Aircraft Engine Market to Reach USD 104.65 Billion by 2029; Rising Commercial Aircraft Deliveries to Fuel Market Growth

The global aircraft engine market size is projected to hit USD 112.61 billion by 2029. Fortune Business Insights^TM in its report titled, “Aircraft Engine Market Size, Share & COVID-19 Impact Analysis, By Engine Type (Turboprop Engine, Turboshaft Engine, Turbofan Engine, and Piston Engine), By Technology (Conventional Engine, Electric/Hybrid Engine), By Component (Compressor, Turbine, Gear Box, Combustion Chamber, Fuel System, and Others), By End-Use (Commercial (Narrow Body, Wide Body, Business Jet, General Aviation, Helicopters) and Military (Fighter Aircraft, Military Transport Aircraft, Military Helicopters), and Regional Forecast, 2022-2029” and observes that the market size stood at USD 49.01 billion in 2021 and USD 54.70 billion in 2022, and is anticipated to register a CAGR of 10.87% between 2022 and 2029. The swelling commercial aircraft deliveries and rising adoption of fuel-efficient and cost-effective aircraft are anticipated to bolster the market growth.

The severe coronavirus outbreak has immensely impacted the global market. The strict ban on air travel from different nations across the globe has affected the market growth. The aircraft deliveries also declined during the pandemic, which impacted the market growth. Low passenger demand and canceled airlines aggravated the situation. Nonetheless, the market is recovering as several nations uplift their lockdown and travel restrictions.

Rolls Royce’s Contract with the U.S. Air Force to Deliver F-130 Engine to Incite Development

In September 2021, Rolls Royce signed a USD 2.6 billion worth contract with the U.S. Air Force to deliver F-130 engines for the B-52 Stratofortress for the coming 30 years. The aircraft manufacturer will incorporate the new engines, which are due for testing in 2025. The company claims that the new engine will greatly improve the fuel efficiency and range of the aircraft, and also require less maintenance, thereby helping in cutting overall costs.

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Rising Commercial Aircraft Deliveries to Fuel Market Growth

Aircraft manufacturers and major OEMs are emphasizing the development of fuel-efficient aircraft to cut fuel costs. The increasing fuel prices have led manufacturers to develop cost-effective aircraft. They are also emphasizing the development of lightweight aircraft engines to produce lightweight aircraft. The use of reinforced plastics, carbon fiber, and other lightweight materials is likely to bolster the global aircraft engine market growth. The increasing personal disposable incomes due to economic development in countries such as China and India, coupled with the swift expansion of the middle-class populace across these countries, is resulting in higher air passengers. It boosts the demand for commercial aircraft. Additionally, the growing defense expenditures across these countries are fueling the demand for the aircraft engine. Hence, the increasing aircraft deliveries are anticipated to boost the market growth.

Key Players Acquire Contracts to Fortify Revenues

The market is highly fragmented and controlled by a few major companies occupying the largest market shares. GE Aviation is anticipated to lead the market. CFM International SA, Safran SA, Rolls Royce Holdings PLC., and others are amongst the other leading market players who emphasize modernization and adoption of advanced technologies to offer distinct and enhanced product offerings. Recently, in September 2021, Bamboo Airlines awarded GE Aviation a contract for its GEnx engines for Boeing 787-9 aircraft.

Key Industry Development-

• September 2021: Rolls Royce signed a contract worth USD 2.6 billion with the U.S. Air Force to deliver F-130 engines, which will power the B-52 Stratofortress for the next 30 years under the terms of the sale.

List of Key Market Players-

• CFM International SA (France)
• Honeywell International Inc. (U.S.)
• GE Aviation (U.S.)
• Rolls-Royce Holdings Plc. (U.K.)
• Safran SA (France)
• International Aero Engines AG (U.S.)
• MTU Aero Engines AG (Germany)
• Textron Inc. (U.S.)
• United Technologies Corporation (U.S.)

Further Report Findings-

• North America is projected to emerge dominant in the global aircraft engine market share. The key players present in the region, such as Honeywell International Inc., GE Aviation, and others, are expected to stimulate growth in the region. The increasing defense spending on procuring military helicopters, fighter jets, emergency medical service helicopters, and single-engine aircraft is predicted to amplify the region’s market growth.
• According to the segmentation based on engine type, the turbofan engine segment is anticipated to gain the highest growth in the coming years.

Table of Segmentation