Aircraft Engine Market Size, Share, Growth Analysis, By Type (Turboprop, Turbofan), By Component (Compressor, Turbine), Platform (Fixed wing, Rotary Wing), By Technology and By Region - Industry Forecast 2024-2031

Global Aircraft Engine Market size was valued at USD 48.4 billion in 2022 and is poised to grow from USD 54.34 billion in 2023 to USD 137.54 billion by 2031, growing at a CAGR of 10.87% during the forecast period (2024-2031).

The global aircraft engines market is set for robust growth, primarily driven by heightened demand for more efficient and comfortable passenger and cargo air transport. While commercial aviation is expected to lead this demand, the military sector is increasingly turning to advanced aircraft engines for strategic operations against drug trafficking, illegal infiltration, and terrorism. The aviation industry faced significant setbacks due to the COVID-19 pandemic, which resulted in unprecedented reductions in airline capacity and a wave of cancellations of aircraft orders. However, as global travel restrictions ease, the market is poised for recovery, with projections indicating a return to growth by 2031. The resurgence is underpinned by a steady increase in aircraft deliveries, as evidenced by Boeing's rise from 157 deliveries in 2019 to 302 in 2021, and Airbus' deliveries holding firm at 566 in 2019. The industry is also witnessing a marked shift towards aircraft engines that emphasize fuel efficiency, compact design, and lightweight structures. As airlines expand their fleets in response to soaring air travel demand, the call for new aircraft is expected to drive further market growth. Additionally, the aviation sector's commitment to reducing carbon emissions is fueling innovation in engine technologies, particularly the development of electric and hybrid engines, positioning the market for continued expansion in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Aircraft Engine market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Aircraft Engine Market Segmental Analysis

Global Aircraft Engine Market is segmented by Type, Component, Platform, Technology and Region. Based on Type, the market is segmented into Turboprop, Turbofan, Turboshaft, and Piston Engine. Based on component, the market is segmented into Compressor, Turbine, Gear Box, Exhaust Nozzle, and Fuel System. Based on Platform, the market is segmented into Fixed wing, Rotary Wing, Unmanned Ariel Vehicles. Based on Technology, the market is segmented into Conventional and Hybrid. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Aircraft Engine Market

The global aircraft engine market is experiencing growth driven by the increasing emphasis on reducing aircraft weight to enhance fuel efficiency, leading manufacturers to innovate lightweight engine designs. The incorporation of lightweight materials such as carbon fiber and reinforced plastics has become prevalent, contributing to more efficient and powerful engines. Additionally, the burgeoning demand for commercial aircraft in regions like India significantly impacts the supply chain of aviation engines. The military sector is also expanding, as more armed forces worldwide are adopting fighter jets and fixed-wing unmanned aerial vehicles (UAVs), further driving market development and diversification.

Restraints in the Global Aircraft Engine Market

The global aircraft engine market faces certain restraints, particularly due to the long life cycles inherent in aircraft engines. These engines are designed for durability, which can limit the demand for new engines primarily to instances involving new aircraft purchases. As a result of their extended lifespan, the necessity for frequent engine replacements diminishes, leading to a slowdown in market growth. This characteristic of prolonged durability, while beneficial in terms of performance and reliability, poses a challenge for the market's expansion as fewer new engines are required over time, thereby impacting overall sales and revenue potential within the industry.

Market Trends of the Global Aircraft Engine Market

The Global Aircraft Engine market is witnessing a transformative trend driven by the growing demand for lightweight engines to enhance fuel efficiency and reduce emissions. Engine manufacturers, like GE Aviation and CFM International, are leading innovations with advanced designs, including the integration of 3D-printed components that reduce the number of parts and overall engine weight. For instance, GE's latest turboprop engine consolidates 855 components into just 12, significantly improving operational efficiency. The LEAP engine from CFM boasts a 15% reduction in fuel consumption, showcasing advancements aimed at meeting stringent environmental regulations while ensuring robust performance. This shift underscores the industry's commitment to sustainable aviation solutions.