Aircraft engine market 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.
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.
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- 12 – Chapter
- 316 – Pages
- Industry: Manufacturing & Construction
Key trends:
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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Market Segmentation:
Based on the engine type:
The market is segmented into turbofan, turboprop, turboshaft, and piston. Among these, in 2023, the turbofan segment is experiencing significant growth in the Market. This is primarily due to its enhanced fuel efficiency and quieter operation compared to traditional engines. Turbofans feature a combination of a core engine that drives a fan at the front, which generates additional thrust. This design improves the overall propulsion system’s efficiency by bypassing a significant amount of air around the engine core, resulting in lower fuel consumption. Airlines are increasingly focused on reducing operational costs and environmental impact, making turbofans an attractive choice. Additionally, stringent noise regulations have prompted the aviation industry to adopt quieter engines, and turbofans excel in meeting these requirements. As a result, the demand for turbofan engines has surged, contributing to their dominant presence in the modern aircraft engine market.
Based on Technology:
The market is categorized into conventional engine and electric/hybrid engine. Among these, in 2023 the conventional engine segment is experiencing significant segment growth. The growth in the compressor segment of the aircraft engine market can be attributed to the advancements in technology have led to the development of more efficient and reliable conventional engines, making them a preferred choice for various aircraft applications. These engines incorporate state-of-the-art materials, design improvements, and manufacturing techniques, resulting in enhanced performance and fuel efficiency. Additionally, the maturity of conventional engine technology has instilled confidence among aircraft manufacturers and operators in terms of safety and operational stability. The well-established infrastructure for maintenance, repair, and overhaul (MRO) of conventional engines further supports their growth, as it ensures a cost-effective and streamlined approach to keeping these engines in optimal condition. Overall, the continuous innovation and proven track record of reliability contribute to the sustained growth of the conventional engine segment in the Aircraft Engine market.
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Data Summary:
Report Attribute | Details |
| Market Size in 2023 | US$ 73.7 Billion |
| CAGR % | 6.2% |
| Historic Period | 2017-2022 |
| Forecast Period | 2024-2033 |
| Base Year | 2023 |
| Segments Covered | Technology, Component, Engine Type, End User, And Region. |
| Key Companies | General Electric Company, Safran SA, Rolls-Royce Holding PLC., Pratt & Whitney (Raytheon Technologies Corporation), Honeywell International Inc., United Aircraft Corporation (Rostec), MTU Aero Engines AG, IHI Corp., Textron Inc., Reaction Engines Inc., AeroVironment Inc., Aerojet Rocketdyne Holdings (Lockheed Martin), Northrop Grumman Innovation Systems , Hanwha Aerospace, Mitsubishi Heavy Industries Aero Engines Ltd., Aviation Industry Corporation of China, IAG Aero Group, Williams International Co. LLC, and Others. |
| Regional Scope | North America, Europe, Asia Pacific, Central & South America, Middle East & Africa |
| Analysis Coverage | Market Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments |
| Market Size in 2033 | US$ 138.1 Billion |
Research Scope:
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Aircraft Engine Market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of Aircraft Engine Market in terms of revenue ($Million) and volume (Kilotons).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Aircraft Engine Market.
- A thorough analysis of market trends and restraints is provided.
- By region as well as country market analysis is also presented in this report.
- Analytical depiction of the Aircraft Engine Market along with the current trends and future estimations to depict imminent investment pockets. The overall Ai
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Key Players:
- General Electric Company
- Safran SA
- Rolls-Royce Holding PLC
- Pratt & Whitney (Raytheon Technologies Corporation)
- Honeywell International Inc.
- United Aircraft Corporation (Rostec)
- MTU Aero Engines AG
- IHI Corp.
- Textron Inc.
- Reaction Engines Inc.
- AeroVironment Inc.
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (UAE, Saudi Arabia, Rest of Middle East And Africa)
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