Market Definition
Aircraft engine refers to the component of an aircraft that offers thrust to an aircraft during taxing or the course of flight. The major components of an aircraft engine encompass fan, compressor, combustor, turbine, mixer, and nozzle. Each component plays a crucial role in aircraft engine.
Market Outlook
The aircraft engine market size was USD 73.7 billion in 2023 and is anticipated to reach USD 138.1 billion in 2033, growing at a rate of 6.2% from 2024 to 2033.
The fan ensures required air intake for an aircraft engine, followed by compressor, which compresses the inlet air and rise the temperature & pressure. The jet fuel is introduced in the combustion chamber along with the compressed air. The reaction rotates the turbine that powers the aircraft. The reaction generated exhaust air which is then followed to mixer where excessive air from nozzle is introduced to reduce the pressure and temperature of exhaust air. The mixer ensures silent operation of an aircraft engine while maintaining optimal temperature. The nozzle finally releases the exhaust back to atmosphere.
One significant driver propelling the Aircraft Engine market is the increasing global demand for air travel. As more people and goods rely on air transportation, there is a growing need for efficient, powerful, and reliable aircraft engines. Airlines and cargo operators are expanding their fleets to meet the rising passenger and freight demands, driving the need for advanced propulsion systems. Additionally, technological advancements in aircraft design and engine efficiency are encouraging airlines to invest in newer, more fuel-efficient engines to reduce operating costs and meet environmental regulations. The continuous pursuit of enhanced performance, fuel economy, and sustainability in aviation further fuels the demand for innovative aircraft engines, making it a crucial driver for the growth of the Aircraft Engine market.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segments
By Technology
- Conventional Engine
- Electric/Hybrid Engine
By Type
- Platform
- Fixed Wing Aircraft
- Rotary Wing Aircraft
- Unmanned Ariel Vehicles
By Engine Type
- Turbofan
- Turboprop
- Turboshaft
- Piston
By Component
- Compressor
- Turbine
- Gearbox
- Exhaust System
- Fuel System
- Others
By End-user
- Commercial Aircraft
- Narrow-body Aircraft
- Wide-body Aircraft
- Business Jet
- General Aviation
- Helicopter
- Military Aircraft
- Fighter Aircraft
- Transport Aircraft
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Major Players in the Aircraft Engine Market
The Aircraft Engine Market is characterized by a high degree of consolidation, with a limited number of key players dominating the market. Major contributors include General Electric Company (via GE Aviation), Raytheon Technologies Corporation (via Pratt & Whitney), Rolls-Royce Holding PLC, Safran SA, and MTU Aero Engines AG, among others. Furthermore, to meet the rising demand for local production, regional players are forming collaborations with international counterparts. For example, as of March 2022, India’s Defence Research and Development Organisation (DRDO) was in discussions with Safran to jointly develop a 125KN engine for the indigenous fifth-generation Advanced Medium Combat Aircraft (AMCA), scheduled for its first flight in 2024. These strategic initiatives are expected to enhance companies’ global presence in the coming years.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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