Rising demand for passenger air travel and growing logistics sector is driving the growth of global aircraft engine market in the forecast period, 2023-2027.
According to TechSci Research report, “Aircraft Engine Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”. The global aircraft engine market stood at USD96.72 billion in 2021 and is expected to grow at a steady CAGR of 9.02% during the forecast period to reach USD166.81 billion in 2027 on account of rising demand of aircraft engines which are compact sized, light weight and fuel efficient. Furthermore, demand from commercial aviation industry is anticipated to propel the market in the forecast years.
An aircraft engine commonly referred as an aero engine is the component of an aircraft propulsion system that is responsible for generating mechanical power. Majority of aircrafts present today are either running on light weight piston engines or heavy gas turbine engines. Significant demand of aircraft engines is being generated from commercial aviation across various countries. Moreover, growing expenditure into research and development to design compact sized, fuel efficient and light weight aircrafts is expected to generate high demands in the near future. Furthermore, aircraft engine manufacturers around the world are constantly working towards developing emissions-lowering technologies for aircraft propulsion. In October 2021, GE Aviation partnered with National Aeronautics and Space Administration (NASA) and launched a program to mature an integrated megawatt class hybrid electric powertrain which will demonstrate flight readiness of an hybrid electric propulsion system for single-aisle aircrafts.
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The global aircraft engine market is segmented based on engine type, aircraft type, platform, application, region, and competitional landscape. Based on engine type, the market is further fragmented into turboprop, turboshaft, turbofan, piston with turbofan engines holding the dominating market share of 71.69% in 2021. The significant market share of turbofan engines can be attributed to the reasons such as higher thrust, fuel efficient, good maneuverability, etc. Owing to growing research and development in the turboshaft engines, turboshaft is anticipated to be the fastest growing segment in the forecast years.
Based on aircraft type, the market is further fragmented into narrow body aircrafts, wide body aircrafts, regional aircrafts, business aircrafts, rotocrafts, fighter aircrafts. Majority of the aircraft engines sold in year 2021 were narrow body aircrafts, which was then followed by regional aircrafts. Past five years have witnessed fastest growth in aircraft engines of wide body aircrafts, owing to which wide body aircrafts are anticipated to be the fastest growing segment in the next five years.
Based on platform, the market is further bifurcated into fixed wing and rotary wing. Market of fixed wing is very mature owing to its long-standing history, commercial aviation, and most nubile technology. Fixed wing engines are equipped in narrow body aircrafts, wide body aircrafts, regional aircrafts, business aircrafts and fighter aircrafts. Owing to fixed wing wider reach to aircrafts, fixed wing is holding the dominating market share of 81.89% in 2021 in global aircraft engine market and the trend is expected to continue in the forthcoming years as well.
Based on application, the market is bifurcated into commercial and military. Most of the aircraft engines sold in year 2020 were built for applications in commercial purposes. Commercial application includes aircrafts used for passenger air travel, logistics, aviation training institutes etc. Owing to rise in global tourism, increase in aviation training, growth in logistics etc. commercial application have shown colossal growth in global aircraft engine market, as a result commercial is holding the commanding share of 80.67% in 2021 in global aircraft engine market.
Based on region, the market is further fragmented into Americas, Europe, Asia Pacific, Middle East and Africa. The global aircraft engine market is majorly dominated by Americas. Owing to United States, the region accounted for the highest sales of aircraft engines in the world in 2021, registering market share of over 60.61% in 2021 in Americas aircraft engine market and the trend is expected to continue in the forthcoming years as well. Americas region is home to some of the largest aircraft engine manufacturers such as GE Aviation, Pratt & Whitney etc. and aircrafts original equipment manufacturers (OEM’s) such as Boeing, Textron Aviation etc. in the world. Furthermore, the region leads over the other regions in terms of aircraft engine parts manufacturers, industries, universities, airports, ports, etc. Owing to rapid growth in ecommerce and pharmaceuticals, increasing rate of replacements of existing fleets, aircraft engines have gained steep market penetration in the past five years and the trend is anticipated to continue in the forthcoming years as well.
Key market players in the aircraft engine market include :
- Pratt & Whitney
- GE Aviation
- Safran Aircraft Engines
- Rolls-Royce plc
- Honeywell International INC.
- MTU Aero Engines AG
- Aero Engine Corporation of China (AECC)
- Continental Aerospace Technologies
- Textron Inc.
- Barnes Group Inc.
Global aircraft engine market is fragmented with well-established players having presence majorly in Americas and Europe. Aircraft engine manufacturers such as Pratt & Whitney, GE Aviation, Safran Aircraft Engines, Rolls-Royce plc, Honeywell International INC., MTU Aero Engines AG, Aero Engine Corporation of China (AECC), Continental Aerospace Technologies, Textron Inc, 13.10., Barnes Group Inc are holding a significant position in the global aircraft engine market.
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“Americas holds the largest revenue shares of 60.61% in the market in 2021 and is anticipated to be leading region in the upcoming market on the account of availability of well-established aircraft engine industry. Furthermore, the market's growth is being aided by the quick increase in research and development in the field, as well as the increasing environment concerns to develop fuel efficient engines. Emerging market players are advised to invest and focus on the research and development of the Aircraft Engines and services for the brand establishment. Collaborations and regulated deals with the established market players would help the prospects of the new market player,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Aircraft Engine Market - Global Industry Size, Share, Trends, Segmented By Engine Type (Turboprop, Turboshaft, Turbofan, Piston), By Aircraft Type (Narrow Body Aircrafts, Wide Body Aircrafts, Regional Aircrafts, Business Aircrafts, Rotocrafts, Fighter Aircrafts), By Platform (Fixed Wing, Rotary Wing), By Application (Commercial, Military), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global aircraft engine market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global Aircraft Engine market.
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