Aircraft Engines Market: Industry Analysis and Forecast (2023-2029) by Technology, Type, Platform and Region

Aircraft Engines Market size was valued at US$ 90.22 Bn in 2022 and expected to reach US$ 137.47 Bn by 2029, at a CAGR of 6.2% though out the forecast period.
Aircraft Engines Market Overview:
An aircraft engine is the main propulsion device that produces the thrust needed to generate the lift for an aircraft to fly. These engines are synonyms for design with reciprocating engines used in automobiles, but today a shift from reciprocating engines to jet engines is observed. In an aircraft engine, the air is drawn from the front intake, compressed by a fan, mixed with fuel, burned, and then fired at the rear as a hot, fast-moving exhaust that propels the aircraft forward.



 

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Aircraft Engines Market Dynamics:
Increasing air travel has made great strides in the market. The commercial aviation industry consists of two main segments: the passenger aircraft industry and the freighter industry. Recently, there has been a surge in activity in both industries, boosting the aviation industry. Thus, driving the demand for aircraft engines in the market.

The Aerial Vehicle Industry has increased the operation of unmanned aerial vehicles in many parts of Europe and North America. Many of the major industry players such as Honeywell International, Rolls Royce PLC, and Safran are rigorously testing the capabilities of commercial and military drones to be a safe and efficient alternative to aircraft. With the increase in pilot operations to the extent that these aircraft are required for better operational efficiency, the number of aircraft engines in the unmanned aerial vehicle segment will increase in the future. These factors are expected to drive the growth of the aircraft engines through the forecast period.

Leading OEMs and aircraft manufacturers around the globe are focusing on developing fuel-efficient aircraft to reduce fuel consumption. Rising fuel prices have led manufacturers to focus on the fuel efficiency of aircraft. By reducing the total weight of the aircraft, you can increase the fuel efficiency of the aircraft. Therefore, several manufacturers have developed lightweight engines to reduce the total weight of the aircraft. Uses lightweight materials such as carbon fiber. Composite materials such as lightweight, high-strength reinforced plastics are driving the market growth of aircraft engines.

Most of the high disposable income population now considers traveling by air as an affordable option, forcing airlines to increase their fleet size to meet this demand. This factor is one of the main drivers of growth in the aircraft engine market as airlines order more and more aircraft for expanding business to meet the demand.

Air pollution from exhaust fumes from the burning of fuel in aircraft engines is an urgent concern recognized by government agencies in various countries. Therefore, aircraft engine manufacturers are striving to produce more fuel-efficient and environmentally friendly engines.

Aircraft engines are designed and manufactured to have long life cycles. Due to the long-lasting life of the aircraft engine, there will not be demand for new engines except for new aircraft. This factor is restraining the market growth.

Aircraft engines are expensive products and can be difficult for both manufacturers and the growth of the aerospace industry. The market also depends on the number of airline orders. High orders can reduce aircraft OEM productivity and slow market growth through the forecast period.

The manufacture and maintenance of aircraft engines require highly skilled personnel, which increases the cost of capital. This factor is restraining the market growth of aircraft engines.
Market Trends:
In 2021, Rolls-Royce announced that it had officially started construction of UltraFan at its DemoWorks plant in Derby, England. The new aircraft engine is said to save more than 25% fuel compared to the first-generation Trent engine.
In 2021, MagniX announced that it began operations at its 40,000-square-foot manufacturing facility in the Everett Industrial Complex, Washington. The engine manufactured by the company will be installed on the all-electric Alice commuter aircraft assembled by Eviation.

Market trends and challenges are analyzed and compiled in the report. The data of 2022 is considered for a better understanding of the client. Moreover, Analytics of the market is based on real numbers of past years from 2018 to 2022 with market forecast until 2029.
Aircraft Engines Market Segment Analysis:
By Technology, the Conventional segment dominated the market with a 64% share in 2022. Conventional aircraft are also known as aero engines. This is the most important power component for an aircraft propulsion system. Increased use of conventional engines in current commercial and military aircraft is driving the demand of the segment. Combustion engines with conventional powertrains offer the best performance in terms of simple layout, well-known and approved technology and excellent performance in terms of mission range.

The hybrid segment is expected to grow at a CAGR of 4.2% through the forecast period. Increasing investment in research and development of hybrid technology to reduce fuel consumption and carbon dioxide emission. These factors are expected to drive the growth of the market through the forecast period.



By Type, Turbofan dominated the market in 2022 with a 43% share. A turbofan engine, also known as a fan jet or bypass engine, is a type of jet engine that produces thrust through a combination of jet core outflow and bypass air and is produced by. The jacket fan driven by the nozzle core has been accelerated. The turbofan engines are much better at flying at higher altitudes than other engines, and these engines also have lower noise levels than other engines. These factors are driving the market growth of the segment.

The turboshaft segment is expected to grow at 5% CAGR through the forecast period. Increasing the use of commercial helicopters will increase the demand for turboshafts. These factors are expected to drive segment market growth through the forecast period.

By Platform, The fixed-wing segment dominated the market with a 42% share in 2022. The wings do not move and are powered by a propeller or jet engine. Airplanes need to travel long distances with a certain amount of fuel, and these planes are used more often over long distances. These factors are driving the market growth of the segment.

The rotor wing segment is expected to grow at a CAGR of 4.1% through the forecast period. These aircraft, including helicopters, are widely used in emergencies and are best suited for short-haul high-speed transportation. You can land anywhere, which is very effective in many situations. These factors are expected to drive the growth of the segment through the forecast period.
Aircraft Engines Market Regional Insights:
North America region dominated the market with a 39% share in 2022. Rising manufacturing and the growth of the aerospace industry have led aircraft engine manufacturers to introduce technologically advanced and efficient products to a wide variety of aircraft. The growing demand for aero engines and the presence of key players in markets such as General Electric Company, Honeywell International Inc., etc. in the region. These players are focusing on research and development to expand their product line and use technologically advanced systems, subsystems, and other components to manufacture aircraft engines. These factors are driving the growth of the aircraft engines industry in the region.

Asia Pacific is expected to grow at a CAGR of 8 % through the forecasted period. Increased defense budgets and air fleets in emerging countries such as India and China are expected to contribute to regional growth. Due to geopolitical tensions in the region, countries are increasing their investment to enhance their flight capabilities by procuring advanced aircraft and replacing older aircraft. These factors are expected to drive the growth of the market in the region through the forecast period.

The objective of the report is to present a comprehensive analysis of the Aircraft Engines market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Aircraft Engines market dynamics, structure by analyzing the market segments and projecting the Aircraft Engines market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Aircraft Engines market make the report investor’s guide.
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Aircraft Engines Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in2022:
US $ 90.22 Bn.


Forecast Period 2022 to 2029 CAGR:
6.2 %
Market Size in 2029:
US $ 137.47 Bn.


 Segments Covered:
by Technology
Conventional
Hybrid


by Type
Turboprop
Turbofan
Turboshaft
Piston Engine


by Platform
Unmanned Ariel
Fixed Wing
Rotary Wing



Aircraft Engines Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Aircraft Engines Market Key Players
1. General Electric Company
2. Rolls-Royce Motor Cars Limited
3. Honeywell International Inc.
4. Snecma S.A
5. Hindustan Aeronautics Limited
6. JSC "Klimov"-United Engine Corporation
7. Safran
8. Boeing.
9. General Aviation
10. Rolls-Royce Holdings PLC
11. CFM International SA
12. GE Aviation
13. Internatinal Aero Engines AG
14. MTU Aero Engines AG
15. Textron Inc.
16. Pratt & Whitney Division Snecma S.A
17. Raytheon Technologies Corporation
18. Engine Alliance LLC
19. Extron Inc.
FAQ:
1] What segments are covered in the Aircraft Engines Market report?
Ans. The segments covered in the Aircraft Engines Market report are based on Technology, Type, and Platform.

2] Which region is expected to hold the highest share in the Aircraft Engines Market?
Ans. Asia Pacific Region is expected to hold the highest share in the Aircraft Engines Market.

3] What is the market size of the Aircraft Engines Market by 2029?
Ans. The market size of the Aircraft Engines Market by 2029 is US $ 137.47 Bn.

4] Who are the top key players in the Aircraft Engines Market?
Ans. General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc., Snecma S.A, Hindustan Aeronautics Limited, JSC "Klimov"-United Engine Corporation, Safran, Boeing., General Aviation, Rolls-Royce Holdings PLC, CFM International SA, GE Aviation, International Aero Engines AG, MTU Aero Engines AG, Textron Inc., Pratt & Whitney Division Snecma S.A, Raytheon Technologies Corporation, Engine Alliance LLC, Extron Inc.

5] What was the market size of the Aircraft Engines Market in 2022?
Ans. The market size of the Aircraft Engines Market in 2022 was US $US $ 90.22 Bn.