New York, United States , Aug. 13, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Engines Market Size is expected to reach USD 280.7 Billion by 2033, at a CAGR of 6.13% during the forecast period 2023 to 2033.
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The aircraft engines market is a vital area of the aerospace industry, propelled by technological improvements and rising air travel demand. It encompasses a wide range of engines used in commercial, military, and general aviation, including turbofans, turboprops, and turboshafts. Fuel efficiency, environmental requirements, and hybrid-electric propulsion advances are all major market drivers. The market is dominated by major firms such as GE Aviation, Rolls-Royce, and Pratt & Whitney, which invest in R&D to improve performance and minimise emissions. The Asia-Pacific region is expanding rapidly, thanks to more air traffic and larger aircraft fleets. The market's future is determined by sustainability initiatives and the adoption of new technology.
Browse key industry insights spread across 240 pages with 115 Market data tables and figures & charts from the report on the "Global Aircraft Engines Market Size, Share, and COVID-19 Impact Analysis, By Engine Type (Turboprop Engine, Turboshaft Engine, Turbofan Engine, and Piston Engine), By Technology (Conventional Engine, Electric/Hybrid Engine), By Component (Compressor, Turbine, Gear Box, Combustion Chamber, Fuel System, and Others), By End-Use (Commercial (Narrow Body, Wide Body, Business Jet, General Aviation, Helicopters) and Military (Fighter Aircraft, Military Transport Aircraft, Military Helicopters), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by Engine Type
The turbofan segment accounted for the largest market share over the forecast period 2023 to 2033. Turbofan engines, recognised for their high bypass ratios, provide a good blend of fuel efficiency, noise reduction, and thrust, making them suitable for commercial flying. The increase in air travel, fleet expansions, and the replacement of older, less efficient aircraft with modern models are all significant drivers of this segment's growth. Materials, aerodynamics, and engine design innovations, such as geared turbofans and ultra-high bypass ratios, are helping to improve efficiency and lower emissions. The growth of low-cost carriers, as well as rising demand for long-haul flights in Asia-Pacific and the Middle East, are driving the adoption of modern turbofan engines.
Insights by Technology
The conventional engine segment accounted for the largest market share over the forecast period 2023 to 2033. This expansion is being driven by the continued demand for dependable and proven propulsion systems in commercial, military, and general aviation. Conventional engines continue to power many aircraft, including narrow-body jets, regional aircraft, and helicopters. Fleet expansion and replacement cycles, particularly in emerging economies, maintain demand for these engines. Furthermore, advances in materials and design have increased the efficiency and performance of traditional engines, extending their usefulness. While there is a drive for more sustainable propulsion systems, conventional engines continue to dominate the industry, thanks to existing infrastructure and huge maintenance networks.
Insights by Component
The compressor segment accounted for the largest market share over the forecast period 2023 to 2033. Compressors play an important role in engine performance because they compress incoming air before it enters the combustion chamber, affecting fuel economy and power production. Advanced materials and manufacturing technologies, like as additive manufacturing, have made it possible to produce compressor components that are lighter, more robust, and highly efficient. This is especially critical for modern turbofan and turboprop engines, which demand high pressure ratios for peak performance. The continual trend of decreasing engine pollutants and increasing fuel efficiency encourages innovation in compressor design.
Insights by End Use
The commercial segment accounted for the largest market share over the forecast period 2023 to 2033. Airlines are investing in new aircraft with innovative engines to improve fuel efficiency, lower operating costs, and meet rigorous environmental laws. The emergence of low-cost carriers, as well as the necessity for long-haul and regional flights, are driving demand for new, more efficient engines. Technological breakthroughs, such as high-bypass turbofan engines and geared turbofan designs, are accelerating the segment's growth by improving fuel efficiency and lowering emissions. Furthermore, the recovery of the aviation industry following the pandemic and the expansion of travel routes, particularly in growing countries such as Asia-Pacific, are major drivers of development in the commercial engine segment.
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Insights by Region
North America is anticipated to dominate the Aircraft Engines Market from 2023 to 2033. Major airlines are modernising their fleets with more fuel-efficient planes to decrease costs and comply with rigorous environmental rules, which is boosting regional demand. The United States government's defence budget also adds to the market, as it continues to invest in modern military aircraft. North America is also a centre for research and development in next-generation propulsion technologies, such as hybrid-electric and hydrogen-powered engines. The market benefits from a well-developed supply chain, superior manufacturing capabilities, and a strong network of maintenance, repair, and overhaul (MRO) services, ensuring long-term growth and innovation.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Major economies, such as China, India, and Southeast Asian countries, are seeing an increase in both commercial and regional aviation, prompting airlines to invest in new, fuel-efficient aircraft to handle passenger growth and reduce operational costs. The region's industry is further bolstered by the growing presence of indigenous aircraft and engine manufacturers, as well as major government investments in aviation infrastructure. Asia-Pacific's emphasis on environmental sustainability fuels demand for modern, low-emission engines. Additionally, the growing interest in unmanned aerial vehicles (UAVs) and urban air mobility (UAM) systems opens up new possibilities.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key Vendors in the Global Aircraft Engines Market Size Honeywell International Inc., Safran, Rolls-Royce plc, Raytheon Technologies Corporation, Lycoming Engines, Engine Alliance, Textron Inc, MTU Aero Engines AG, Euravia Engineering & Supply Co. Ltd., General Electric, MITSUBISHI HEAVY INDUSTRIES, LTD, IHI Corporation, Barnes Group Inc, CFM International, and other key companies.
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Recent Market Developments
- In March 2024, the Ministry of Defence has signed a contract with Hindustan Aeronautics Limited (HAL) to purchase MiG-29 aircraft engines for USD 5,249.72 billion.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Engines Market, Engine Type Analysis
- Turboprop Engine
- Turboshaft Engine
- Turbofan Engine
- Piston Engine
Aircraft Engines Market, Technology Analysis
- Conventional Engine
- Electric/Hybrid Engine
Aircraft Engines Market, Component Analysis
- Compressor
- Turbine
- Gear Box
- Combustion Chamber
- Fuel System
- Others
Aircraft Engines Market, End Use Analysis
- Commercial
- Narrow Body
- Wide Body
- Business Jet
- General Aviation
- Helicopters
- Military
- Fighter Aircraft
- Military Transport Aircraft
- Military Helicopters
Aircraft Engines Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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