New York, US, May 09, 2023 (GLOBE NEWSWIRE) -- According To Latest Research Report On Aircraft Turbofan Engine Market Research Report: Information by Turbofan Engine, Aircraft Type, Application And Region - Forecast till 2030, the Market Size USD 4.764 billion by 2030, growing at a 7.35% CAGR during the forecast period (2023-2030).
Aircraft Turbofan Engine Market Overview:
The aircraft turbofan engine market is likely to demonstrate significant revenue growth. The high volume of commercial aircraft deliveries and increasing flight travel would drive market growth. According to Market Research Future (MRFR), the global aircraft turbofan engine market value will escalate from USD 2.9 billion in 2022 to USD 4.764 billion by 2030, growing at a 7.35% CAGR during the forecast period (2023-2030).
Advances in additive manufacturing and other technologies create significant opportunities in the market. With major upgrades in manufacturing technology, aircraft turbofan engine manufacturers are producing more efficient engines. Over the last few years, many countries across the globe have been getting involved in developing and procuring leap engines to strengthen their defense capabilities, accelerating market growth.
This has also increased investments in designing and manufacturing aircraft turbofan engines. On the other hand, the high costs and long duration of the development associated with leap engines are key factors posing challenges to market growth. Nevertheless, ongoing R&D activities and advancements in manufacturing & maintenance technologies are expected to present solutions for low-cost maintenance, bringing about innovations and improved technologies.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 4.764 billion |
| CAGR | 7.35% (2023–2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Turbofan Engine, By Aircraft Type, By Application, By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increase in the usage of smartphones |
Leading Players In The Aircraft Turbofan Engine Market Include:
- Pratt & Whitney (US)
- E. Aviation (US)
- Rolls Royce (UK)
- CFM International (US)
- Honeywell International (UK)
- EuroJet (US)
- Aviadvigatel (Russia) Safran Aircraft Engines (France)
- International Aero Engines AG (US)
- MTU Aero Engines (Germany)
- and Engine Alliance (US)
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Competitive Analysis
The highly competitive aircraft turbofan engine market is driven by several well-established players having an international presence. They compete on reliability, cost, product quality, and aftermarket services. Vendors in the market are focusing on in-house manufacturing capabilities, technological advancements, R&D investments, and product developments to have an advantage over their competitors.
Governmental support, market conditions, and industrial development are core factors offering significant opportunities. They incorporate strategic initiatives such as acquisition, partnership, collaboration, expansion, and technology launch to gain a competitive advantage and thus maintain their positions in this market. Strategic partnerships between players support their growth and expansion plans.
For instance, on Feb 01, 2023, GE, a global leader in military jet engines, announced that it will be manufacturing 98 kilo-newton thrust GE-414 engines in India, collaborating with the Defence Research and Development Organisation (DRDO) and a private defense equipment maker.
India and US have collaborated to take their defense cooperation to the next level, highlighting the need to convert intentions & ideas into actions and specific deliverables through focused steps in a timebound manner. The GE-414 INS6 engine manufactured in India will power the LCA (light combat aircraft) Mark II that will be rolled out by Aeronautical Development Agency (ADA) and taken to the skies by the next year.
Market Segmentation:
The aircraft turbofan engine market report is segmented into engine types, aircraft types, applications, and regions. The engine type segment is segmented into PW1000, F414, V2500, PW4000, CFM56, CFM LeapX, GP7000, GEnx, Trent 1000, and F135. Of these, the CFM LeapX segment accounts for the leading market share due to their vast adoption across the globe, improved fuel efficiency, and significantly reduced noise & emissions.
The aircraft type segment is segmented into wide body, narrow body, and others. The narrow body segment accounts for the leading market share due to the low fuel consumption of these aircraft leading to cost savings. This is also crucial in the fiercely competitive airline industry, where customers are increasingly seeking competitive airfares.
The application segment is segmented into military and commercial aviation. The commercial aviation segment accounts for the leading market share, witnessing the growing demand for technologically advanced engines and increased passenger traffic. Over the past couple of decades, the commercial aviation industry has undergone an extraordinary renewal process that has offered reduced operating costs and emissions. By regions, the aircraft turbofan engine market is segmented into the APAC, Americas, Europe, and rest-of-the-world.
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Regional Analysis
North America accounts for the leading share of the aircraft turbofan engine market. The presence of well-developed defense and aerospace sectors contributes to the growth of the regional market. Simultaneously, the presence of a large number of aircraft turbofan engine manufacturers positively impacts the region's market shares. Also, the introduction of favorable government policies for aircraft turbofan engine production fosters the region's market revenues.
Europe holds the second-largest aircraft turbofan engine market share and is expected to witness substantial growth during the forecast period. Initiatives are taken to manufacture more complex and denser yet lighter aircraft have influenced the market growth. Moreover, growing developments of sustainable small-core turbofan engines in this region push the growth of the market.
On the other hand, the aircraft turbofan engine market in the Asia-Pacific region is growing rapidly. The region is vibrating with rapid economic growth, especially in the countries such as India and China. India is increasingly becoming a technology hub, drawing a steady flow of foreign investors.
Owing to the availability of a cost-competitive labor force and ample raw materials required for manufacturing aircraft turbofan engines, key industry players are increasingly shifting their production bases to India and China, pushing up the market growth in the region to the furthered heights.
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