Aircraft Engine Market Analysis and Global Forecast 2021-2034

Aircraft Engine Market Overview

The Aircraft Engine Market Size is expected to reach USD 101.25 Billion by 2034. The Aircraft Engine Market industry size accounted for USD 20.65 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 8.52% from 2021 to 2034. The aircraft engine market encompasses the design, development, manufacturing, and sale of power sources used to propel aircraft. These engines are the primary component of an aircraft’s propulsion system, providing the necessary thrust to overcome drag, achieve lift, and maintain flight. The Key factors influencing the market include advancements in technology, fuel efficiency improvements, regulatory changes, and shifts in airline and defense industry demands.

The aircraft engine market is a critical component of the broader aviation industry, providing the power necessary for flight and supporting various sectors, including commercial, military, and regional aviation.

Global Aircraft Engine Market Synopsis

Aircraft Engine Market Dynamics

The major factors that have impacted the growth of Aircraft Engine Market are as follows:

Drivers:

Ø  Technological Advancements

Innovations in engine technology, such as improvements in fuel efficiency, performance, and reduced emissions, stimulate market growth. Expanding aviation sectors in emerging economies are contributing to the increasing demand for new aircraft and engines. Airlines and military organizations are upgrading their fleets with newer, more efficient aircraft, leading to higher demand for advanced engines. Integration of advanced technologies such as digital controls, and smart systems into engines enhances performance and operational efficiency, driving market growth.

Restraint:

• Perception of High Maintenance Costs and Technological Complexity

The significant costs associated with developing, manufacturing, and maintaining aircraft engines can be a barrier for both manufacturers and buyers. Economic downturns and fluctuations can reduce air travel demand and impact investments in new aircraft and engines. The increasing complexity of modern aircraft engines can pose challenges in terms of development, integration, and maintenance. The substantial initial investment required for aircraft engine projects may deter new entrants and limit market expansion.

Opportunity:

⮚     Renewable and Sustainable Technologies

Development of alternative fuels, hybrid, and electric propulsion systems can open new market segments and cater to the growing demand for environmentally friendly solutions. With airlines focusing on reducing fuel consumption to cut costs and meet regulatory requirements, there is a market opportunity for engines that offer improved fuel efficiency. The integration of digital technologies, such as smart sensors and AI for predictive maintenance, presents opportunities for innovation in engine design and operation.

Aircraft Engine Market Segment Overview

By Type

Based on Type, the market is segmented based on Turboprop, Turbofan, Turboshaft and Piston Engine. The turbofan engine segment dominant the market due to its high fuel efficiency, which allows it to produce more thrust with almost the same quantity of fuel as the core.

By Wing Position

Based on Wing Position, the market has been divided into Fixed Wing and Rotary Wing. The fixed-wing segment is expected to dominate the market. A fixed-wing aircraft do not use wings to generate lift, so it has forward propulsion and is heavier than other kinds of aircraft. Fixed-wing aircraft generate lift using forward velocity. A fixed-wing aircraft’s wings are not always stationary, and the pilot is not needed to fly the plane constantly. Simple instances of unmanned fixed-wing aircraft include kites and gliders, whereas manned fixed-wing aircraft include seaplanes and aeroplanes.

By End User

Based on End User, the market has been divided into Commercial Aviation, Military Aviation and Others. The Commercial Aviation segment dominant the market. 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.

Global Aircraft Engine Market Regional Analysis

Based on region, the global Aircraft Engine Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Aircraft Engine Market followed by the Asia-Pacific and Europe regions.

Aircraft Engine North America Market

North America holds a dominant position in the Aircraft Engine Market. Strong domestic air travel, a robust aerospace industry, and significant military spending contribute to the region’s dominance. Home to major aircraft engine manufacturers like General Electric (GE) and Pratt & Whitney, North America has a well-established aerospace sector.

Aircraft Engine Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Aircraft Engine Market industry. The Asia-Pacific region is witnessing the fastest growth in the aircraft engine market, driven by rapid economic development, increasing urbanization, and rising disposable incomes. Rapidly growing aviation sector with increasing air travel demand, major players include Mitsubishi and Hindustan Aeronautics Limited (HAL) and countries like China and India are experiencing significant growth in air travel, creating demand for new aircraft and engines.

Competitive Landscape

The global Aircraft Engine Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• General Electric Company
• Rolls-Royce Motor Cars Limited
• Honeywell International Inc
• United Technologies Corporation
• Pratt & Whitney Division
• Snecma S.A
• Hindustan Aeronautics Limited
• JSC “Klimov”-United engine corporation
• Safran
• The Boeing Company

Key Development

In November 2022, with the first flight of a modern aero engine powered by hydrogen, Rolls-Royce and easyJet officially announced they had achieved a new aviation milestone. The ground test was performed using green hydrogen produced by wind and tidal power on a prototype demonstrator. It is a crucial proof point in both Rolls-Royce and easyJet’s decarbonization strategies and represents a significant move towards demonstrating that hydrogen could be a zero-carbon aviation fuel in the future.

In October 2022, 4AIR, LLC has been named as the supplier of environmental offsets for its clients by GE Honda Aero Engines (GE Honda). The new partnership with 4AIR gives HF120 customers access to extensive sustainability programs that reduce their environmental effects from flight emissions.

Scope of the Report

Global Aircraft Engine Market, by Type

• Turboprop
• Turbofan
• Turboshaft
• Piston Engine

Global Aircraft Engine Market, by Wing Position

• Fixed Wing
• Rotary Wing

Global Aircraft Engine Market, by Application

• Commercial Aviation
• Military Aviation
• Others

Global Aircraft Engine Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2034: USD 101.25 Billion
CAGR (2023-2033)	8.52%
Base year	2022
Forecast Period	2021-2034
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, Wing Position, Application
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Vendors	General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc, United Technologies Corporation, Pratt & Whitney Division, Snecma S.A, Hindustan Aeronautics Limited, JSC “Klimov”-United engine corporation, Safran and The Boeing Company
Key Market Opportunities	·       Focus on Fuel Efficiency ·       Renewable and Sustainable Technologies
Key Market Drivers	·       Technological Advancements ·       Technological Integration

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Aircraft Engine Market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Aircraft Engine Market historical market size for the year 2021, and forecast from 2023 to 2033
• Aircraft Engine Market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Aircraft Engine Market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.