The global aircraft engines market revenue was around US$ 84.95 billion in 2022 and is estimated to reach US$ 161.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.4% during the forecast period from 2023 to 2031.
Aircraft engines are primary propulsion devices that create the essential thrust to generate lift for the aircraft to fly. These were synonymous in design with reciprocating engines utilized in automobiles but in the current world, a transition from reciprocating engines to jet aircraft engines has been observed.
Market Driving Factors
An increase in the adoption of fuel-efficient and cost-effective aircraft is propelling the market expansion. This is owing to the major original equipment manufacturers (OEMs) and aircraft manufacturers worldwide concentrating on developing fuel-efficient aircraft to lower fuel consumption. As a result, the increasing costs of fuel have encouraged manufacturers to concentrate on the fuel efficiency of the aircraft. Therefore, the fuel efficiency of an aircraft can be raised by lowering the overall aircraft weight, which has led many manufacturers to create lightweight engines to lower the aircraft weight.
The unmanned aerial vehicles industry is estimated to create opportunities in the market. This is due to the increase in unmanned ariel vehicle operation in numerous regions of North America and Europe. As a result, various key players from the industry such as Rolls Royce PLC, Honeywell International, and Safran have been rigidly testing the capabilities of drones for military and commercial purposes to make them an efficient and safe ariel vehicle alternative. Thus, with the surge in testing operations with a scope of requiring these aircraft for more suitable operational efficiency there will be an increase in aircraft engines for the unmanned aerial.
The high cost of engine maintenance is estimated to hamper the market
Regional Analysis
North America is estimated to dominate the market in terms of the largest shares. This is mainly due to the immediate growth of the technologically cutting-edge aircraft engine in the region. Furthermore, the increase in manufacturing industries and surging defense and aerospace aviation industry is stimulating manufacturers of aircraft engines to introduce technologically cutting-edge and efficient products across several aircraft types.
Segmentation Insights
Engine Type Insight
The turbofan engine segment is estimated to dominate the market in terms of the largest shares. This is due to the increasing demand for business jets in the Asia Pacific and the surging demand for civil helicopter fleets.
Component Insight
The compressor segment dominated the market in terms of growth rate and is estimated to maintain its dominance. This can be attributed to the surge in the demand for turbofan engines.
Component Insight
The turbine segment is predicted to dominate the market in terms of the largest share throughout the projection period. This is mainly owing to the increasing investment in research & development of fuel-efficient aircraft turbines.
Prominent Companies
Segmentation Outline
The global aircraft engines market segmentation focuses on the End Use, Platform, Engine Type, Component, and Region.
By End Use
By Platform
By Engine Type
By Component
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL AIRCRAFT ENGINES MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: AIRCRAFT ENGINES MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL AIRCRAFT ENGINES MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL AIRCRAFT ENGINES MARKET, BY END USE
5.1 OVERVIEW
5.2 COMMERCIAL AVIATION
5.3 MILITARY AVIATION
6 GLOBAL AIRCRAFT ENGINES MARKET, BY PLATFORM
6.1 OVERVIEW
6.2 FIXED WING
6.3 ROTARY WING
7 GLOBAL AIRCRAFT ENGINES MARKET, BY ENGINE TYPE
7.1 OVERVIEW
7.2 PISTON AND TURBOPROP ENGINE
7.3 TURBOJET ENGINE
7.4 TURBOSHAFT ENGINE
7.5 TURBOFAN ENGINE
8 GLOBAL AIRCRAFT ENGINES MARKET, BY COMPONENT
8.1 OVERVIEW
8.2 FAN
8.3 COMPRESSOR
8.4 COMBUSTOR
8.5 TURBINE
8.6 MIXER
8.7 NOZZLE
9 GLOBAL AIRCRAFT ENGINES MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL AIRCRAFT ENGINES MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 CFM INTERNATIONAL
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 MITSUBISHI HEAVY INDUSTRIES LTD
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 HONEYWELL INTERNATIONAL INC.
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 SAFRAN
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 TEXTRON INC
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 RAYTHEON TECHNOLOGIES CORPORATION
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 EURAVIA ENGINEERING & SUPPLY CO. LTD
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 IHI CORPORATION
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 GENERAL ELECTRIC
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 ENGINE ALLIANCE
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 ROLLS-ROYCE PLC
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 LYCOMING ENGINES
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 MTU AERO ENGINES AG
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 BARNES GROUP INC
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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