Aircraft Engine Market is projected to witness a promising growth over the upcoming years, because of the increasing demand for fuel-effective engines.

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Key Drivers

Growing demand for aircraft engines with higher fuel efficiency, lighter weight, compact size, is one of the major factors fueling the aircraft engine market growth. Growing concern of minimizing carbon emissions has augmented the emphasis on the development of advanced aircraft engines such as electric or hybrid engines, which will bolster the market growth. With increasing air travel because of the increasing disposable income of the population, has encouraged airline carriers to expand their fleet size, which is fueling the aircraft engines market.

Additionally, increasing demand for fuel efficient engines is also one of the major factors expected to increase the demand for aircraft engines during the forecast period. Factors such as a significant increase in infrastructure investment, increasing emphasis of regional government to develop indigenous manufacturing capacities, and increasing research and development activities by leading players to enhance operational efficiency of an aircraft engine and minimize carbon discharge are projected to boost the market growth over the forecast period. However, the high cost or aircraft engines is expected to hamper the growth of the aviation industry. The aircraft engine market relies on the quantity of orders placed by airline carriers. Thus, a large number of aircraft orders will hamper the productivity of aircraft engine manufacturers, which will restraint the market growth. The need for highly trained staff for the maintenance and production of aircraft engines is expected to obstruct the market growth.

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Type Segment Analysis

Turbofan engine is expected to lead the market during the forecast period, owing to their lighter weight which makes them suitable for long-distance flights. Further, the efficiency of these engines to fly at a higher altitude, making lower noise than other engines is forecast to expand the segment’s growth. The expansion of commercial aircrafts will strengthen the market growth. Surging demand for civil helicopter fleet will support the turboshaft segment.

Platform Segment Analysis

Fixed wing aircraft is predicted to generate the highest revenue over the forecast period, owing to their growing use to cover long distance with a specific amount of fuel. Thus, they are extensively used over the rotary wing for long distances. The use of rotary wings in case of emergencies or for faster transport over a small distance has supported the rotary wing segment to hold a higher CAGR over the forecast period.

Application Segment Analysis

Commercial aviation is expected to dominate the market over the upcoming years, because of the accelerating passenger traffic. Emerging need to replace the conventional engines with technologically advanced engines will boost the segment’s growth. A large number of commercial aircraft deliveries has augmented the demand for aircraft engines. For example, in 2021, Airbus reported a backlog of 7,082 jets, and Boeing’s backlog was 5,136 aircraft. The aircraft OEMs backlog is likely to expand the segment’s growth. On the other hand, the military segment is also projected to contribute significant growth owing to the growing adoption of military aircraft by the U.S. DoD and Indian government.

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Regional Analysis

Asia-Pacific is predicted to hold a higher CAGR over the forecast period, because of the rising passenger traffic and increasing number of low cost carriers. A significant increase in the defense budget has augmented the demand for military helicopters and fighter planes, driving the regional growth. A significant increase in the air passenger traffic has bolstered the demand for new aircraft procurement, boosting the market growth.

North America is estimated to lead the market over the forecast period, because of the strong presence of leading players like GE Aviation and Honeywell International Inc. Moreover, the huge expenditure by the U.S. government on the quality and efficiency of helicopters and their engines, is fueling the regional growth. Furthermore, increasing defense investment in the procurement of military helicopters, fighter jets, single-engine aircraft, and emergency medical services helicopters has strengthened the regional growth.

Top Market Players

The report also profiles the major companies active in this field, including General Electric Co., CFM International SA, Rolls-Royce Holdings PLC., United Technologies Corporation, International Aero Engines AG, Safran SA, Honeywell International Inc., Engine Alliance LLC, Textron Inc., MTU Aero Engines AG

Key Developments

• • December 2021 – CFM International, a joint venture of General Electric and Safran Aircraft Engines, was awarded a contract by Saudi Arabian Airlines for CFM International LEAP-1A engines to power its new fleet of 35 Airbus A321neo and 30 Airbus A320neo planes.
  • October 2021 – GE Aviation was awarded a contract worth USD 1.58 billion by the U.S. Air Force to supply F110 engines for the Boeing F-15EX Eagle II. As a result of this decision, GE will be the only propulsion source for the entire planned F-15EX fleet of the U.S. Air Force.

Key questions this research would answer:

1- Is the aircraft engine market growing? How long will it continue to grow and at what rate?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? What are the regional hotspots for growth in the aircraft engine market?
4- How the penetration of different type of aircraft engines is changing in the overall aircraft engine market and what is driving this change?

Segments covered in the Report:

The global aircraft engine market is segmented on the basis of type, application, platform, and geography:

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Market Segmentation

Global Aircraft Engine Market by Type

• • Turboprop
  • Turbofan
  • Turboshaft
  • Piston Engine

Global Aircraft Engine Market by Application

• • Military
  • Aviation
  • Commercial Aviation
  • General Aviation

Global Aircraft Engine Market by Platform

• • Fixed Wing
  • Rotary Wing

Global Aircraft Engine Market by Region

• • North America Aircraft Engine Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Platform
    • US Market All-Up
    • Canada Market All-Up
  • Europe Aircraft Engine Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Platform
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Aircraft Engine Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Platform
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Aircraft Engine Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Platform
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Aircraft Engine Market Competitive Landscape

• • Major Players and their Market Share Analysis
  • New product launches
  • Mergers and acquisitions
  • Collaborations, partnerships, agreements and joint ventures