase in the total number of air passengers travelled globally in 2022 compared to the previous year. The continuous rise in air transport of people and goods is encouraging airline service providers to expand their fleets, leading to a rising need for new and advanced engines. In addition, extensive investments by several market players in engine innovations to meet customer expectations for efficiency and sustainability is supporting the aircraft engine market size. In line with this, the escalating demand for advanced engines for military aircraft is contributing to the market growth.

Stringent Emissions Regulations

The implementation of several stringent emissions regulations set by various governing authorities is prompting engine manufacturers to develop environment friendly solutions. They are increasingly producing engines equipped with technologies that reduce carbon emissions and noise pollution, thereby aligning with global efforts to combat climate change. For instance, the Irish Aviation Authority (IAA) is tasked with overseeing the regulatory functions related to certifying and registering aircraft engine components and services. They also license individuals and organizations involved in component maintenance and aircraft engine operating supervision. Along with this, several manufacturers are actively engaging in research activities to ensure that their engines are compatible with sustainable goals implemented by respective agencies. This includes testing engine performance and emissions with sustainable aviation fuel (SAF) blends to ensure safe and efficient operation. SAFs are alternative fuels made from renewable sources, such as plant-based feedstocks or waste materials. For instance, in February 2022, Safran Helicopter Engines signed an MoU with ST Engineering to examine the use of SAF in helicopter engines.

Aircraft Engine Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on component, engine type, platform, and end user.

Breakup by Component:

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

Turbine accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the component. This includes fan, compressor, combustor, turbine, mixer, nozzle, and others.  According to the report, turbine represented the largest segment.

The turbine is the leading component of the aircraft engine market due to its critical role in producing thrust. The turbine helps in extracting energy from the high-velocity exhaust gases produced in the combustion chamber. This energy powers the compressor and fan, driving the overall operational efficiency of the engine. Ongoing advancements are enhancing turbine efficiency and durability, resulting in improved engine performance and reliability, thereby favoring the segment growth in the market.

Breakup by Engine Type:

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

Turbofan engine holds the largest share in the industry 

A detailed breakup and analysis of the market based on the engine type have also been provided in the report. This includes piston and turboprop engine, turbojet engine, turboshaft engine, and turbofan engine. According to the report, turbofan engine accounted for the largest market share.

Turbofan engines feature a large fan at the front that generates additional thrust by bypassing some of the air around the engine core. This design prioritizes fuel efficiency and lower noise levels, making turbofan engines suitable for long-haul flights and reducing the impact on the environment. The market for turbofan engines is characterized by a strong emphasis on performance, efficiency, and environmental considerations. For instance, in February 2022, Airbus signed a partnership contract with CFM International to develop ZEROe Demonstrator, an A380 flying testbed to examine the efficacy of hydrogen combustion in powering turbofan jet engines.

Breakup by Platform:

• Fixed Wing
• Rotary Wing
   

Fixed wing accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the platform. This includes fixed wing and rotary wing. According to the report, fixed wing dominates the market.

Fixed-wing aircraft dominate the aircraft engine market primarily because of their extensive use in both commercial and military sectors globally. These aircraft, which include traditional airplanes with stable and fixed wings, are fundamental to commercial aviation, serving as the backbone for international and domestic travel and cargo transport. Their ability to cover long distances quickly and efficiently makes them indispensable for global connectivity. Additionally, fixed-wing aircraft are crucial in military operations, providing capabilities ranging from transport and surveillance to high-speed combat. The sheer volume of fixed-wing aircraft in operation necessitates continual advancements and investments in engine technology, focusing on enhancing fuel efficiency, reducing emissions, and increasing performance. This ongoing demand for more sophisticated and reliable engines drives the fixed-wing segment's prominence in the aircraft engine market, ensuring sustained growth and innovation in this sector.

Breakup by End User:

• Commercial Aviation
• Military Aviation
   

Commercial aviation represents the leading market segment

The report has provided a detailed breakup and analysis of the market based on the end user. This includes commercial aviation and military aviation. According to the report, commercial aviation represented the largest segment.

Commercial aircraft engines are designed to meet the rigorous demands of daily flights, emphasizing efficiency, reliability, and passenger comfort. They are subject to intense competition, with a focus on fuel efficiency and environmental sustainability. Moreover, ongoing innovations in engine technology, such as quieter and more fuel-efficient options to meet the rising need for reduced operating costs and complying with emissions regulations are driving the market. For instance, in March 2022, Safran signed an MoU with Hindustan Aeronautics Limited (HAL) to extend their cooperation and explore opportunities for new helicopter engines in civil and military markets, reflecting their commitment to the Indian Government's vision of "Atmanirbhar Bharat" towards achieving self-reliance in defence technologies and MRO (Maintenance, Repair and Overhaul). In June 2022, Russian aircraft manufacturers Sukhoi and MiG merged with United Aircraft Corporation (UAC), a Rostec subsidiary, aiming to enhance UAC's finances, improve efficiency, and reduce debts and non-production costs.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest aircraft engine market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

North America is a significant hub for the aircraft engine market, with the United States at the forefront. The region is home to major engine manufacturers, research facilities, and a vast network of airlines. The rising focus on technological innovation, environmental sustainability, and regulatory compliance is facilitating the market growth. Besides this, Canada also contributes to this market, primarily through its involvement in regional and smaller aircraft engines. For example, in September 2023, Honeywell launched Type J DLNA (Diple9xer/Low Noise Amplifier), a new product that can limit the effects of cellular interference on certain satellite communications systems for aircraft communications.

Leading Key Players in the Aircraft Engine Industry:

The key players in the market are actively engaged in several strategic initiatives to maintain their positions and drive innovation. They are investing heavily in research and development (R&D) activities to create next-generation engines that are more fuel-efficient, environmentally friendly, and technologically advanced. Apart from this, the leading market players are collaborating with aircraft manufacturers (OEMs) to develop integrated propulsion systems that optimize performance. These manufacturers are also exploring electric and hybrid-electric propulsion technologies as part of their commitment to sustainability. Additionally, they are focusing on expanding their global footprint to tap into emerging markets, particularly in Asia and the Middle East. For instance, in 2021, the low-cost flag carrier of Saudi Arabia, flynas, signed a multi-year RPFH deal with CFM International for the LEAP-1A engines that power the airline's fleet of 80 Airbus A320neo aircraft. In July 2023, Safran S.A. announced an investment of up to $200 million to establish three new industrial facilities in India. These facilities will focus on the creation of a commercial LEAP Engine maintenance, repair, and overhaul (MRO) center.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Barnes Group Inc.
• General Electric Company
• Honeywell International Inc.
• IHI Corporation
• Mitsubishi Heavy Industries Ltd.
• MTU Aero Engines AG
• Raytheon Technologies Corporation
• Rolls-Royce Holdings plc
• Safran S.A.
• Textron Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Aircraft Engine Market News:

• In June 2023, at the Paris Air Show, Safran Aero Boosters introduced HIPEX, a new line of high-performance heat exchangers with a revolutionary design that halves aerodynamic drag while maintaining thermal efficiency.
• In July 2022, CFM International partnered with Airbus to flight test CFM's next-generation open fan engine architecture. The test is scheduled to take place in the second half of this decade at Airbus' test facility in Toulouse, France.

Aircraft Engine Market Report Scope:

Key Questions Answered in This Report:

• How has the global aircraft engine market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global aircraft engine market?
• What is the impact of each driver, restraint, and opportunity on the global aircraft engine market?
• What are the key regional markets?
• Which countries represent the most attractive aircraft engine market?
• What is the breakup of the market based on the component?
• Which is the most attractive component in the aircraft engine market?
• What is the breakup of the market based on the engine type?
• Which is the most attractive engine type in the aircraft engine market?
• What is the breakup of the market based on the platform?
• Which is the most attractive platform in the aircraft engine market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the aircraft engine market?
• What is the competitive structure of the aircraft engine market?
• Who are the key players/companies in the global aircraft engine market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the aircraft engine market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global aircraft engine market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the aircraft engine industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.