Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Commercial Aircraft Gas Turbine Engine Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global commercial aircraft gas turbine engine market is experiencing significant growth, with the latest market research report forecasting a leap from $48.97 billion in 2023 to $57.53 billion by the following year. This represents a robust compound annual growth rate of 17.5%. The impetus for this surge is found in the increased demand for air travel, the quest for enhanced fuel efficiency, globalization trends, stricter emission regulations, and the ongoing modernization efforts of airline fleets.
Unpacking the Drivers of Market Growth
At the heart of this market expansion is the rising demand for new-generation, fuel-efficient aircraft. With environmental considerations taking center stage, these planes offer reduced fuel consumption and a consequent drop in emissions compared to their predecessors, leading to substantial operational cost savings and a reduced carbon footprint. A pivotal insight from Eurocontrol projects that by 2030, with the adoption of cleaner flight practices, there could be an appreciable decline in CO2 emissions per flight, illustrating a significant shift towards sustainable aviation.
Looking further ahead, the market is set to reach a spectacular value of $104.49 billion by 2028, growing at a compound annual growth rate of 16.1%. This forecast points to an ever-increasing appetite for air travel, a fact highlighted by the notable passenger numbers recorded by U.S. airlines in recent years. The introduction of cutting-edge engine technologies and sustainable aviation fuels is expected to further propel the market forward.
Technological Innovation: A Cornerstone of Market Advancement
Innovation remains a key trend within the market, as leading companies channel investments into groundbreaking technologies to bolster their standing. One notable advancement in the sphere includes Airbus SE's unveiling of a hydrogen-powered fuel cell engine designed for zero-emission aircraft, signifying a major stride towards a greener aviation future.
Investments and Acquisitions Shaping the Industry
Major players are also making strategic moves through investments and acquisitions aimed at increasing production capacities for aircraft gas turbine engines. This not only enhances technological development but ensures the market's adaptability in a rapidly changing world. A recent example is General Electric Company's substantial investment into its U.S. manufacturing capabilities, highlighting the industry's focus on growth and sustainability.
Asia-Pacific: The Fastest Growing Market Segment
In terms of geographic segments, Asia-Pacific has emerged as the fastest-growing region, reflecting the area's escalating influence in the aviation sector.
Market Segmentation Insight
- The market is categorized into narrow-body, wide-body, and regional jet segments.
- Varied propulsion types such as electric-based and special fuel-based commercial aircraft are accounted for.
- Technological segments include turbofan, turbojet, and turboprop, among others.
- Applications range from light to heavy commercial and cargo-based aircraft, underscoring the market's diversity.
The comprehensive research report dissects the market to provide a detailed analysis of its current state and future outlook. The study encompasses an in-depth evaluation of market size, regional shares, competitive landscape, key segments, market trends, and opportunities—equipping industry stakeholders with vital information to navigate the evolving commercial aircraft gas turbine engine sector.
The commercial aircraft gas turbine engine market research report delivers a consummate perspective, providing a granular look at the market for heavy-frame engines, aero-derivative engines, turbines, combustion chambers, and open-cycle gas turbine engines.
Stakeholders interested in the commercial aircraft gas turbine engine market will find this report to be an indispensable tool for understanding the dynamics of the industry, enabling them to make informed decisions and strategize effectively for the future.
A selection of companies mentioned in this report includes
- GE Aviation LLC
- GKN Aerospace Services Ltd.
- Honeywell International Inc.
- MTU Aero Engines AG
- Raytheon Technologies Corporation
- Rolls-Royce Holdings plc
- International Aero Engines AG
- Engine Alliance LLC
- CFM International Inc.
- Powerjet Plastic Machinery CO. LTD.
- Pratt and Whitney Co.
- Safran S.A.
- Williams International Co. LLC
- EuroJet Turbo GmbH
- Textron Inc.
- Ishikawajima-Harima Heavy Industries Co.Ltd.
- Siemens Energy Inc.
- Mitsubishi Heavy Industries Ltd.
- Ansaldo Energia SpA
- MAPNA Group
- Caterpillar Inc.
- UEC NPO Saturn
- Rotax Aircraft Engines
- Solar Turbines Incorporated
- Destinus Energy
- MAN Energy Solutions SE
- PBS Group
- Teledyne Continental Motors
- Spirit AeroSystems
- Magellan Aerospace
For more information about this report visit https://www.researchandmarkets.com/r/po2s64
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
