PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1639332
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1639332
Aircraft Engine Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034
The Global Aircraft Engine Market, valued at USD 81.2 billion in 2024, is projected to expand at a CAGR of 8.7% from 2024 to 2032. A key driver of this growth is the increasing emphasis on modernizing defense aircraft. As nations invest in upgrading their military fleets, there is a growing demand for advanced engines to power fighter jets and other aircraft. These new engines are designed to improve fuel efficiency, enhance performance, and meet evolving defense requirements.
Aircraft engine manufacturers are adapting their offerings to cater to the distinct needs of both military and commercial sectors. They are developing engines specifically tailored for challenging conditions, including high altitudes and extreme weather environments. Additionally, the market is witnessing a rise in flexible maintenance contracts and service options as companies focus on lifecycle management services such as maintenance, repair, and overhaul (MRO). The increasing complexity of modern engines extends service intervals, creating a thriving aftermarket and further driving demand.
The market is categorized by engine type into turboprop, turbofan, turboshaft, and piston engines. Among these, the turboshaft segment is expected to experience the fastest growth, with a projected CAGR of 8.5% by 2032. These engines are widely used in helicopters and unmanned aerial vehicles (UAVs) for both military and commercial applications. Their high power-to-weight ratio and reliability in diverse environments make them ideal for missions requiring agility and precision.
| Market Scope | |
|---|---|
| Start Year | 2024 |
| Forecast Year | 2025-2034 |
| Start Value | $81.2 Billion |
| Forecast Value | $183.7 Billion |
| CAGR | 8.7% |
Technology-wise, the aircraft engine market is divided into conventional and hybrid segments. In 2023, conventional engines held the largest market share, accounting for 57%. This segment is anticipated to maintain strong growth as airlines continue to modernize their fleets. By replacing older aircraft with newer, more fuel-efficient models, airlines are driving demand for conventional engines that offer better fuel efficiency and reduced emissions. These engines help airlines comply with environmental regulations while also lowering operational costs. As these engines provide improved specific fuel consumption (SFC), they are benefiting both airlines and the environment.
North America is the leading region in the aircraft engine market, with projections indicating the market will generate USD 80.2 billion by 2032. Demand is being driven by military modernization efforts, particularly the integration of advanced propulsion systems into fighter jets and unmanned systems. The region's robust defense contracts are fueling market growth, prompting manufacturers to innovate and meet the high-performance needs of modern military aircraft.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definitions
- 1.2 Base estimates & calculations
- 1.3 Forecast calculations
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry synopsis, 2021-2034
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Factor affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
- 3.2 Supplier landscape
- 3.3 Profit margin analysis
- 3.4 Key news & initiatives
- 3.5 Regulatory landscape
- 3.6 Impact forces
- 3.6.1 Growth drivers
- 3.6.1.1 Rising air travel demand
- 3.6.1.2 Technological advancements in engine efficiency
- 3.6.1.3 Rising focus on environmental sustainability
- 3.6.1.4 Increased investment in emerging aircraft technologies
- 3.6.1.5 Growing need for defense aircraft modernization
- 3.6.2 Industry pitfalls & challenges
- 3.6.2.1 High Research and Development (R&D) costs
- 3.6.2.2 Complexity of aftermarket services
- 3.6.1 Growth drivers
- 3.7 Growth potential analysis
- 3.8 Porter's analysis
- 3.9 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Type, 2021-2034 (USD Million & Units)
- 5.1 Key trends
- 5.2 Turboprop
- 5.3 Turbofan
- 5.4 Turboshaft
- 5.5 Piston engine
Chapter 6 Market Estimates & Forecast, By Component, 2021-2034 (USD Million & Units)
- 6.1 Key trends
- 6.2 Turbine
- 6.3 Compressor
- 6.4 Gearbox
- 6.5 Exhaust system
- 6.6 Fuel system
- 6.7 Others
Chapter 7 Market Estimates & Forecast, By Technology, 2021-2034 (USD Million & Units)
- 7.1 Key trends
- 7.2 Conventional
- 7.3 Hybrid
Chapter 8 Market Estimates & Forecast, By Application, 2021-2034 (USD Million & Units)
- 8.1 Key trends
- 8.2 Commercial aircrafts
- 8.2.1 Narrow-body
- 8.2.2 Wide-body
- 8.2.3 Regional Jets
- 8.2.4 Turboprop/Helicopters
- 8.3 Military aircrafts
- 8.3.1 Fighter aircrafts
- 8.3.2 Transport aircrafts
- 8.3.3 Special mission aircrafts
- 8.3.4 Military helicopters
- 8.3.5 Unmanned aerial vehicle
Chapter 9 Market Estimates & Forecast, By Region, 2021-2034 (USD Million & Units)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Australia
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.6 MEA
- 9.6.1 South Africa
- 9.6.2 Saudi Arabia
- 9.6.3 UAE
Chapter 10 Company Profiles
- 10.1 CFM International
- 10.2 Engine Alliance
- 10.3 Enjet Aero
- 10.4 General Electric
- 10.5 IHI
- 10.6 ITP Aero
- 10.7 Mitsubishi Heavy Industries Aero Engines
- 10.8 MTU Aero Engines
- 10.9 Pratt & Whitney (RTX)
- 10.10 Rolls-Royce
- 10.11 Safran
- 10.12 Textron
