The Global Aircraft Engine Market size was estimated at USD 60.8 billion in 2021 and is expected to hit around USD 133.59 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 9.14% from 2022 to 2030.
Global Aircraft Engine Market: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
An aircraft engine is a propulsion system that is used to power an aircraft, converting fuel energy into mechanical energy to generate thrust. The main function of an aircraft engine is to provide the necessary thrust to lift an aircraft off the ground, overcome air resistance, and maintain altitude and speed during flight.
There are several types of aircraft engines, including piston engines, turboprop engines, turbojet engines, turbofan engines, and turboshaft engines. Each type of engine has its own unique characteristics and applications. Piston engines are typically used in smaller aircraft and are similar to the engines found in cars. They use reciprocating motion to drive a propeller and generate thrust. Turboprop engines are also used in smaller aircraft and use a turbine to drive a propeller. They are more efficient at lower speeds than turbojet engines and are commonly used for regional airlines and corporate aircraft. Turbojet engines use a turbine to compress air, which is then mixed with fuel and ignited to create a high-velocity exhaust stream that generates thrust. They are typically used in military fighter jets and supersonic passenger aircraft. Turbofan engines are similar to turbojet engines, but they have an additional fan that provides additional thrust and increases efficiency. They are commonly used in commercial airliners and military transport aircraft. Turboshaft engines are used in helicopters and other vertical takeoff and landing (VTOL) aircraft. They use a turbine to generate power that is then transferred to the rotor blades to provide lift and propulsion. Overall, aircraft engines are critical components of modern aviation, and advancements in engine technology have enabled more efficient and environmentally friendly flight.
The global market for aircraft engines encompasses manufacturers, suppliers, distributors, and service providers involved in the production and sale of engines for various types of aircraft, including commercial, military, and general aviation. Factors driving the market include the rising demand for air travel, technological innovations, and government regulations. As airlines aim to enhance their efficiency, reliability, and safety, the demand for advanced and efficient engines is increasing. Additionally, governments worldwide are imposing stricter regulations on emissions and noise levels, resulting in the demand for eco-friendly and fuel-efficient engines.
The market is projected to continue to expand in the coming years, driven by the increasing demand for air travel, the trend of replacing aging aircraft with more efficient ones, and the need for military aircraft to address global security challenges. Nevertheless, the market confronts challenges such as intensifying competition, evolving regulations, and disruptions in the supply chain.
Market Breakup: By Type
Market Breakup: By Component
Market Breakup: By Platform
Market Breakup: By Technology
To understand the global aircraft engine market, it can be analysed regionally to examine the prominent players, market size, and potential for growth in each area. The largest market for aircraft engines is North America, due to the presence of major manufacturers such as General Electric, Pratt & Whitney, and Rolls-Royce North America, and the high demand for military and commercial aircraft. Europe is another significant player, with Rolls-Royce, Safran Aircraft Engines, and MTU Aero Engines leading the way, and the region benefits from a strong aerospace industry, research and development initiatives, and collaborations with airlines.
The Asia Pacific market is rapidly growing, driven by the increasing demand for air travel in countries like China, India, and Japan. The region is home to significant manufacturers such as CFM International, Honeywell Aerospace, and Pratt & Whitney and is expected to witness significant growth in the coming years.
The Middle East and Africa are also emerging markets, with GE Aviation, Rolls-Royce, and MTU Aero Engines as major players, driven by the growth of the aviation sector and increasing demand for air travel in the region. Similarly, Latin America is a growing market with significant players such as GE Aviation, Pratt & Whitney, and Safran Aircraft Engines, stimulated by the growth of the aerospace industry and increasing demand for air travel.
In summary, the global aircraft engine market is highly competitive, with major players located in different regions worldwide, and is expected to continue to grow driven by the increasing demand for air travel, technological advancements, and government regulations.
Market Breakup By Region
The Aircraft Engine Market competitive landscape provides details by competitor. Details included are company outline, company financials, revenue generated, market potential, investment in research and development, new market initiatives, worldwide occurrence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The overhead data points providing are only related to the businesses’ focus related to Aircraft Engine marketplace.
Major players operating in the Global Aircraft Engine Market are:
Global Aircraft Engine Market Research Report, 2020-2031
Table of Contents
Our reports with in-depth insights will equip you to succeed in your business plans.
Get instant access to the information you need to make the right decision.
Explore where opportunities lie for you and mitigate the risks.
We are one of the most trusted brands setting benchmarks of excellence.