Chicago, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The aircraft engine market size is projected to grow from USD 60.8 billion in 2021 to USD 92.9 billion by 2026, at a CAGR of 8.9% from 2021 to 2026. The market is driven by various factors, such as rise in demand of commercial aviation, growing aerospace industry and increasing investment in defense aviation industry and others.
The aircraft engine market includes major players such as Safran SA (France), General Electric Company (US), Honeywell International Inc (US), Rolls Royce PLC (UK), and MTU Aero Engine (Germany). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected aircraft engines production and services globally in 2020.
Aircraft Engine Industry Report Scope:
| Report Metric | Details |
| Estimated Market Size | USD 60.8 Billion |
| Projected Market Size | USD 92.9 Billion |
| Growth Rate | 8.9% |
| Forecast Period | 2021-2026 |
| Market size available for years | 2017–2026 |
| Base year considered | 2020 |
| Forecast units | Value (USD Billion) |
| Segments covered | By Platform, By Type, By Technology, By Component, By Region |
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With increasing operation in the commercial aviation sector across various countries spread across different region along with the rising demand of commercial aircraft will drive the demand for aircraft engine market. Narrow body aircraft are turing out to be an integral part of the commercial airlines industry with countries such as US, China, Israel, Turkey and others are investing heavily in operations related to the commercial aircraft industry. Whereas in the commercial aviation industry boeing in its commercial outlook of 2020 reported that the demand for narrow body aircraft is rising in the growing economic country such as India, China and others. Hence, the increasing operations in commercial aircraft industry will drive the demand for aircraft engine market during the forecast period.
Rising demand for fuel efficient aircraft engines will drive the market
As awareness of environmental issues, such as climate change and carbon emissions, are continuously growing, there is increasing pressure on the aviation industry to reduce its environmental footprint. Aircraft engines are a significant source of carbon emissions, and more fuel-efficient engines help lower these emissions. Regulatory agencies are also implementing stricter emissions standards, which further incentivize the development and adoption of fuel-efficient engines. Fuel-efficient engines can significantly reduce fuel consumption, leading to cost savings for airlines. With fuel prices subject to fluctuation, airlines invest in aircraft with more fuel-efficient engines to mitigate the impact of rising fuel costs. This rising concerns are driving the demand for fuel efficient engines which will drive the aircraft engine market.
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Turbofan aircraft engine type is projected to witness a higher CAGR during the forecast period
Based on the type, the turbofan aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. Turbofan engines are much more capable of flying at a higher altitude when compared to other engines, these engines also have a less amount of noise as compared to others, they are the most suitable engine for long-range flights because of their lighter weight.
Turboprop aircraft engine type is projected to witness a Second highest market share for aircraft engine market in 2021
Based on the type, the aircraft engine is segmented into Turbofan, Turboprop, Turboshaft, Piston Engine from which the turboprop aircraft engines are projected to hold the second highest market share for the aviation engine market for the estimated year 2021 . A turboprop engine is a type of turbine engine that helps drive an aircraft propellor. A turboprop engine consists of an intake, reduction gearbox, compressor, combustor, turbine, and propelling nozzle. Turboprop engines are well-suited for regional and short-haul flights.
These engines offer a good balance between speed, fuel efficiency, and range for flights within a few hundred to a few thousand miles. With the growing demand for regional air travel and the need for connecting flights to smaller airports, turboprops are a popular choice for airlines operating in these segments. Turboprops generally have lower operating costs than jet engines, making them an economical choice for airlines. They are often less expensive to purchase, maintain, and operate, making them an attractive option for budget-conscious carriers.
The fixed-wing segment is projected to witness the highest CAGR during the forecast period
Based on the platform, the fixed-wing aircraft engines are projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. With the increasing demand for commercial aircrafts across regions throughout the industry the demand for aircraft engine is also increasing. A fixed-wing aircraft generates a forward thrust and is heavier than other aircraft that use wings to generate lift for flying. A fixed-wing aircraft uses forward airspeed to generate the lift. In a fixed-wing aircraft, the wings are not always static, and the pilot does not always have to fly the aircraft.
The turbine is projected to witness the highest CAGR during the forecast period
Based on the component, the turbine is projected to grow at the highest CAGR for the aircraft engine market during the forecast period. A turbine is a rotary engine that Is used to extract energy from a flow of combustion gases. So, a turbine harnesses the kinetic energy of these gases and turns them into rotational motion. A turbine in an aircraft engine is composed of a series of blades and allows the flow of gases to enter the turbine which pushes the blade. This creates a rotational motion after which the gases are ejected which has lesser energy.
Conventional aircraft engine projected to witness the highest CAGR during the forecast period
Based on technology, the conventional aircraft engine segment is projected to grow at the highest CAGR rate for the aircraft engine market during the forecast period. A conventional aircraft is also referred to as an aero engine. It is the major power component for the propulsion system of the aircraft. Majority of the aircraft engines are either piston aircraft engine or a gas turbine aircraft engine. Some of major types of aircraft engines are turboprop aircraft engine, turbofan aircraft engine, turboshaft aircraft engine and piston aircraft engine.
The North American market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of the aircraft engine market during the forecast period. The key factor responsible for North America, leading the aircarft engine market owing to the rapid growth of the technologically advanced aircraft engine in the region. In North America, the rise in manufacturing industries and growing aerospace and defence aviation industry is encouraging manufacturers of aircraft engine to introduce technologically advanced and efficient products across various aircraft type.
The increasing demand for aircraft engine and the presence of some of the leading players operating in the market, such as General Electric Company, Honeywell International Inc., Collins Aerospace, and Textron Inc. is expected to drive the aircraft engine market in North America. These players are focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing Aircraft engine.
