Dublin, June 19, 2023 (GLOBE NEWSWIRE) -- The "Global Aircraft Engine Market: Analysis By Technology, By Platform, By Engine Type, By Component, By End User, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global aircraft engine market was valued at US$80.09 billion in 2022 and is expected to be worth US$123.88 billion in 2028. The market value is expected to grow at a CAGR of 7.54% during the forecast period of 2023-2028.
An aircraft engine is a crucial component of an aircraft that generates the necessary thrust for flight. It is responsible for converting fuel into mechanical energy, which propels the aircraft forward. Aircraft engines have evolved significantly over time, with advancements in technology and engineering. Modern aircraft engines, such as turbofan engines, are known for their efficiency, reliability, and power.
The demand for aircraft engines has been steadily growing due to increasing global demand for air travel. As economies grow and people's disposable incomes rise, more individuals are opting for air transportation. This trend has led to a surge in airline fleets and the need for additional aircraft engines to power these planes.
Furthermore, emerging markets, particularly in Asia and the Middle East, have witnessed rapid expansion in their aviation sectors. These regions have experienced a rise in passenger numbers and the establishment of new airlines, which in turn drives the demand for aircraft engines.
Market Dynamics:
- Growth Drivers: One of the most important factors impacting the global aircraft engine market is the increasing defense budget. Increasing defense budgets play a crucial role in driving the aircraft engine market. The defense sector heavily relies on advanced aircraft and cutting-edge technologies to maintain military superiority and ensure national security. As defense budgets expand, governments allocate significant funds towards the development and acquisition of new aircraft, which in turn stimulates the demand for aircraft engines. Aircraft engines are the heart of any aircraft, providing the necessary power for propulsion and flight. With higher defense budgets, defense organizations can invest in research and development programs to enhance engine performance, fuel efficiency, and reliability. These advancements lead to the creation of more powerful and technologically advanced engines, which are sought after by military aircraft manufacturers. Furthermore, the market has been growing over the past few years, due to factors such as increasing airline capacity, growth in cargo operations, surge in adoption of cost effective and fuel efficient aircraft, increasing commercial aircraft deliveries and introduction of new fuel efficient engines and aircraft models.
- Challenges: However, the market has been confronted with some challenges specifically, high upfront investments with long-term payback, technological complexity, huge entry barriers, etc. Developing and manufacturing aircraft engines requires substantial financial resources, research and development, and engineering expertise. The complex and highly regulated nature of the industry adds to the cost and time required for engine development. Aircraft engines undergo rigorous testing, certification processes, and compliance with stringent safety standards, making the upfront investments significantly high. Moreover, the very high upfront investments required for aircraft engine development, coupled with long-term payback periods, pose a significant challenge to the aircraft engine market.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as digitalization and IoT integration, increasing use of 3D printed parts in aircraft engines, incorporation of ceramic matrix composites (CMCs) and need to decarbonize aviation. With the advent of advanced sensors, data analytics, and connectivity solutions, aircraft engines are becoming smarter and more efficient than ever before. Digitalization involves the transformation of traditional analog systems into digital ones, enabling the collection and analysis of vast amounts of data in real-time. This allows for more accurate monitoring of engine performance, predictive maintenance, and enhanced operational efficiency. By integrating IoT (Internet of Things) technologies, aircraft engines can communicate with various onboard and ground-based systems, facilitating seamless data exchange and enabling remote monitoring and control. The benefits of digitalization and IoT integration in the aircraft engine market are manifold.
Competitive Landscape:
The global aircraft engine market is consolidated across five companies: GE, Pratt & Whitney (owned by Raytheon), Rolls-Royce, Safran, and MTU Aero Engines. GE and Safran have a 50/50 JV called CFM International, which dominates the narrow body engine market and enjoys very high margins. GE is also the dominant player in the wide body market.
The key players in the global aircraft engine market are:
- Honeywell International Inc.
- General Electric Company (GE Aerospace)
- Raytheon Technologies Corporation
- MTU Aero Engines AG
- Safran SA
- Rolls-Royce Holdings Plc.
- Textron Inc.
Technological advancements in the market are also bringing sustainable competitive advantage to companies, and the market is witnessing multiple partnerships and mergers. For instance, in November 2022, with the first flight of a modern aero engine powered by hydrogen, Rolls-Royce and easyJet officially announced they had achieved a new aviation milestone.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 173 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $86.13 Billion |
| Forecasted Market Value (USD) by 2028 | $123.88 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Aircraft Engine Market: An Analysis
3.1.1 Global Aircraft Engine Market: An Overview
3.1.2 Global Aircraft Engine Market by Value
3.1.3 Global Aircraft Engine Market by Technology (Conventional & Hybrid)
3.1.4 Global Aircraft Engine Market by Platform (Fixed Wing Aircraft Engine, Rotary Wing Aircraft Engine, and Unmanned Ariel Vehicles)
3.1.5 Global Aircraft Engine Market by Engine Type (Turbofan Engine, Turbojet Engine, Piston and Turboprop Engine and Turboshaft Engine)
3.1.6 Global Aircraft Engine Market by Component Combustor, Turbine, Compressor, Fan, Mixer and Nozzle)
3.1.7 Global Aircraft Engine Market by End User (Commercial Aviation and Military Aviation)
3.1.8 Global Aircraft Engine Market by Region (North America, Europe, Asia Pacific & ROW)
3.2 Global Aircraft Engine Market: Technology Analysis
3.2.1 Global Aircraft Engine Market by Technology: An Overview
3.2.2 Global Conventional Aircraft Engine Market by Value
3.2.3 Global Hybrid Aircraft Engine Market by Value
3.3 Global Aircraft Engine Market: Platform Analysis
3.3.1 Global Aircraft Engine Market by Platform: An Overview
3.3.2 Global Fixed Wing Aircraft Engine Market by Value
3.3.3 Global Rotary Wing Aircraft Engine Market by Value
3.3.4 Global Unmanned Ariel Vehicles Aircraft Engine Market by Value
3.4 Global Aircraft Engine Market: Engine Type Analysis
3.4.1 Global Aircraft Engine Market by Engine Type: An Overview
3.4.2 Global Turbofan Engine Aircraft Engine Market by Value
3.4.3 Global Turbojet Engine Aircraft Engine Market by Value
3.4.4 Global Piston and Turboprop Aircraft Engine Market by Value
3.4.5 Global Turboshaft Aircraft Engine Market by Value
3.5 Global Aircraft Engine Market: Component Analysis
3.5.1 Global Aircraft Engine Market by Component: An Overview
3.5.2 Global Combustor Aircraft Engine Market by Value
3.5.3 Global Turbine Engine Aircraft Engine Market by Value
3.5.4 Global Compressor Aircraft Engine Market by Value
3.5.5 Global Fan Aircraft Engine Market by Value
3.5.6 Global Mixer Aircraft Engine Market by Value
3.5.7 Global Nozzle Aircraft Engine Market by Value
3.6 Global Aircraft Engine Market: End User Analysis
3.6.1 Global Aircraft Engine Market by End User: An Overview
3.6.2 Global Commercial Aircraft Engine Market by Value
3.6.3 Global Military Aircraft Engine Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1. Impact of COVID-19 on Aircraft Engine Market
5.2 Decline in Air Travel
5.3 Post COVID Scenario
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increasing Defense Budget
6.1.2 Increasing Airline Capacity
6.1.3 Growth in Cargo Operations
6.1.4 Surge in Adoption of Cost Effective and Fuel Efficient Aircraft
6.1.5 Increasing Commercial Aircraft Deliveries
6.1.6 Introduction of New Fuel Efficient Engines and Aircraft Models
6.2 Challenges
6.2.1 High Upfront Investments with Long-term Payback
6.2.2 Technological Complexity
6.2.3 Huge Entry Barriers
6.3 Market Trends
6.3.1 Digitalization and IoT Integration
6.3.2 Increasing Use of 3D Printed Parts in Aircraft Engines
6.3.3 Incorporation of Ceramic Matrix Composites (CMCs)
6.3.4 Need to Decarbonize Aviation
7. Competitive Landscape
7.1 Global Aircraft Engine Market Players: Competitive Landscape
7.2 Global Commercial Aircraft Engine Players by Market Share
7.3 Global Aircraft Engine Market Players by Supply Chain Position
7.4 Global Aircraft Engine Market Players: Estimated Time on Wing Performance
7.5 Global Aircraft Engine Market Players: Engine Options for New & Selected Old Aircrafts
7.6 Global Aircraft Engine Market Players: Engine Options for New & Selected Old Aircrafts
7.7 Global Aircraft Engine Market Players: Military Aircraft Engine in Production & Development
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/l5eo11
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