"Smart Market Solutions to Help Your Business Gain Edge over Competitors"
The global aircraft engine market size was valued at USD 49.01 billion in 2021 and is projected to grow from USD 54.70 billion in 2022 to USD 112.61 billion by 2029, exhibiting a CAGR of 10.87% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 43.64% in 2020 as compared to 2019.
Aircraft engines with higher fuel efficiency, compact size, and lightweight are in demand today. The rise in demand for air travel has led airliners to increase their aircraft fleet size. This demand for new aircraft is expected to drive the growth of the market. Moreover, the rising issue of reducing the carbon footprint has diverted the focus on the development of advanced types of aircraft engines such as electric or hybrid engines, which are expected to fuel market growth. However, existing backlogs in aircraft deliveries are expected to restrain the aircraft engine market growth.
Negative Implications of COVID-19 on the Market
The recent COVID-19 outbreak has been ravaging several countries all over the world, and it has severely affected the aviation industry. Airliners across the world faced a financial crisis and cut capacity at incomparable rates due to the deficiency of passenger demand. Some of the airlines shut down completely. Most of the airlines canceled their orders, which directly affected the market as well.
This increase in aircraft deliveries positively affects this market. The market is expected to recover by 2022 owing to relaxation of restrictions imposed by governments.
Request a Free sample to learn more about this report.
3D Printed Parts for Aircraft Engines Will Spur Opportunities for the Market
Nowadays, several engine manufacturers are focused on the development of lightweight engines to reduce the overall weight of the aircraft to increase the fuel efficiency of the aircraft. GE Aviation has developed an advanced turboprop engine, which is the first commercial aircraft engine with a large number of 3D printed components. The engine designers have reduced 855 separate parts down to 12 parts. This is expected to reduce the engine weight, which will require less fuel to achieve the same speed. Additive manufacturing makes the product durable and stronger. CFM international SA is developing an advanced LEAP engine that will be installed in The Boeing Company’s and Airbus’s new aircraft fleet of narrow-body aircraft. 15% reduction in fuel burn and emissions is resulted from deploying complex 3D printed fuel nozzles on the engine
Surge in Adoption of Cost-Effective and Fuel Efficient Aircraft is Refueling the Market Growth
Major OEMs and aircraft manufacturers around the world are focused on developing fuel-efficient aircraft to reduce fuel consumption. The rising prices of fuel have encouraged manufacturers to focus on the fuel efficiency of the aircraft. The fuel efficiency of an aircraft can be increased by reducing the overall weight of the aircraft, which has led several manufacturers to develop lightweight engines to reduce the overall weight of an aircraft. Usage of lightweight materials such as carbon fiber, reinforced plastic, and other composite materials that are lightweight and possess great strength is fueling the growth of the market.
Increasing Commercial Aircraft Deliveries Anticipated to Fuel the Market Growth
There has been a rise in the disposable income of individuals owing to the economic growth in developing countries such as India and China. The rapidly expanding middle-class population in these countries is a major reason for the growing number of air passengers.
The increasing demand for commercial aircraft type from India is directly reflected in the supply chain of aircraft engines. Military aviation consists of fighter jets and transport aircraft. The increasing use of fighter jets and fixed-wing UAVs from several armed forces across the globe is expected to foster the market growth.
The high demand for air travel has led airlines to expand their aircraft fleet, which is expected to boost the market growth. The procurement of new generation aircraft has increased owing to their improved features and fuel efficiency. The increasing procurement of business jets and commercial helicopters is one of the key factors surging the product demand.
Longevity of Aircraft Engines Expected to Hamper the Market Growth
Aircraft engines are designed to have long life cycles. But it could be a factor that hinders the growth of the market. Due to the long life of these engines, there will be no demand for new engines except for new aircraft. The market is expected to be hindered due to the longevity of engines.
Moreover, backlogs in the production of aircraft have drastically impacted the market growth. The production of aircraft is directly proportional to aircraft engines, hence backlogs in the production of aircraft is restraining the deliveries of aircraft engines.
To know how our report can help streamline your business, Speak to Analyst
Turbofan Segment Expected to Lead the Market Owing to Surging Demand for Commercial Jet
Based on engine type, the market is divided into turboprop engine, turboshaft engine, turbofan engine, and piston engine. The turbofan engine segment is predicted to hold the largest aircraft engine market share in 2021 and also is expected to be the fastest-growing segment during the forecast period. The market is driven due to rising demand for business jets in Asia Pacific. The turboshaft segment is also expected to have vital growth throughout the forecast period, owing to the growing demand for civil helicopter fleet.
Electric/Hybrid Engine Segment Anticipated to Grow at Higher CAGR due to Increasing Investment in Eco-friendly Technology
Based on technology, this market is classified into conventional engines and electric/hybrid engines. The conventional engine segment is anticipated to hold the largest market share owing to the increasing adoption of the conventional engine in current commercial and military aircraft. However, the electric/hybrid engine segment is predicted to be the fastest-growing segment during the forecast period owing to the rising investment in research & development of eco-friendly electric/hybrid engine technology to reduce the carbon footprint and fuel consumption.
Turbine Segment to Lead the Market Owing to Rising Development of Fuel-efficient Turbine Engine
Based on the component, the market is segmented into compressor, turbine, gearbox, combustion chamber, fuel system, and others. The compressor segment is expected to grow at a higher CAGR during the forecast period owing to the rise in demand for turbofan engines. The turbine segment is estimated to hold the largest market share in 2022 and is predicted to grow throughout the forecast period owing to the rising investment in research & development of fuel-efficient aircraft turbines.
Commercial Aircraft Expected to be Fastest Growing Owing to Rising Aircraft Deliveries
Based on end-use, the market is categorized into commercial and military. The commercial segment is anticipated to be the largest and fastest-growing segment during the aircraft engine market forecast period. The growth can be attributed to increasing demand for the replacement of conventional engines with technologically advanced engines. Moreover, the rising number of passengers has generated demand for new commercial aircraft.
The military segment is also projected to contribute significant growth owing to the rising procurement of military aircraft by the U.S. DoD and Indian government.
North America Aircraft Engine Market Size, 2021 (USD billion)
To get more information on the regional analysis of this market, Request a Free sample
The market is segmented into North America, Asia Pacific, Europe, and the Rest of the World. The market in Asia Pacific is projected to witness the highest CAGR during the forecast period owing to rising defense spending by the Indian government. This, in turn, has created the demand for military helicopters and fighter aircraft in the country. Moreover, rising air passenger traffic in the region has created the demand for new aircraft procurement, which, in turn, is expected to support the growth of the market.
North America is anticipated to dominate the global market due to the presence of major players such as GE Aviation and Honeywell International Inc. in the region. Moreover, the U.S. government is spending on the quality and effectiveness of helicopters and their engines, which is expected to fuel the growth of the market. Furthermore, rising defense investment in the procurement of fighter jets, military helicopters, single-engine aircraft, and emergency medical services helicopters is expected to drive the market in North America.
GE Aviation Leads the Global Market with its Excellence in Product Knowledge
The market is highly consolidated as a few companies control the large market share of overall output.
GE Aviation, a subsidiary of General Electric Company, is a leading provider of turboprop and jet engines. With excellence in product technology and a diversified product portfolio, the company is expected to dominate the global market.
Other key players in the market are Rolls Royce Holdings Plc., Safran SA, CFM International SA, and others. The introduction and modernization of advanced technology to offer an enhanced product portfolio for their customers is the key strategy implemented by the major players operating in the market.
An Infographic Representation of Aircraft Engine Market
To get information on various segments, share your queries with us
The research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.
Value (USD billion)
By Engine Type, Technology, Component, End-Use, and Geography
By Engine Type
Fortune Business Insights says that the global market size was USD 49.01 billion in 2021 and is projected to reach USD 112.61 billion by 2029.
Growing at a CAGR of 10.87%, the market will exhibit steady growth in the forecast period (2022-2029).
The turbofan segment is expected to be the leading segment in this market during the forecast period.
Rising aircraft delivery is the major factor driving the growth of the market.
GE Aviation, CFM International SA, and Rolls-Royce Holdings Plc. are major players of the global market.
North America dominated the market share in 2021.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry