Aircraft Engine Market to Worth USD 112.61 Billion by 2029 | With a CAGR of 10.87%
The global aircraft engine market covered major segments by engine type (turboprop engine, turboshaft engine, turbofan engine, and piston engine), by technology (conventional engine, electric/hybrid engine), by component (compressor, turbine, gear box, combustion chamber, fuel system, and others.
Pune, India, May 25, 2023 (GLOBE NEWSWIRE) -- The global aircraft engine market size is projected to hit USD 112.61 billion by 2029 and register a CAGR of 10.87% during the forecast period. The swelling commercial aircraft deliveries and rising adoption of fuel-efficient and cost-effective aircraft are anticipated to bolster the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Aircraft Engine Market, 2022-2029”. The market size stood at USD 49.01 billion in 2021 and USD 54.70 billion in 2022.
Additionally, the growing development of 3D printed components for aircraft engines is predicted to create growth opportunities for the market in the coming years.
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*List of Key Players Profiled in the Aircraft Engine Market Report:*
· CFM International SA (France)
· Honeywell International Inc. (U.S.)
· GE Aviation (U.S.)
· Rolls-Royce Holdings Plc. (U.K.)
· Safran SA (France)
· International Aero Engines AG (U.S.)
· MTU Aero Engines AG (Germany)
· Textron Inc. (U.S.)
· United Technologies Corporation (U.S.)
**Report Scope & Segmentation:**
*Report Coverage* *Details*
Forecast Period 2022-2029
Forecast CAGR 10.87%
2029 Value Projection USD 112.61 Billion
Market Size in 2022 USD 54.70 Billion
Historical Data 2018-2020
No. of Pages 220
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered · By Engine Type Analysis
· By Technology Analysis
· By Component Analysis
· By End-Use Analysis
Regions Covered · North America
· Europe
· Asia Pacific
· South America
· Middle East and Africa
Aircraft Engine Market Growth Drivers Surge in Adoption of Cost-Effective and Fuel Efficient Aircraft is Refueling the Market Growth
Increasing Commercial Aircraft Deliveries Anticipated to Fuel the Market Growth
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*Segmentation-*
On the basis of engine type, the market is fragmented into piston engine, turbofan engine, turboshaft engine, and turboprop engine. On the basis of technology, the market is bifurcated into electric/hybrid engine and conventional engine. On the basis of components, the market is divided into fuel system, combustion chamber, gear box, turbine, compressor, and others. On the basis of end-use, the market is categorized into military and commercial. Geographically, the market is classified into North America, Asia Pacific, Europe, and the Rest of the World.
*COVID-19 Impact-*
The severe coronavirus outbreak has immensely impacted the global aircraft engine market. The strict ban on air travel from different nations across the globe has affected the market growth. The aircraft deliveries also declined during the pandemic, which impacted the market growth. Low passenger demand and canceled airlines aggravated the situation. Nonetheless, the market is recovering as several nations uplift their lockdown and travel restrictions.
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*Report Coverage-*
· It includes key market developments and information on different market segments.
· It assesses the COVID-19 pandemic’s impact on the market.
· It incorporates Porters’ Five Forces Analysis for precise prediction.
· It assimilates key market drivers and restraints.
· It profiles the rankings of key market players accordingly.
*Drivers & Restraints-*
*Rising Commercial Aircraft Deliveries to Fuel Market Growth*
Aircraft manufacturers and major OEMs are emphasizing the development of fuel-efficient aircraft to cut fuel costs. The increasing fuel prices have led manufacturers to develop cost-effective aircraft. They are also emphasizing the development of lightweight aircraft engines to produce lightweight aircraft. The use of reinforced plastics, carbon fiber, and other lightweight materials is likely to bolster the global aircraft engine market growth.
The increasing personal disposable incomes due to economic development in countries such as China and India, coupled with the swift expansion of the middle-class populace across these countries, is resulting in higher air passengers. It boosts the demand for commercial aircraft. Additionally, the growing defense expenditures across these countries are fueling the product demand. Hence, increasing aircraft deliveries are anticipated to boost the market growth.
However, the long life cycle of aircraft engines may restrain the market growth.
*Regional Insights-*
*Asia Pacific to Witness Growth Due to Increasing Defense Expenditures*
Asia Pacific is anticipated to attain substantial growth in the global aircraft engine market. The rising defense expenditure by the Indian government is likely to fuel the region’s market growth. Furthermore, the increasing air passenger traffic is expected to support the region’s market growth.
North America is projected to emerge dominant in the global aircraft engine market share. The key players present in the region, such as Honeywell International Inc., GE Aviation, and others, are expected to stimulate growth in the region. The increasing defense spending on procuring military helicopters, fighter jets, emergency medical service helicopters, and single-engine aircraft is predicted to amplify the region’s market growth.
*Competitive Landscape-*
*Key Players Acquire Contracts to Fortify Revenues*
The market is highly fragmented and controlled by a few major companies occupying the largest market shares. GE Aviation is anticipated to lead the market. CFM International SA, Safran SA, Rolls Royce Holdings PLC., and others are amongst the other leading market players who emphasize modernization and adoption of advanced technologies to offer distinct and enhanced product offerings. Recently, in September 2021, Bamboo Airlines awarded GE Aviation a contract for its GEnx engines for Boeing 787-9 aircraft.
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*Detailed Table of Content:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
· Latest technological Advancements
· Porters Five Forces Analysis
· Supply Chain Analysis
· *Quantitative Insights- Impact of COVID-19 Pandemic on Global Aircraft Engine Market*
· Impact of the COVID-19 pandemic on the Global Aircraft Engine Market
· Steps taken by Industry/ Companies/ Governments to overcome the impact
· Key Developments in the Industry in Response to COVID-19 pandemic
· *Global Aircraft Engine Market Analysis, Insights and Forecast, 2018-2029*
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Engine Type
· Turboprop Engine
· Turboshaft Engine
· Turbofan Engine
· Piston Engine
*TOC Continued...!*
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*Key Industry Development-*
*September 2021: *Rolls Royce signed a USD 2.6 billion worth contract with the U.S. Air Force to deliver F-130 engines for the B-52 Stratofortress.
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