"Smart Market Solutions to Help Your Business Gain Edge over Competitors"
The global aircraft engine market size was valued at USD 79.93 billion in 2019 and is projected to reach USD 85.44 billion by 2027, exhibiting a CAGR of 11.27% during the forecast period.
Aircraft engines with higher fuel efficiency, compact size, and lightweight are in demand today. The rise in demand for air travel has led the airliners to increase its 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 electric or hybrid engines, which is expected to fuel market growth. However, factor such as existing backlogs in aircraft deliveries is expected to restrain the market growth.
Implications of COVID-19 on the Market
The recent COVID-19 outbreak has been ravaging in several countries all over the world, and it has severely affected the aviation industry. Passenger air travel has halted due to the need for social distancing. International travel is also restricted to contain its spread. Airliners across the world are facing a financial crisis and are cutting capacity at incomparable rates due to the deficiency of passenger demand. Some of the airlines have shut down completely. Most of the airlines have canceled their orders, which will directly affect this market as well.
Airbus, which is one of the largest commercial aircraft manufacturers, has reduced its production rates by a third in this pandemic period.
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 the lightweight engine to reduce the overall weight of the aircraft to increase the fuel efficiency of the aircraft. GE Aviation has developed and 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 by deploying complex 3D printed fuel nozzles on the engine.
Rising Demand for Cost-Effective and Fuel Efficient Aircraft to Propel the Growth of the Market
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 or 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
Improving economies of various developing countries in Asia-Pacific, such as China and India, has led to an increase in demand for air travel. This rising passenger traffic has created a demand for aircraft fleet expansion. The rise in aircraft deliveries in the Asia-Pacific region will create demand for these engines. Moreover, the replacement of conventional engines in the old fleet with technologically advanced engines is also expected to propel the growth of the market
The 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 the aircraft engine, there will not be demand for new engines except for new aircraft. The MRO market is expected to be hindered due to the longevity of engines.
To know how our report can help streamline your business, Speak to Analyst
Turbofan Segment Expected to Lead the Market
Based on engine type, the market is divided into turboprop, turboshaft, turbofan, and piston engine. The turbofan engine is predicted to hold the largest aircraft engine market share in 2019 and also is expected to be the fastest-growing segment during the forecast period. The growth can be attributed to the rising demand for commercial aircraft fleet in the Asia Pacific. The turboshaft segment is also expected to have a vital growth through the forecast period, owing to the growing demand for commercial helicopter fleet
Electric/Hybrid Engine Segment Anticipated to Grow at Higher CAGR during the Forecast Period
Based on technology, the market is classified into a conventional engine and electric/hybrid engine. 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 electric/hybrid engine technology to reduce the carbon footprint and fuel consumption.
Turbine and Aerospace Industry Segment Likely to Dominate the Actuators Market
Based on the component, the market is segmented into a compressor, turbine, gearbox, exhaust nozzle, 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 gearbox segment is estimated to hold the largest market share in 2019 and is predicted to grow throughout the forecast period owing to the rising investment in research & development activities related to gearbox.
Commercial Aircraft Expected to be Fastest Growing Owing to Rising in Aircraft Deliveries
Based on the Platform, the market is categorized into commercial and military. The commercial aircraft segment is anticipated to be the largest and fastest-growing segment during the forecast period. The growth can be attributed to increasing demand for replacement of conventional engines with technologically advanced engines. Moreover, the rising number of passengers have generated demand for new commercial aircraft.
The military aircraft segment is also expected to witness significant growth owing to the rising procurement of military aircraft by the U.S. DoD and Indian Government.
OEM Segment Predicted to Dominate Market Owing to Increased Aircraft Deliveries
Based on the end-user, the market is bifurcated into OEM and aftermarket. The OEM segment is expected to dominate the market during the forecast period owing to the rising aircraft deliveries. The aftermarket segment is anticipated to be the fastest-growing segment due to an increase in demand for retrofitting old aircraft engines with a new advance engine.
North America Aircraft Engine Market Size, 2019 (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 grow at the highest CAGR during the forecast period owing to the rising defense spending by the Indian Government. This, in turn, 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 growth.
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 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 enhanced product portfolio for their customers is the key strategy implemented by the major players operating in the market.
The market research report provides a detailed aircraft engine industry analysis and focuses on key aspects such as leading companies, product types, and leading applications of the product.
An Infographic Representation of Aircraft Engine Market
To get information on various segments, share your queries with us
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 advanced market over recent years.
Value (USD Billion)
By Engine Type
Fortune Business Insights says that the global aircraft engine market size was USD 79.93 billion in 2019 and is projected to reach USD 85.44 billion by 2027.
In 2019, the North America market value stood at USD 31.01 billion.
Growing at a CAGR of 11.27%, the market will exhibit steady growth in the forecast period (2020-2027).
The Turbofan segment is expected to be the leading segment in this market during the forecast period.
Rising aircraft deliveries 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 2019.
“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