Global Aircraft Engine Market Size to Reach USD 151.44 Billion in 2032 | Emergen Research
Increasing operations and fleet expansion in commercial aircraft business and rising demand for engines for UAVs are some key factors driving global Aircraft Engine market revenue growth
Vancouver, Oct. 16, 2023 (GLOBE NEWSWIRE) — Current Market Scenario:
The global aircraft engine market size reached USD 56.39 Billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing demand for new aircraft and expansion of commercial aircraft fleets are some key factors expected to augment market revenue growth between 2023 and 2032.
Drivers:
Increasing demand for low-cost and fuel-efficient aircraft and increasing use of 3D printed aircraft engine parts are expected to propel revenue growth of the market over the forecast period. Various engine manufacturers are currently focusing on production of lightweight engines in order to lower the total weight of aircraft and enhance the fuel economy. GE Aviation has built an advanced turboprop engine, which is the first commercial aircraft engine with a high proportion of 3D printed parts. The engine designers reduced 855 different components to 12 components. This is intended to lower engine weight, resulting in less fuel required to achieve the very same speed.
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Restraints:
Rising fuel prices, stringent emission standards, and need for superior engines are resulting in aircraft engine manufacturers to rethink existing models, which is a factor expected to restrain revenue growth of the market to some extent during the forecast period.
Growth Projections:
The global aircraft engine market is expected to register a CAGR of 8.7%, and market size is projected to increase from USD 56.39 Billion in 2020 to USD 151.44 Billion in 2032. Growing commercial aviation industry is a major factor augmenting market growth.
COVID-19 Impact Analysis:
COVID-19 pandemic has a negative influence on industries, leading to a sharp decline in 2020 aviation engine orders and delivery. This is expected to have a short-term major impact on the aircraft engine market, with sluggish recovery expected in the near future. Due to the need for social distancing and fears of potential infection or re-infection, the number of individuals traveling by air has reduced considerably in the recent past. International flights are also restricted in order to limit the spread of the disease. Decreasing passenger numbers across airlines globally has posed financial difficulties and reduced revenues.
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Current Trends and Innovations:
Increasing regional unrest, border area disputes, and terror activities in various countries are leading to a rise in demand for military aircraft, which is expected to support market growth over the forecast period. Additionally, increasing awareness regarding environmental issues is resulting in an increase in adoption of electric aircraft and low-emission aircraft, leading to increased demand for electric engines and turbo engines.
Geographical Outlook:
Europe is expected to register a significantly rapid revenue growth rate during the forecast period due to robust presence of key aircraft engine manufacturing companies including Rolls-Royce Holdings PLC, Safran SA, MTU Aero Engines AG, IAE International Aero Engines AG, and CFM International S.A.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 56.39 Billion |
| CAGR (2023–2032) | 8.7% |
| Revenue forecast to 2032 | USD 151.44 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2021 to 2028 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Platform, Component, Technology, End-Use, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | General Electric Company (GE Aviation), Honeywell International Inc., Rolls-Royce Holdings PLC, Safran SA, MTU Aero Engines AG, IAE International Aero Engines AG, Textron Inc., CFM International S.A., United Technologies Corporation, Raytheon Technologies Corporation |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global aircraft engine market is fairly consolidated, with few large and medium-sized market players accounting for major market revenue. Key players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective aircraft engines. Some major players operating in the aircraft engine market are:
- General Electric Company (GE Aviation)
- Honeywell International Inc.
- Rolls-Royce Holdings PLC
- Safran SA
- MTU Aero Engines AG
- IAE International Aero Engines AG
- Textron Inc.
- CFM International S.A.
- United Technologies Corporation
- Raytheon Technologies Corporation
Strategic Development
In June 2021, New features for civil and military CT7-2E1 turboshaft engine operators have been introduced by GE with the introduction of the CT7-2E1 Version 6.0 Software upgrade. Implementation of Prognostic Diagnostic Based Modeling (PDBM), which enables a field-based automatic engine health assessment. Version 6.0 software eliminates the requirement for pilot-initiated engine health checks, decreasing pilot effort and optimizing predictive maintenance needs.
In June 2021, General Electric and Safran SA have established a partnership to explore next-generation jet engine technology. The development’s goal is a 20% reduction in engine fuel consumption and carbon dioxide reduction.
In April 2021, Safran Aircraft Engines and MTU Aero Engines have signed a partnership agreement by forming a 50/50 joint company for Europe’s Next Generation Fighter (NGF) within the FCAS program. EUMET is in charge of the engine that will power the Next-Generation Fighter (NGF). It will be the only contract partner for the participating countries in the engine program besides the joint venture. So Safran and MTU look forward to working with Spain’s Tecnoturbines to develop a new and challenging aircraft engine roadmap. EUMET has engaged ITP to be one of its primary partners. By working together on EUMET, the partners would be able to create a best-in-class engine that can adapt to the changing requirements of the European military.
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Emergen Research has segmented the global aircraft engine on the basis of type, platform, component, technology, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019–2032)
- Turbofan
- Turboprop
- Piston Engine
- Turboshaft
- Platform Outlook (Revenue, USD Billion; 2019–2032)
- Unmanned Ariel Vehicles
- Fixed Wing Aircraft
- Rotary Wing Aircraft
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Turbine
- Compressor
- Gearbox
- Fuel System
- Exhaust System
- Others
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Conventional
- Hybrid
- End-Use Outlook (Revenue, USD Billion; 2019–2032)
- OEM
- Aftermarket
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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