Selbyville, Delaware , Jan. 29, 2025 (GLOBE NEWSWIRE) -- Aircraft Engine Market was valued at USD 81.2 billion in 2024 and is projected to be worth USD 183.7 billion by the end of 2034, as per a recent study by Global Market Insights Inc.
A key driver of this growth is the increasing emphasis on modernizing defense aircraft. As nations invest in upgrading their military fleets, there is a growing demand for advanced engines to power fighter jets and other aircraft. These new engines are designed to improve fuel efficiency, enhance performance, and meet evolving defense requirements.
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Aircraft engine manufacturers are adapting their offerings to cater to the distinct needs of both military and commercial sectors. They are developing engines specifically tailored for challenging conditions, including high altitudes and extreme weather environments. Additionally, the market is witnessing a rise in flexible maintenance contracts and service options as companies focus on lifecycle management services such as maintenance, repair, and overhaul (MRO). The increasing complexity of modern engines extends service intervals, creating a thriving aftermarket and further driving demand.
The aircraft engine market is categorized by engine type into turboprop, turbofan, turboshaft, and piston engines. Among these, the turboshaft segment is expected to experience the fastest growth, with a projected CAGR of 8.5% by 2032. These engines are widely used in helicopters and unmanned aerial vehicles (UAVs) for both military and commercial applications. Their high power-to-weight ratio and reliability in diverse environments make them ideal for missions requiring agility and precision.
Technology-wise, the aircraft engine market is divided into conventional and hybrid segments. In 2023, conventional engines held the largest market share, accounting for 57%. This segment is anticipated to maintain strong growth as airlines continue to modernize their fleets. By replacing older aircraft with newer, more fuel-efficient models, airlines are driving demand for conventional engines that offer better fuel efficiency and reduced emissions. These engines help airlines comply with environmental regulations while also lowering operational costs. As these engines provide improved specific fuel consumption (SFC), they are benefiting both airlines and the environment.
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North America is the leading region in the aircraft engine market, with projections indicating the market will generate USD 80.2 billion by 2032. Demand is being driven by military modernization efforts, particularly the integration of advanced propulsion systems into fighter jets and unmanned systems. The region's robust defense contracts are fueling market growth, prompting manufacturers to innovate and meet the high-performance needs of modern military aircraft.
Aircraft Engine Market Players
Companies including CFM International, Engine Alliance, Enjet Aero, General Electric, IHI, ITP Aero, Mitsubishi Heavy Industries Aero Engines, MTU Aero Engines, Pratt & Whitney (RTX), Rolls-Royce, Safran, Textron are some firms working in aircraft engine industry.
This aircraft engine market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD million) & volume (units) from 2021 to 2034, for the following segments:
Market, By Type
- Turboprop
- Turbofan
- Turboshaft
- Piston Engine
Market, By Component
- Turbine
- Compressor
- Gearbox
- Exhaust System
- Fuel System
- Others
Market, By Technology
- Conventional
- Hybrid
Market, By Application
- Commercial Aircrafts
- Narrow-body
- Wide-body
- Regional jets
- Turboprop/Helicopters
- Military Aircrafts
- Fighter aircraft
- Transport aircraft
- Special mission aircraft
- Military helicopters
- Unmanned aireal vehicle
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
