Global Aircraft Engine Market to Fly High at a CAGR of 10.89% and Generate $104.65 Billion | Pratt & Whitney, Rolls-Royce, GE Aviation and Safran Holds 80% Share

Global aircraft engine market size was valued at USD 45.50 billion in 2021, and it is expected to reach a value of USD 104.65 billion by 2028, at a CAGR of 10.89% over the forecast period (2022–2028).

Westford, USA, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Aircraft engines are in high demand due to the growing popularity of air travel. airlines are expanding their fleets to keep up with the demand, and new aircraft are being delivered with ever-more powerful engines. The most popular type of aircraft engine is the turbofan, which powers the majority of commercial airliners in the global aircraft engine market. These engines are highly efficient, and can generate a great deal of thrust. They also tend to be very reliable, which is critical for safety. Turbofan engines are typically made by large companies such as General Electric, Rolls-Royce, and Pratt & Whitney. These companies have decades of experience in designing and building aircraft engines, and they continue to invest heavily in research and development.

The global aircraft engine market is currently in a period of strong growth, driven by a growing demand for air travel and new aircraft deliveries. This has led to a boom in the demand for aircraft engines. The global demand for air travel is expected to nearly double over the next 20 years, from 4.2 billion passengers today to 9 billion by 2037. This will lead to a corresponding increase in the number of aircraft in service, from 23,000 today to more than 41,000 by 2037. This growth will be driven by emerging markets, which are expected to account for 70% of new passenger traffic over the next 20 years. Wherein, the next generation of commercial aircraft, such as the Airbus A350 and Boeing 787, will require more fuel-efficient engines to meet stricter emissions regulations. These new aircraft are also likely to use smaller engines than their predecessors, which will create opportunities for new entrants into the engine market.

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Over the next decade, China and India are expected to be the fastest-growing aircraft engine market, followed by the United States and Europe.

The aerospace engine industry manufactures gas turbine engines for both military and commercial applications. The commercial market includes engines for large passenger jets, while the military market includes engines for fighters, bombers, and other aircraft. The global aircraft engine market has seen strong growth in recent years, driven by the booming global aviation market. However, the aerospace engine industry is facing some challenges. One is the rise of electric propulsion technology, which could eat into the demand for gas turbine engines in the future. Another challenge is the increasing pressure on airlines to reduce their emissions, which could lead to a shift away from gas turbine engines.

Despite these challenges, the aircraft engine market is expected to continue growing in the coming years. This growth will be driven by strong demand from Asia, where several countries are investing heavily in their aviation infrastructure.

Pratt & Whitney, Rolls-Royce, GE Aviation and Safran are Top 4 Players in Aircraft Engine Market

The industry is highly consolidated, with the top 10 firms accounting for more than 90% of sales. The industry is also capital intensive, with high barriers to entry. The aircraft engine industry is critical for the global aerospace sector. It is a key supplier of engines for commercial and military aircraft. The industry is also a major contributor to the US economy, employing nearly 200,000 workers across the country.

The three companies are all large, well-capitalized firms with significant technological capabilities. Pratt & Whitney is the market leader in commercial engines, with a 35% share of the market. Rolls-Royce is the fourth largest player with a 12% share. General Electric is the second largest player with a 14% share. GE aviation and Saffron are into joint venture and they are collectively holding over 35% share of the commercial aircraft engine market. The market is capital intensive, with high levels of research and development expenditure needed to maintain a competitive edge. It is also an intensely cyclical business, with demand for new engines driven by the need to replace older models as they reach the end of their service life.

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The commercial aviation sector has been on a roll in the last few years. Airlines are reporting strong profits, traffic is growing, and new aircraft orders are at record levels. All of this is good news for the makers of aircraft engines. Pratt & Whitney, Rolls-Royce, and General Electric are the three biggest players in the aircraft engine market. Together, they control more than 60% of the global market. All three companies are reporting strong demand for their products. Pratt & Whitney says it has a backlog of nearly 10,000 engines. Rolls-Royce says its order book is full until 2021. GE says it has received $24 billion in new engine orders over the last two years. Aircraft engine makers are benefiting from two trends: The first is the continued growth of the commercial aviation sector. The second is the switch to newer, more fuel-efficient engines. As airlines continue to expand their fleets to meet growing demand, they need more engines. And as airlines look to save money on fuel costs, they're moving to newer generations of engines that are more fuel-efficient. Both of these trends are expected to continue in the years ahead, which is good news for the aircraft engine makers.

Lucrative Revenue Opportunities for Aftermarket Sales in Aircraft Engine Market

Global aviation market is forecast to grow at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2035, according to The International Air Transport Association (IATA). This growth will present opportunities for companies that provide aftermarket sales of aircraft engines and related parts and services. The commercial aviation sector is expected to drive the majority of this growth, with a CAGR of 4.3%. Within commercial aviation, the demand for new aircraft is forecast to generate $2.7 trillion in aftermarket revenue over the next 20 years in the global aircraft engine market. The engine is the most expensive component of an aircraft, so it stands to reason that the aftermarket for engines and related parts and services will be sizable.

There are several factors driving growth in the aircraft engine aftermarket: The world fleet of commercial aircraft is growing and aging. There were around 23,000 commercial jet aircraft in service in 2016, and this is projected to grow to 37,000 by 2035. The average age of the global commercial jet fleet has increased from 6.3 years in 2000 to 11.8 years in 2021, and is forecast to rise to 15.1 years by 2035. As aircraft age, they require more maintenance and repair work, providing opportunities for aftermarket suppliers in the global aircraft engine market. Technology advances are resulting in more fuel-efficient engines that need less maintenance than older models. However, these same advances also result in more complex engines that require specialized skills.

The rise of low-cost carriers (LCCs): LCCs are projected to account for 38% of the world's passenger traffic by 2035, up from 30% in 2016, according to IATA. This increase in market share will lead to increased demand for LCC-specific aircraft engines and parts in the aircraft engine market.

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Top Players in the Global Aircraft Engine Market

  • Safran SA (France)
  • General Electric Company (US)
  • Rolls Royce (UK)
  • Honeywell International Inc (US)
  • MTU Aero Engine (Germany)
  • IAE International Aero Engines AG (US)
  • Textron Inc. (US)
  • United Technologies Corporation (US)
  • Raytheon Technologies Corporation (US)
  • Extron Inc. (US)
  • Boeing (US)
  • Hindustan Aeronautics Limited (India)

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