Aircraft Turbofan Engine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031

The Global Aircraft Turbofan Engine Market is projected to expand from USD 3.28 Billion in 2025 to USD 4.71 Billion by 2031, registering a CAGR of 6.21%. This sector focuses on the manufacturing and distribution of airbreathing jet propulsion mechanisms, which rely on a gas generator core and a substantial front fan to generate thrust through air acceleration. The market's growth is largely propelled by the escalating requirement for new commercial aircraft to handle increasing global passenger numbers and the operational imperative for airlines to substitute aging fleets with more fuel-efficient options. Furthermore, rising expenditures in military aviation and increasing needs within the business aviation sector continue to strengthen the demand for these high-bypass propulsion systems.

Despite this favorable growth outlook, the industry is grappling with major hurdles due to ongoing supply chain interruptions, which have delayed raw material acquisition and component fabrication. These production bottlenecks are especially problematic as rebounding demand exerts immense pressure on engine manufacturers to hasten their output. According to the International Air Transport Association (IATA), total full-year global passenger traffic increased by 10.4% in 2024 compared to the prior year. This strong recovery in utilization highlights the critical need for the sector to overcome logistical limitations to satisfy the capacity requirements of airlines.

Market Drivers

Increasing global commercial air passenger traffic acts as the central force behind the turbofan engine market, pushing airlines to bolster their capacity through substantial orders for new aircraft. As travel demand rebounds and surpasses pre-pandemic benchmarks in key regions, carriers are actively acquiring narrow-body and wide-body jets, which directly elevates production rates for the necessary propulsion systems. This surge drives not only the installation of new engines but also the aftermarket sector for maintenance and spare parts to maintain existing fleet operations. According to Boeing's 'Commercial Market Outlook 2024-2043' published in July 2024, the aviation industry is anticipated to need nearly 44,000 new commercial airplanes over the next 20 years to satisfy this enduring demand, causing original equipment manufacturers to accelerate assembly line activity to meet the significant backlog.

Simultaneously, the rapid substitution of aging fleets with fuel-efficient, next-generation engine technologies is altering market dynamics. Stringent environmental regulations concerning emissions and noise are compelling operators to retire older aircraft in favor of models fitted with high-bypass ratio turbofans, which deliver superior specific fuel consumption and lower operating expenses. As noted in Airbus's 'Global Market Forecast 2024-2043' from July 2024, roughly 42% of anticipated new aircraft deliveries are designated to replace older, less efficient units to aid industry decarbonization efforts. This modernization trend is evident in the financial results of leading engine makers; according to GE Aerospace's 'Third Quarter 2024 Financial Results' released in October 2024, total orders rose by 28% to USD 12.6 billion, highlighting the strong commercial momentum for both new equipment and services.

Market Challenges

Ongoing supply chain disruptions stand as the primary barrier hindering the expansion of the Global Aircraft Turbofan Engine Market. Manufacturers face acute delays in obtaining essential raw materials, such as high-grade titanium and nickel, along with a shortage of specialized castings and forgings required for engine assembly. These logistical obstructions compel Original Equipment Manufacturers to slow down production speeds, preventing them from fully leveraging the current influx of airline orders. Consequently, the market struggles to convert high demand into actual revenue efficiently, as the inability to finalize and ship propulsion units directly stalls the ultimate delivery of aircraft to operators.

The severity of this limitation is highlighted by recent industry metrics that show a growing gap between manufacturing goals and actual production. According to the International Air Transport Association (IATA), in 2024, the global commercial aircraft order backlog hit a record peak of nearly 17,000 units, yet actual deliveries missed initial annual forecasts by almost 30% due to these production constraints. This substantial shortfall in deliveries illustrates how supply chain fragility is directly restricting the market's physical expansion, leaving a significant portion of potential market value untapped despite a favorable demand landscape.

Market Trends

The shift toward Ultra-High Bypass Ratio (UHBR) engine designs marks a structural evolution aimed at maximizing propulsive efficiency. Manufacturers are increasingly separating fan speed from the low-pressure turbine through the use of gearboxes, which allows for larger fan diameters and bypass ratios surpassing 15:1. This architectural approach lowers fuel consumption by permitting the fan to rotate more slowly while the turbine functions at optimal speeds. As reported by Flight Global in an October 2025 article titled 'Pratt & Whitney secures European validation for GTF Advantage engine', this advanced UHBR powerplant is engineered to deliver 4% more take-off thrust at sea-level airports and 8% more at high-altitude locations, confirming the performance advantages of geared architectures.

In parallel, the revival of Open Fan concepts seeks to achieve significant reductions in emissions. Unlike traditional ducted turbofans, these configurations eliminate the nacelle to attain bypass ratios double those of existing engines, providing considerable fuel savings. Consortiums are actively advancing these designs into hardware validation stages to demonstrate aerodynamic stability. According to a July 2025 update from CFM International titled '5 Things to Know About the CFM RISE Program', the joint venture has finalized over 250 tests, including wind tunnel campaigns, to refine the open fan architecture for future operational service.

Key Players Profiled in the Aircraft Turbofan Engine Market

• RTX Corporation
• General Electric Company
• Rolls-Royce PLC
• MTU Aero Engines AG
• Honeywell International Inc.
• Eurojet Turbo GmbH
• Safran SA
• IHI Corporation

Report Scope

In this report, the Global Aircraft Turbofan Engine Market has been segmented into the following categories:

Aircraft Turbofan Engine Market, by Turbofan Engine:

• PW1000
• F414
• V2500
• PW4000
• CFM56
• CFM LeapX
• GP7000
• GEnx
• Trent 1000
• F135

Aircraft Turbofan Engine Market, by Aircraft Type:

• Wide Body
• Narrow Body
• Others

Aircraft Turbofan Engine Market, by Application Type:

• Military Aviation
• Commercial Air Transport

Aircraft Turbofan Engine Market, by Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Aircraft Turbofan Engine Market.

Available Customization

The analyst offers customization according to your specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

This product will be delivered within 1-3 business days.