USD 49.01 billion
Report ID: SQMIG20S2011 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 61 | Figures: 75
Aircraft Engine Market size was valued at USD 49.01 billion in 2021 and is poised to grow from USD 54.34 billion in 2022 to USD 137.54 billion by 2030, growing at a CAGR of 10.87% in the forecast period (2023-2030).
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 2021 as compared to 566 in 2020. In 2021, Boeing delivered 302 aircraft, up from 157 in 2020. This market benefits from the growth in aircraft deliveries. Due to the government's limitations being loosened, the market is anticipated to revive by 2022.
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.
Global Market Size
USD 49.01 billion
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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.
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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.
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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
Aircraft Engine Market Recent Development
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.
|Market size value in 2021||USD 49.01 billion|
|Market size value in 2030||USD 137.54 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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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.
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