The Global Aircraft Engine Market is estimated to be USD 92.27 Bn in 2023 and is expected to reach USD 122.03 Bn by 2028 growing at a CAGR of 5.75%.In 2021, NASA, US Industry accelerate advancement of small core aircraft engines
An aircraft engine is a type of propulsion system. It is designed to power an aircraft through the air. Aircraft engines come in various types and sizes, ranging from small engines used in light aircraft to large turbofan engines used in commercial airliners.
Increasing operations in commercial aircraft is a driving factor for the aircraft engine market. As the number of flights and air passengers grows, the demand for more efficient and reliable aircraft engines increases. Aircraft engines are a critical component of any aircraft, and their performance directly affects its overall efficiency, safety, and operational costs. The increasing demand for air travel has led to the growth of the commercial aircraft market. It has increased the demand for aircraft engines.
The market is expected to be hindered due to the longevity of engines. The long-life cycles are a feature of aircraft engines. Due to the long life of these engines, there will be no demand for new engines except for new aircraft. Moreover, modern aircraft engines, with proper maintenance, are designed to last for tens of thousands of flight hours. It can remain in service for many years. This means that airlines and other operators may not need to replace their engines as frequently as they once did, which can reduce demand for new engines.
The market has an opportunity due to the rising demand for zero-emission aircraft to innovate and provide solutions to meet this demand. As concerns over climate change continue to grow, there is increasing pressure on the aviation industry to reduce its environmental impact, including emissions of greenhouse gases such as carbon dioxide. The airline industry has low-profit margins with rising demand for aircraft; more than half of the revenue generated goes into fuel. Hence, the alternative to the conventional aircraft engine is electric engines. Electric engines help to eliminate the cost of fuel as well as save the environment. Therefore, to rising demand for zero-emission aircraft is an opportunity for the market.
- However, the market faces several manufacturing challenges for engine components due to the complex nature of aircraft engines and the high-performance standards. Aircraft engines include the most critical components that challenge OEMs and other product manufacturers. The components are manufactured under various safety & regulatory requirements by the aviation industry. Therefore, the aircraft engine system has seen some evolution in manufacturing components. Some companies, such as General Aviation, have invested more in finding new technologies to fasten aircraft engine manufacturing.
Market Segmentations
- The Global Aircraft Engine Market is segmented based on Components, Engine Type, Technology, Platform, and Geography.
- By Components, the market is classified into Compressor, Turbine, Gear Box, Combustion Chamber, Fuel System, and Others. The Turbine segment holds the largest market share. This growth is due to the rising investment in research & development of fuel-efficient aircraft turbines. Additionally, the interest in turbine motors is rising reliably because of the motors' unwavering quality and efficiency.
- By Engine Type, the market is classified into Turboprop Engines, Turboshaft Engine, Turbofan Engine, and Piston Engine. The Turbofan Engine is the largest segment among others. It is generally utilized for common and business aircraft with the never-ending advancement in common flying.
- By Technology, the market is classified into Conventional Engines and Electric/Hybrid Engines. Conventional Engines are used in various aircraft, such as wide-body, and narrow-body commercial aircraft, helicopters, UAVs, military aircraft, and others. With the increasing demand for commercial & military in the aviation industry, the demand for conventional Engines will continue to grow.
- By Platform, the market is classified into Fixed Wing, Rotary Aviation, and Unmanned Aerial Vehicles. Fixed-wing aircraft is the growing segment. Fixed-wing aircraft engines are also used in military applications, such as transport and surveillance aircraft. The demand for these aircraft and engines is also growing due to increased defense spending in many countries.
- By End-Users, the market is classified into Commercial and Military. The commercial segment is anticipated to be the fastest-growing segment in the aircraft engine market. This growth is attributed to increasing demand for replacing conventional engines coupled with technologically advanced engines. The rising number of passengers has also generated demand for new & advanced commercial aircraft.
- By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific. The Asia-Pacific has the largest market share due to increasing defense spending by the Indian government and the rising air passenger traffic in the region. In 2021, Akasa Air, a new airline in India, had selected CFM LEAP-1B engines for its new Boeing 737 MAX aircraft on order. In addition, the airline placed an order for 72 Boeing 737 MAX aircraft, including 737-8 and the high-capacity 737-8-200 models. Therefore, the robust aircraft orders as part of fleet modernization plans of the airlines in the Asia-Pacific are also expected to increase the demand for aircraft engines over the coming years.
Recent Development
- Embraer, Wideroe, and Rolls-Royce entered into a research partnership agreement to conduct a 12-month study and research innovative sustainable technologies for regional planes, focusing on developing a conceptual zero-emissions aircraft. - February 2022
- Qatar Airways placed an order for GE9X engines as part of its global launch order of up to 50 Boeing 777-8 Freighters. GE Aviation received a commitment from the airline for 30 GE9X engines and four GE90-115B engines for Boeing 777-8 aircraft (34 aircraft firm order with an additional 16 purchase right options). - January 2022
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Diamond Aircraft Industries Inc., GE Aviation, Honeywell International, Inc., Klimov, Lycoming Engines, etc.Countries Studied
- America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
- Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
- Middle-East and Africa (Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
- Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Ansoff Analysis
- The report presents a detailed Ansoff matrix analysis for the Global Aircraft Engine Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
- The publisher analyses the Global Aircraft Engine Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
- Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Aircraft Engine Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
- Excel data sheet for the market size will also be provided with the report.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
- The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors
- The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.
Report Highlights:
- A complete analysis of the market, including the parent industry
- Important market dynamics and trends
- Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
- Market segmentation
- Competitive Analysis: Comparative analysis of competitor
- Historical, current, and projected size of the market based on value and volume
- Market size of the US states
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Table of Contents
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Dynamics
5 Market Analysis
6 Global Aircraft Engine Market, By Components
7 Global Aircraft Engine Market, By Engine Type
8 Global Aircraft Engine Market, By Technology
9 Global Aircraft Engine Market, By Platform
10 Global Aircraft Engine Market, By End-Users
11 Americas' Aircraft Engine Market
12 Europe's Aircraft Engine Market
13 Middle East and Africa's Aircraft Engine Market
14 APAC's Aircraft Engine Market
15 Competitive Landscape
16 Company Profiles
17 Appendix
Companies Mentioned
- Barnes Group Inc.
- Continental Motors
- Diamond Aircraft Industries Inc.
- Engine Alliance
- GE Aviation
- Honeywell International, Inc.
- IHI Corp.
- Klimov
- Lycoming Engines
- Mitsubishi Heavy Industries, Ltd.
- Motor Sich
- MTU Aero Engines Ag
- Pratt & Whitney
- Raytheon Technologies Corp.
- Rolls-Royce Holdings PLC
- RSB Global
- Safran SA
- TAE Aerospace Pty Ltd.
- Textron Aviation Inc.
- Williams Companies, Inc.