USD 49.01 billion
Global Aircraft Engine Market Size, Share, Growth Analysis, By End-User(Commercial, Military), By Technology(Conventional Engines, Electric/Hybrid Engine) - Industry Forecast 2024-2031
Report ID:
SQMIG20S2011 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
61 |
Figures:
75
Global Aircraft Engine Market Insights
Aircraft Engine Market size was valued at USD 49.01 billion in 2019 and is poised to grow from USD 54.34 billion in 2023 to USD 137.54 billion by 2031, growing at a CAGR of 10.87% in the forecast period (2024-2031).
The global aircraft engines market is anticipated to grow owing to rising demand for more efficient and comfortable passenger and cargo. Aircraft engines are expected to become more prominent in the military sector's fight against drug trafficking, illegal infiltration, and terrorism, even if demand may be higher in commercial applications. Regarding the commercial sector, aircraft engines could be installed in newly built commercial aircraft at an increasing rate to keep up with the rising number of airline passengers.
The COVID-19 outbreak devastated numerous nations around the globe and had a significant negative impact on the aviation sector. Due to the lack of passenger demand, airlines all over the world experienced a financial crisis and had to reduce capacity at unheard-of rates.
Some airlines totally ceased operations. The majority of airlines cancelled their purchases, which had an immediate impact on the market. Airbus delivered 611 planes in 2019 as compared to 566 in 2019. In 2021, Boeing delivered 302 aircraft, up from 157 in 2019. This market benefits from the growth in aircraft deliveries. Due to the government's limitations being loosened, the market is anticipated to revive by 2031.
There is a rising demand for aircraft engines with improved fuel efficiency, small size, and light weight. The increased demand for air travel has caused airlines to expand their fleet of aircraft. The market is anticipated to grow as a result of this need for new aircraft. In addition, the growing concern over decreasing carbon emissions has taken attention away from the development of new aviation engine types like electric or hybrid engines, which are predicted to drive market expansion.
US Aircraft Engine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Conventional Engines
Fastest Growth
Conventional Engines
Growth Rate
10.87% CAGR
Global Aircraft Engine Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Aircraft Engine Market Size By Technology 2022-2028 ($ Bn)
Global Aircraft Engine Market Size By Technology 2022-2028 (%)
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Global Aircraft Engine Market Segmental Analysis
The global aircraft engine market has been segmented based on end-user, technology, and regions. Based on end-user, the aircraft engine market is segmented into commercial and military. Based on the technology the aircraft engine market is segmented into conventional engines and electric/hybrid engine. Based on region, the aircraft engine market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Aircraft Engine Market Analysis by Technology
Due to the rising deployment of conventional engines in modern commercial and military aircraft, the conventional engine sector is predicted to hold the largest market share. The fastest-growing area is expected to be electric/hybrid engines, nevertheless, due to increased spending on research and development of environmentally friendly electric/hybrid engine technology to lower emissions and fuel usage.
Global Aircraft Engine Market By Technology, 2021 (%), 2023 (%)
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Global Aircraft Engine Market Regional Insights
North America dominates the global aircraft engine market, due to the presence of significant players like GE Aviation and Honeywell International Inc. in the region. Additionally, the US government is investing in the performance and efficiency of helicopters and their engines, which is anticipated to support market expansion. Additionally, it is anticipated that the market in North America would be driven by increased defense investments in the purchase of fighter jets, military helicopters, single-engine aircraft, and emergency medical services helicopters.
The market in Asia Pacific is anticipated to see the greatest CAGR throughout the forecast period as a result of the Indian government's increasing defense spending. In turn, this has increased the demand for fighter aircraft and military helicopters in the nation. Additionally, the region's increasing air passenger traffic has increased the demand for new aircraft purchases, which is anticipated to assist the market expansion.
Global Aircraft Engine Market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Aircraft Engine Market Dynamics
Aircraft Engine Market Driver
- The overall weight of an airplane can be decreased to boost fuel efficiency, which has prompted various manufacturers to create lightweight engines for aircraft. The market is expanding due to the use of lightweight materials like carbon fiber, reinforced plastic, and other composite materials that are both light and strong
- The supply chain for aviation engines closely reflects the rising demand for commercial aircraft types from India. Fighter and transport aircraft make up military aviation. It is anticipated that the market would develop as more military forces throughout the world utilize fighter jets and fixed-wing UAVs.
Aircraft Engine Market Restraint
- Long life cycles are a feature of aircraft engines. However, it might be a factor that prevents the market from expanding as there won't be a need for new engines outside of new airplanes because of the long lifespan of these engines. The market is anticipated to be hampered by engines' extended lifespans.
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Global Aircraft Engine Market Competitive Landscape
Major firms dominated the commercial aircraft engine market. Collaborations and cooperative development initiatives are taking place in the commercial aircraft engine market to create new technologies for lighter and more fuel-efficient aircraft. Due to the accessibility of inexpensive labor and the expanding aviation industry, international producers of commercial aircraft engines are also making investments in the ecosystems supporting manufacturing in places like Asia-Pacific. Obtaining contracts and orders from aircraft manufacturers for engines and engine MRO services is the key revenue-generation approach used by market participants. For instance, in February 2022, Embraer, Widerøe, and Rolls-Royce entered into a research partnership agreement to conduct a 12-month study and research innovative sustainable technologies for regional planes, focusing on developing a conceptual zero-emissions aircraft.
Top Players in the Global Aircraft Engine Market
- General Electric Company
- Rolls-Royce Holdings plc
- Safran S.A.
- United Technologies Corporation
- Honeywell International Inc.
- Pratt & Whitney
- CFM International
- MTU Aero Engines AG
- IHI Corporation
- GE Aviation Systems LLC
- Avio Aero
- Aerojet Rocketdyne Holdings, Inc.
- Engine Alliance LLC
- NPO Saturn
- PowerJet
- International Aero Engines AG
- Austro Engine GmbH
- Williams International Co., LLC
- Continental Motors, Inc.
- Hirth Engines GmbH
Aircraft Engine Market Recent Development
- In February 2022, Safran Helicopter Engines signed a Memorandum of Understanding (MoU) with ST Engineering to conduct a study on the use of Sustainable Aviation Fuel (SAF) in helicopter engines. The study aims to assist helicopter operators in switching from conventional fossil fuels to SAF.
- In January 2022, Qatar Airways placed an order for GE9X engines as part of its global launch order of up to 50 Boeing 777-8 Freighters. GE Aviation received a commitment from the airline for 30 GE9X engines and four GE90-115B engines for Boeing 777-8 aircraft (34 aircraft firm order with an additional 16 purchase right options).
- In December 2021 – CFM International, a joint venture of General Electric and Safran Aircraft Engines, was awarded a contract by Saudi Arabian Airlines for CFM International LEAP-1A engines to power its new fleet of 35 Airbus A321neo and 30 Airbus A320neo planes.
- In October 2021 – GE Aviation was awarded a contract worth USD 1.58 billion by the US Air Force to supply F110 engines for the Boeing F-15EX Eagle II. As a result of this decision, GE will be the only propulsion source for the entire planned F-15EX fleet of the US Air Force.
Global Aircraft Engine Key Market Trends
- The development of lightweight engines is a major area of attention for various engine manufacturers to decrease the overall weight of the aircraft and improve its fuel economy. The first advanced turboprop engine has been created by the GE aviation engine for a commercial airplane with numerous 3D-printed parts. The vehicle's 855 distinct elements were consolidated into 12 parts by designers. This should lessen the weight of the engine, which uses less gasoline to go at the same speed. The product becomes more robust and durable during manufacture. International CFM constructing a cutting-edge LEAP engine for use in The Boeing Company's aircraft the latest fleet of narrow-body aircraft from Airbus. 15 percent less fuel is burned, and Complex 3D printed gasoline nozzles installed on engines cause pollution.
Global Aircraft Engine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by technology, conventional engine dominated the global aircraft engine market in 2021 and are anticipated to maintain their dominance over the forecast period. In 2021, North America dominated the global aircraft engine market owing to the region's increased defense investments.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 49.01 billion |
| Market size value in 2031 | USD 137.54 billion |
| Growth Rate | 10.87% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Aircraft Engine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Aircraft Engine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Aircraft Engine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aircraft Engine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Aircraft Engine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Aircraft Engine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Aircraft Engine Market Report Snapshots
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