Global Aircraft Engine Market, By Engine Type (Turbofan, Piston, Turboprop, Turboshaft), By Aircraft Type (Narrow Body, Rotorcrafts, Business Aircrafts, Fighter Aircrafts, Wide Body Aircrafts, Regional Aircrafts), By Platform (Fixed Wing and Rotary Wing), By Application (Commercial, Military), By Region, Competition, Opportunity, and Forecast, 2017-2035
Global aircraft engine market is anticipated to grow with a 4.78% CAGR during the forecast period, to achieve a market value of USD195.62 billion by 2035. Market value in 2021 was USD94.40 billion, which is expected to grow on the backbone of increasing demands for the aircraft and manufacturing of the same globally. Increasing demand for advanced aircraft with higher fuel efficiency and better facilitation further drives the global aircraft engine market's growth in the next five years. Growing international tourism and higher expenses for manufacturing technologically advanced aircraft also support the growth of the global aircraft engine market in the next five years. COVID-19 pandemic situation and strict & stringent regulations on the tourism industry have disrupted the distribution channels and affected the global aircraft engine market. It also slowed the manufacturing of the aircraft engine, thus affecting the market growth in 2020 and 2021.
Growing demand for the original manufacturing of the aircraft's critical components, such as aircraft engines, also supports the growth of the global aircraft engines market in the next five years. Rising concerns regarding accidental deaths due to aircraft engine failures and sudden heating accidents further substantiate the growth of the global aircraft engine market in the future five years.
The global aircraft engine market is segmented by engine type, aircraft type, platform, application, regional distribution, and competitive landscape. Based on engine type, the market is further segmented into turbofan, piston, turboprop, and turboshaft. By aircraft type, the market is also fragmented into narrowbody, rotocrafts, business aircrafts, fighter aircrafts, wide body aircrafts, and regional aircrafts. Based on platform, the market is differentiated between fixed wing and rotary wing. By application, the market is distinguished between commercial and military. The market analysis also studies the regional segmentation, divided among Asia-Pacific, Americas, Europe, and Middle East & Africa.
By application, commercial applications are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the ground of increasing commercial flights in recent years. Although the industry suffered due to the pandemic, the recent reinstatement of the tourism industry and distribution channels are expected to support the segmental growth and the growth of the global aircraft engine market in the forecast period.
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.
Years considered for this report:
Historical Years: 2017- 2020
Base Year: 2021
Estimated Year: 2022E
Forecast Period: 2023F – 2035F
Objective of the Study:
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