Jet Engines Market Size, Share, and Industry Analysis By Engine Component (Compressor, Turbine, Gearbox, Exhaust System, Fuel System, and Others), By Engine Type (Turbojet, Turboprop, Turbofan, Turboshaft, and Others (Ramjet)), By Application (Commercial Aviation (Passenger and Cargo) and Military Aviation), and Regional Forecast till 2032

The global jet engines market will be powered by developing propulsion technology and rising air travel requirements across the world. Aircraft propulsion during flight emerges from jet engines as they produce thrust by thrust by ejecting heated air through nozzles which obey Newton's third law of motion. The market shows potential growth as organizations need fuel-efficient and high-performance engines at both commercial and military aviation operations.

• The U.S. Federal Aviation Administration (FAA) issued certifications for 120 new jet engines during 2021 due to rising requirements for advanced propulsion technology.

Jet Engines Market Driver

Surging Air Travel and Fleet Expansion to Propel Jet Engine Market Growth

Air travel due to expanding economic zones and population numbers requires airlines to enlarge their fleets which subsequently drives jet engine market requirements. The growth of inexpensive aviation companies alongside commercial aviation sector expansion continues to drive up this increasing demand. The high demand within commercial aviation drove Pratt & Whitney to deliver 500 jet engines during 2022. The developing middle-class demographics in Asian Pacific and Latin American regions are promoting more air travel needs that create new aircraft and engine market requirements.

Jet Engines Market Restraint

Stringent Environmental Regulations Drive R&D Costs in Jet Engine Market

Depending on environmental regulations manufacturers need to invest in clean technologies thereby raising their production expenses. The European Union committed EUR 500 million to sustainable jet engine research in 2023 (European Commission) due to regulatory requirements to build environmentally friendly engines. The essential aspect of aviation environmental regulations creates production hurdles for manufacturers as they need to fulfill requirements while maintaining cost-effectiveness standards. Meeting strict emission standards drives higher research expenses that might result in elevated customer costs.

Jet Engines Market Opportunity

Military Modernization Fuels Growth in Jet Engine Market

Manufacturers find substantial business potential in developing state-of-the-art jet engines for military fleet upgrades. The U.S. Air Force will acquire 600 new F-35 aircraft jet engines throughout the 2025 timeframe thus opening significant market possibilities in military aviation. The European Defence Agency dedicated EUR 100 million to military jet engine development in 2022 as European military modernization programs have gained prominence. The rising defense investment of governments across the world drives increased demand for advanced jet engines.

Segmentation

Key Insights

The report covers the following key insights:

• Increasing number of air flights worldwide, By Major Countries


• Regulatory Policies


• Key Industry Developments


• Major Market Drivers

Analysis By Engine Component

By Engine Component, the Jet Engines Market is divided into Compressor, Turbine, Gearbox, Exhaust System, Fuel System, and Others. 

The market leads through the turbine segment as turbines play an essential function in maintaining engine performance and efficiency. The market demonstrates strong expansion prospects as turbine technology advances together with rising requirements for high-performance engines. A jet engine functions through the critical conversion of fuel into mechanical energy which turbines accomplish thus making them crucial components for power generation in engines. The market demands for turbines grew as researchers developed improved materials together with enhanced cooling systems which upgraded their performance characteristics.

Analysis By Engine Type

By Engine Type, the Jet Engines Market is divided into Turbojet, Turboprop, Turbofan, Turboshaft, Others (Ramjet). 

The turbofan segment dominates commercial aviation market demand due to its broad application in aviation. The market prefers turbofan engines as they provide both economical performance with reduced engine noise which suits transportation of passengers. Commercial aviation sector demands increase for fuel-efficient engines which creates market opportunities for turbofan engine development. The segment growth gets an additional boost from advancements in high-bypass turbofan engines that deliver better fuel efficiency together with emission reduction capabilities.

Analysis By Application

By Application, the Jet Engines Market is divided into Commercial Aviation, Passenger, Cargo, Military Aviation. 

The commercial aviation segment will maintain its dominant position as air travel demand continues to rise along with air travel fleet expansion. Low-cost carriers' market expansion together with rising air passenger numbers drive the commercial aviation segment. The increase in airline fleet numbers to handle expanding passenger volumes will strengthen the jet engine market in this sector.

Regional Analysis

Based on geography, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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The jet engines market will experience its primary growth within North America due to technological advantages and substantial military funding. General Electric Aviation together with Pratt & Whitney operate as leading aerospace firms throughout the region as they dedicate substantial resources to research and development activities. The U.S. Department of Defense dedicated USD 2.1 billion to military jet engine research during 2023 as a representation of its regional leadership in the aerospace sector.

The jet engines market in Europe maintains a significant role as the region combines its well-developed aerospace sector with environmental advancements. The European Union has allocated substantial funding for sustainable jet engine development as they aim to create environmentally friendly aviation technology capabilities. The market received significant contribution through 250 Trent jet engine deliveries from Rolls-Royce during 2022. The region also emphasizes military jet engine development, directing its attention toward modernizing its military aviation capabilities.

The forecast indicates heavy growth for the Asia Pacific region which stems from regional economic growth combined with airborne mobility demand escalations. The military aircraft engine manufacturer AVIC China supplied 500 units of its WS-10 jet engines during 2022 and Hindustan Aeronautics Limited of India aims to build 100 engines for Tejas aircraft until 2025. New industrial developments show that the jet engine market globally will experience increased presence from this region in upcoming years. The expanding population of middle-class consumers in countries such as China and India causes increased air travel requirements that generates rising demand for aircraft along with engines.

Key Players Covered

The report includes the profiles of the following key players:

• Rolls Royce (U.K.)


• Pratt & Whitney (U.S.)


• GE Aviation (U.S.)


• Honeywell Corporation (U.S.)


• Safran Group (France)


• MTU Aero Engine (Germany)


• IHI Corporation (Japan)


• EuroJet Turbo GmbH (Germany)


• Tata Lockheed Martin Aerostructures Ltd. (India)


• Hindustan Aeronautics Limited (India)

Key Industry Developments

• In March 2023, Ramstein confirmed its plan to reach profit targets two years ahead of schedule as customer travel demand increased together with its corporate optimization strategy.


• In February 2023, aircraft maker Embraer planned to increase yearly deliveries of commercial and executive jets by up to 18% as they target between 240 aircraft products for this year to meet market demand.


• In January 2023, Pre-tax profits at Melrose Industries reached GBP 438 million showing a 36% growth that resulted from business expansion in its engines and structures departments.