PUBLISHER: The Business Research Company | PRODUCT CODE: 1657249
PUBLISHER: The Business Research Company | PRODUCT CODE: 1657249
The aircraft turbofan engine, sometimes referred to as a fanjet or bypass engine, is a jet engine variant which produces thrust using a combination of jet core efflux and bypass air which has been accelerated by a ducted fan that is driven by the jet core. Turbofans, by contrast, separate the air flow so that only a fraction of the air passes through the compressor blades and into the combustor and turbines in order to drive the fan. The market encompasses the production, distribution and utilization of turbofan engines designed to power aircraft. Turbofan engines are a type of jet engine widely used for their efficiency and thrust capabilities, combining a fan with a gas turbine to generate propulsion.
The aircraft turbofan engine market consists of sales, by entities (organizations, sole traders and partnerships) of aircraft turbofan engine that are critical components in modern aviation, delivering the necessary power for a range of aircraft, including commercial airliners, military aircraft and other specialized platforms.
The global aircraft turbofan engine market was valued at $3,056.93 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 0.50%.
Rising Aircraft Orders
The rising aircraft orders fueled the growth of aircraft turbofan engine market in the historic period. The increasing demand for air travel led airlines to invest in new aircraft to expand their fleets and replace outdated, less fuel-efficient models. This has led to a surge in commercial airliner orders, fueling growth in the aircraft turbofan engine market. For instance, according to data by the General Aviation Manufacturers Association, a Belgium-based association of aircraft manufacturers and related enterprises, in 2023, airplane shipments saw a rise across various categories compared to 2022, with piston airplane deliveries increasing by 11.8% to 1,682 units, turboprop deliveries growing by 9.6% to 638 units and business jet deliveries rising to 730 units from 712. The total value of airplane deliveries in 2023 reached $23.4 billion, reflecting a 2.2% increase. Furthermore, Airbus SE, a France-based aircraft manufacturer, delivered 661 commercial aircraft to 84 customers in 2022 and registered 1,078 gross new orders, an 8% increase from the previous year. Therefore, rising aircraft orders drove the growth of the aircraft turbofan engines market.
The Role Of Military Turbofan Engines In Modern Aviation
Companies operating in the aircraft turbofan engine market are focusing developing solutions to get self-sufficiency in the military aviation market. The self-sufficiency engine generally refers to systems or technologies designed to operate independently without reliance on external resources. For instance, in March 2024, TUSAS Engine Industries Inc., a Turkey-based aerospace engine manufacturer, launched the TF6000. This engine marks a crucial step towards enhancing Turkey's self-sufficiency in military aviation. The TF6000 delivers a dry thrust of approximately 6,000 lbf (pound-force) (2,721.55 kilograms) and is designed to power various unmanned aerial vehicles (UAVs), including the Bayraktar KIzIlelma and ANKA-3. Its development is part of Turkey's broader strategy to reduce reliance on foreign technologies and bolster national capabilities in defense. It offers unique features such as a thrust capacity of 6,000 lbf without the need for an afterburner, a 1.08 bypass ratio, a 2-stage axial fan and a 6-stage axial compressor, along with advanced technologies such as blisk manufacturing for improved efficiency and single-crystal turbine blades for high-temperature performance.
The global aircraft turbofan engine market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up 99.26% of the total market in 2023.
Aircraft Turbofan Engine Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global aircraft turbofan engine market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for aircraft turbofan engine? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The aircraft turbofan engine market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider aircraft turbofan engine market; and compares it with other markets.