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The Aircraft Engine Market Size was valued at USD 143.45 billion in 2023 and is expected to reach USD 279.6 billion by 2032 and grow at a CAGR of 7.7% over the forecast period 2024-2032.
Various factors, such as the growing commercial aviation industry and rising demand for fuel-efficient aircraft engines, are driving the market. An aircraft engine is a component of an aircraft's propulsion system that generates mechanical power. Air is drawn in through an inlet at the front of an aircraft engine, compressed by a fan, mixed with fuel, combusted, and then fired out as a hot, fast-moving exhaust at the back, propelling the Aeroplan forward.
The growing demand for more comfortable and time-efficient passenger and cargo transportation drives the growth of this market. The use of aircraft engines in the military sector to combat terrorism, illegal infiltration, drug trafficking, and other threats is also a major driver of the aircraft engine market. However, factors such as high manufacturing and maintenance costs, as well as a lack of production facilities, limit the market's growth.
MARKET DYNAMICS
KEY DRIVERS
Drug trafficking
Illegal infiltration
High Operational cost
RESTRAINTS
High manufacturing cost
High maintenance cost
OPPORTUNITIES
Growing demand for Unmanned Aerial Vehicle (UAV)
Electric vehicle
CHALLENGES
Pandemic
Maintenance
Safety
THE IMPACT OF COVID-19
General Electric Company, Safran SA, Honeywell International Inc, MTU Aero Engine, and Rolls Royce PLC are among the major players in the aircraft engine market. These companies have expanded their operations to North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. COVID-19 has had an impact on their companies as well. According to industry experts, COVID-19 will have an impact on the aviation industry's production and services globally in 2020. The COVID-19 pandemic has had a negative impact on the industrial verticals, resulting in a sudden drop in 2020 aircraft engine orders and deliveries. This is expected to have a short-term negative impact on the aircraft engine market.
By End-user
The aircraft engine market is segmented based on commercial and military aviation
During the aircraft engine market forecast period, the commercial segment is expected to be the largest and fastest-growing segment. The increase can be attributed to the rising demand for technologically advanced engines to replace conventional engines. Furthermore, the growing number of passengers has increased the demand for new commercial aircraft.
The military segment is also expected to contribute significantly to growth, owing to increased military aircraft procurement by the US DoD and the Indian government.
By Type
The conventional aircraft engine segment is expected to grow at the fastest CAGR for the aircraft engine market during the forecast period, based on technology. A traditional aircraft is also known as an aero engine. It is the primary power source for the aircraft's propulsion system. The majority of aircraft engines are either piston engines or gas turbine engines. Some of the most common types of aircraft engines are turboprop engines, turbofan engines, turboshaft engines, and piston engines.
By Wing Position
The aircraft engine market is segmented based on Two types Rotary Wing and Fixed Wing. Because of the increased demand for Aircraft engine market, the rotary-wing segment is expected to grow significantly during the projected period. Aircraft engine are employed for a variety of military purposes, including military logistics, air assault, command and control, and troop transport.
By Component
The turbine is forecasted to grow at the fastest CAGR rate in the aircraft engine market during the expected period. A turbine is a type of rotary engine that extracts energy from a flow of combustion gases. As a result, a turbine converts the kinetic energy of these gases into rotational motion. A turbine in an aircraft engine is made up of a series of blades that allow gases to flow into the turbine and push the blade. This causes a rotational motion, after which the less energetic gases are ejected.
By End-user
Commercial Aviation
Military Aviation
Others
By Type
Turboprop
Turbofan,
Turboshaft
Piston Engine
By Wing Position
Rotary Wing
Fixed Wing
UAV
By Component
Compressor
Turbine
Exhaust Nozzle
Fuel System
Gear Box
North America is expected to be the largest region of the aviation engine market region at the time of forecasting. An important issue facing North America, which is leading the aircraft engine market due to the rapid growth of the most technologically advanced aircraft engine in the region. In North America, the rise of the manufacturing industry and the growing aerospace and defense aviation industry are encouraging aircraft engine manufacturers to introduce highly advanced and efficient products for a wide variety of aircraft. The growing demand for aircraft engine and the presence of some of the leading players in the market, such as General Electric Company, Honeywell International Inc., Collins Aerospace, and Textron Inc. is expected to drive the aircraft engine market in North America. These players are focused on R&D to grow their product lines and utilize advanced systems, sub-systems, and other components of aircraft engine manufacturing.
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REGIONAL COVERAGE
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players are Rolls-Royce Motor Cars Limited, Honeywell International Inc., Safran, Boeing, United Technologies Corporation, Pratt & Whitney Division, General Electric Company, Snecma S.A, Hindustan Aeronautics Limited, JSC "Klimov"-United engine corporation & other players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 143.45 Billion |
| Market Size by 2032 | US$ 279.6 Billion |
| CAGR | CAGR of 7.7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By End-User (Commercial Aviation, Military Aviation, Others) • By Type (Turboprop, Turbofan, Turboshaft, Piston Engine) • By Wing Position (Rotary Wing, Fixed Wing, UAV) • By Component (Compressor, Exhaust Nozzle, Gear Box, Turbine, Fuel System) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Rolls-Royce Motor Cars Limited, Honeywell International Inc., Safran, and Boeing, United Technologies Corporation-Pratt & Whitney Division, General Electric Company, Snecma S.A, Hindustan Aeronautics Limited, JSC "Klimov"-United engine corporation. |
| DRIVERS | • Drug trafficking • Illegal infiltration • High Operational cost |
| RESTRAINTS | • High manufacturing cost • High maintenance cost |
Ans: The Aircraft Engine Market size was valued at US$ 143.45 billion in 2023.
Ans: The Aircraft Engine Market is to grow at a CAGR of 8.7% Over the Forecast Period 2024-2031.
Rolls-Royce Motor Cars Limited, Honeywell International Inc., Safran, and Boeing, United Technologies Corporation-Pratt & Whitney Division, General Electric Company, Snecma S.A, Hindustan Aeronautics Limited, and JSC "Klimov"-United engine corporation are leading players in the Aircraft Engine Market.
Aircraft Engine Market is segmented into 4 categories: By Type, By Wing Position, By Component, and By End-User.
North America region dominated the Aircraft Engine Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID 19 Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Aircraft Engine Market, By End-user
8.1 Commercial Aviation
8.2 Military Aviation
8.3 Others
9. Aircraft Engine Market, By Type
9.1 Turboprop
9.2 Turbofan,
9.3 Turboshaft
9.4 Piston Engine
10. Aircraft Engine Market, By Wing Position
10.1 Rotary Wing
10.2 Fixed Wing
10.3 UAV
11. Aircraft Engine Market, By Component
11.1 Compressor
11.2 Turbine
11.3 Exhaust Nozzle
11.4 Fuel System
11.5 Gear Box
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 General Electric Company
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Rolls-Royce Motor Cars Limited
13.3 Honeywell International Inc.
13.4 United Technologies Corporation-Pratt
13.5 Whitney Division
13.6 Snecma S.A
13.7 Hindustan Aeronautics Limited
13.8 JSC "Klimov"-United engine corporation
13.9 Safran
13.10 Boeing
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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