Aircraft Engine Market Forecasts to 2028 – Global Analysis By Type (Piston Engine, Turbofan and Other Types), Component (Turbine, Gearbox and Other Components), Platform (Rotary Wing Aircraft, Fixed Wing Aircraft and Other Platforms), Technology (Conventional and Hybrid), Application and Geography
According to Stratistics MRC, the Global Aircraft Engine Market is accounted for $55.31 billion in 2022 and is expected to reach $114.37 billion by 2028 growing at a CAGR of 12.87 % during the forecast period. When referring to an aircraft, an aircraft engine is the part that provides thrust to an aircraft while it is being taxied or flying. An aeroplane engine's key parts are the fan, compressor, combustor, turbine, mixer, and nozzle. Each part of the aeroplane engine is essential. The compressor, which compresses the incoming air and raises the temperature and pressure, follows the fan in ensuring that an aircraft engine receives the necessary air intake. Compressed air and jet fuel are both introduced into the combustion chamber. The turbine that propels the aeroplane is rotated by the reaction. Exhaust air from the reaction was produced, and it was sent to the mixer where too much nozzle air was added to lower the pressure and temperature of the exhaust air. The mixer keeps the engine of an aeroplane running quietly and at the right temperature. The exhaust is finally released back into the atmosphere by the nozzle.
According to the International Air Transport Association (IATA), the number of passengers traveling by air is expected to double to 8.2 billion by 2037.
Surge in Adoption of Cost-Effective and Fuel Efficient Aircraft
Globally recognised OEMs and aircraft producers are concentrating on creating fuel-efficient planes to cut down on fuel usage. Fuel cost increases have prompted manufacturers to concentrate on improving the aircraft's fuel economy. The overall weight of an aeroplane can be decreased to boost fuel efficiency, which has prompted various manufacturers to create lightweight engines for aircrafts. The industry is expanding due to the use of lightweight materials like carbon fibre, reinforced plastic, and other composite materials that are both light and strong.
Longevity of Aircraft Engines
Long life cycles are a feature of aircraft engines. However, it might be a factor that prevents the market from expanding. Only new aeroplanes will have a need for fresh engines because of the lengthy lifespan of older ones. The market is anticipated to be hampered by engines' extended lifespan. Additionally, delays in the production of aeroplanes have negatively impacted the market's expansion. Since the manufacture of aeroplanes and their engines are strongly correlated, delays in the production of aircraft are preventing the delivery of aircraft engines.
Increasing Commercial Aircraft Deliveries
Individuals' disposable income has increased as a result of economic expansion in developing nations like China and India. The rapidly developing middle class in these nations is one of the main factors contributing to the increase in air travellers. The supply chain for aviation engines closely reflects the rising demand for commercial aircraft types from India. Fighter and transport aircraft make up military aviation. It is anticipated that the market would develop as more military forces throughout the world utilise fighter jets and fixed-wing UAVs. Airlines have increased the number of their aircraft due to the rising demand for air travel, which is anticipated to accelerate market expansion. Due to their enhanced features and higher fuel efficiency, next generation aircraft are being bought more frequently. One of the major elements driving the increase in product demand is the growing purchase of business jets and commercial helicopters.
Stringent regulatory environments
In order to ensure the safety of both passengers and aircraft, the aerospace industry has highly tight standards. Because of this, the aviation sector has created regulatory standards to address these challenges and constantly updating them to attain the highest level of safety for the sector's advancement and safety. In order to meet these standards, aviation engine producers must also create new products. The replacement of heavy engine components with lightweight metal components demonstrates one of these regulatory norms. In order to maintain the safety and regulatory standards of the aviation industry, prominent companies in the market for aircraft engines offer maintenance services.
The COVID-19 and subsequent lockdowns have had a negative effect on the aviation sector. Aircraft have ceased to be used as a means of transportation as a result of this epidemic. The year 2020 saw a reduction in worldwide air traffic of almost 60% as a result of the COVID-19 epidemic, bringing the aviation sector to a complete standstill. To safeguard their employees, a number of businesses have already developed regulations that limit non-essential travel. Supply chains have grown increasingly sophisticated and essential to the competitiveness of many organisations, and remote and flexible working arrangements have been taken into consideration. However, because of how interconnected and global they are, they are also more susceptible to a variety of risks, with more possible points of failure and less room for error to account for delays and interruptions.
The fixed wing aircraft segment is expected to be the largest during the forecast period
The fixed wing aircraft segment is estimated to have a lucrative growth. Conventional aircraft are also identified as aero engines. The most crucial part of an aircraft propulsion system's power supply is this. The demand for the category is being driven by the increased use of conventional engines in modern commercial and military aircraft. The best performance is provided by combustion engines with conventional powertrain due to their straightforward design, well-established and authorised technology, and superior performance in terms of mission range.
The conventional segment is expected to have the highest CAGR during the forecast period
The Conventional segment is anticipated to witness the fastest CAGR growth during the forecast period. Conventional aircraft are also identified as aero engines. The most crucial part of an aircraft propulsion system's power supply is this. The demand for the category is being driven by the increased use of conventional engines in modern commercial and military aircraft. The best performance is provided by combustion engines with conventional powertrain due to their straightforward design, well-established and authorised technology, and superior performance in terms of mission range.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period, as a result of the Indian government's increasing defence spending. In turn, this has increased demand for fighter aircraft and military helicopters in the nation. Additionally, the region's increasing air passenger traffic has increased the demand for new aircraft purchases, which is anticipated to assist the market's expansion.
Region with highest CAGR:
North America is predicted to dominate the global market. Additionally, the U.S. government is investing in the performance and efficiency of helicopters and their engines, which is anticipated to support market expansion. Additionally, it is anticipated that the market in North America would be driven by increased defence investments in the purchase of fighter jets, military helicopters, single-engine aircraft, and emergency medical services helicopters.
Key players in the market
Some of the key players profiled in the Aircraft Engine Market include Honeywell International Inc., CFM International SA, Rolls-Royce Holdings Plc., Safran SA, GE Aviation, International Aero Engines AG, MTU Aero Engines AG, Textron Inc., United Technologies Corporation, General Electric Company, Hindustan Aeronautics Limited and Boeing.
In December 2021, CFM International, a joint venture of General Electric and Safran Aircraft Engines, was awarded a contract by Saudi Arabian Airlines for CFM International LEAP-1A engines to power its new fleet of 35 Airbus A321neo and 30 Airbus A320neo planes.
In October 2021, GE Aviation was awarded a contract worth USD 1.58 billion by the U.S. Air Force to supply F110 engines for the Boeing F-15EX Eagle II. As a result of this decision, GE will be the only propulsion source for the entire planned F-15EX fleet of the U.S. Air Force.
In October 2019, Rolls-Royce, a UK-based aircraft engine manufacturing company, acquired Siemens's electric aircraft business (electric and hybrid-electric aerospace propulsion) unit of the Siemens conglomerate for an undisclosed amount. The acquisition is intended to boost Rolls-Royce's efforts in aircraft electrification, including a hybrid eVTOL concept announced in 2018. Siemens is a Germany-based conglomerate company.
• Piston Engine
• Turbo- shaft
• Other Types
• Exhaust System
• Fuel System
• Other Components
• Rotary Wing Aircraft
• Fixed Wing Aircraft
• Unmanned Ariel Vehicles
• Other Platforms
• General Aviation
• Other Applications
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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