The global aircraft engine market size is projected to hit USD 104.65 billion by 2029 and register a CAGR of 10.89% 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 45.50 billion in 2021 and USD 50.76 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.
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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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.
- 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.
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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.
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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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.
List of Key Market Players-
- 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.)
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