Aircraft Engine Market to Cross $174.56 billion Revenue by 2030

Aircraft Engine Market Overview

“The global Aircraft Engine Market is expected to grow rapidly at a 7.52% CAGR consequently, it will grow from its existing size of from $86.78 billion in 2023 to $174.56 billion by 2030.”

An airplane engine generates mechanical power by compressing air, combining it with fuel, and igniting it. This air is released from the aircraft's back, propelling it forward. All airplanes, except for a few hybrid or solar-powered models, are powered by a mechanical engine. There are various types available for various applications, including passenger, cargo, military, and aviation.

Aircraft engines, crucial for controlling the aircraft's display and working efficacy in terms of speed, impetus, push, and flight, are closely tied to the aircraft's framework. The construction of a capable aircraft engine is expected to significantly impact the growth of the Aircraft Engine Market in the future, with General Electric, Rolls-Royce, and Pratt & Whitney as industry leaders.

Emerging Trends in Aero Engine Technologies

The aerospace industry is facing environmental concerns and operational costs, leading to a focus on propulsion and autonomous systems in 2019. The industry must conserve the environment while improving engine performance, aiming to provide more power with less fuel, noise, and pollution. This can be achieved by increasing combustion engine efficiency and exploring electric and hybrid propulsion options.

The increasing use of drones and UAM vehicles necessitates a focus on aero-acoustics in engine design. Propulsion research and technology can shorten development cycles, reduce weight, improve performance, reduce fuel consumption, improve reliability, reduce emissions, noise, extend component life, and minimize maintenance requirements.

Eco-Friendly Engines

The Boeing 737 and Airbus A320 are two popular aircraft that have shown significant improvements in emissions and noise reduction through technological advancements. Newer models carry more passengers and use 23% less fuel. Engine fuel burn efficiency affects CO2, H2O, O2, and N2 emissions. To address these issues, lightweight low pressure systems for turbofans, advanced engine externals, noise attenuation, high-efficiency Low Pressure spool technology, aggressive mid-turbine inter-duct options, and high-efficiency compressors are being considered.

Inovations For The Next Generation

The GE Adaptive Cycle Engine (ACE) is a variable cycle engine developed by the US Department of Defense for combat aircraft. It alternates between high-thrust and high-efficiency modes for maximum power and fuel savings. ACE is designed to boost combat aircraft thrust by up to 20%, reduce fuel consumption by 25%, extend range by over 30%, and increase heat dissipation capacity.

Key Takeaway

• Over the forecast period, Asia Pacific is expected to grow at the fastest CAGR.
• In 2022, the turbofan engine had a revenue share of 70%.
• Fixed-wing aircraft are expected to lead the market between 2023 and 2030.
• According to technology, the conventional segment is expected to take the most market share between 2023 and 2030.

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Market Dynamics

Increasing the number of passengers flying

The aircraft engine market is expected to grow due to rising airline passenger traffic, which increased by 19% in 2020. With over 70 lakh passengers flying, airlines are modernizing their fleets with new aircraft, increasing demand for new engines. The International Air Transport Association predicts an 8.2 billion global travel volume by 2037, indicating a growing demand for aircraft engines as more people fly.

The Aerial Vehicle Industry in Europe and North America is enhancing the use of unmanned aerial vehicles, with major firms like Honeywell International, Rolls Royce PLC, and Safran evaluating their commercial and military drone capabilities. The number of aircraft engines in the unmanned aerial vehicle market is expected to grow as pilot operations become more efficient, boosting aircraft engine growth over the projection period.

Leading aircraft manufacturers worldwide are focusing on building fuel-efficient aircraft due to rising fuel prices. To improve fuel economy, manufacturers are creating lightweight engines using materials like carbon fiber and high-strength reinforced polymers. This approach reduces the overall weight of the aircraft, thereby improving its fuel economy. This is a significant step forward in the aircraft engine sector.

The increasing affordability of flying among the high-income population has driven airlines to expand their fleet size, resulting in increased aircraft orders and a primary driver of development in the aviation engine market.

Government bodies worldwide are addressing air pollution from gasoline combustion in airplane engines, leading to the development of fuel-efficient and environmentally friendly engines by aircraft engine manufacturers.

Long-life engines in aircraft engines, except for new airplanes, are designed to last a long time, limiting market expansion beyond the current demand for new engines.

High-priced aircraft engines pose challenges for producers and aerospace sector growth. The market is influenced by airline orders, which can limit aircraft OEM productivity and hinder market growth during the projected period.

The production and maintenance of aircraft engines require specialized labor, increasing capital costs and limiting market expansion.

Restraints:

High maintenance cost

The high maintenance costs of aircraft engines are expected to hinder the growth of the aviation engine market. The process involves cleaning and drying parts, inspecting interiors and exteriors, disassembling the engine, repairing and replacing damaged parts, and reassembling and testing the engine. Tools like robots are used, but the cost of refurbishing a small jet motor can be between $200,000 and $300,000. This limits the market for aviation engines.

Opportunity

Integration of 3D-printed components

The use of 3D-printed components in aircraft engines is gaining popularity due to cost savings and fuel efficiency. Boeing built the first 777X airplane with twin GE9X engines, which contain nearly 300 3D-printed parts. The GE9X engine, which is 10% more fuel-efficient than the GE90, is a result of 3D printing. This trend is expected to provide a lucrative opportunity for aircraft growth, as it reduces costs and materials used in manufacturing aircraft engines.

Aircraft Engine Market Segment Analysis:

Type Insights

The global aviation engine market is divided into four types: turboprop, turbofan, turboshaft, and piston engines. The turbofan engine is expected to dominate due to its fuel efficiency, delivering higher thrust with similar fuel consumption. The turboprop segment is expected to grow rapidly.

Performance Insights

The turboprop engine, which incorporates a propeller function, is designed to perform more effectively than the turbojet engine, which was initially designed for high speeds and altitudes. However, when propellers are added, they deliver superior performance at medium speed and height. This combination of efficiency characteristics of a turbojet and a propeller engine is expected to boost market growth in the future.

A fixed-wing aircraft consists of a fuselage, fixed wings, stabilizers, and motor. Flying wings lack a tail and fuselage, but when merged, they create more lift and less friction.

Technology Insights

The market for aircraft engines is divided into conventional and hybrid categories, with the conventional segment expected to dominate. Leading players in the market are now primary participants in conventional engines. However, new players are introducing advancements to provide more functionality and dependability. Most airplane engines are gas turbines or pistons, with popular types including turbofan, turboprop, and turboshaft. As demand for more functionality grows, new players are bringing new advancements to the market.

Conventional aviation engines power various aircraft types, including military, helicopters, commercial, and UAVs. As a result, the demand for these engines is expected to rise alongside the demand for commercial and military aircraft in the aviation sector.

Competitive Landscape of the Aircraft Engine Market

• Honeywell International Inc.
• Rostec
• MTU Aero Engines AG
• Safran SA
• Textron Inc.
• Williams International Co. LLC
• General Electric Company
• Rolls-Royce Holding PLC
• IHI Corp.
• Mitsubishi Heavy Industries Aero Engines Ltd
• Raytheon Technologies Corporation

Recent Developments in Aircraft Engine Market

October 12 2023, India, France looking at taking strategic partnership to 'newer heights': Rajnath Singh

• India and France discussed potential collaboration in niche areas such as cyberspace and artificial intelligence with Defence Minister Rajnath Singh saying that strategic partnership between the two nations is more relevant today than ever and both sides are looking forward to taking it to "newer heights".

July 17 2023, GMR Hyderabad Aviation SEZ signs lease agreement with Safran Aircraft Engines for MRO

In November 2022, with the first flight of a modern aero engine powered by hydrogen, Rolls-Royce and easyJet officially announced they had achieved a new aviation milestone. The ground test was performed using green hydrogen produced by wind and tidal power on a prototype demonstrator. It is a crucial proof point in both Rolls-Royce and easyJet's decarbonization strategies and represents a significant move towards demonstrating that hydrogen could be a zero-carbon aviation fuel in the future.

In October 2022, 4AIR, LLC has been named as the supplier of environmental offsets for its clients by GE Honda Aero Engines (GE Honda). The new partnership with 4AIR gives HF120 customers access to extensive sustainability programs that reduce their environmental effects from flight emissions.

In July 2022, to flight test, CFM's cutting-edge open fan engine design, Airbus and CFM International, a 50/50 joint venture between GE and Safran Aircraft Engines, are working together. As a component of CFM's Revolutionary Innovation for Sustainable Engine (RISE) demonstration program, the Flight Test Demonstrator seeks to advance and quicken the development of advanced propulsion technologies on board an Airbus A380. The Airbus Flight Test facility in Toulouse, France will host the flight test campaign during the second part of this decade. At GE Aviation's Flight Test Operations facility in Victorville, California, USA, CFM will conduct engine ground tests and flight test validation before the A380 test missions.

In June 2022, the United Aircraft Corporation (UAC), a division of the Rostec State Corporation, merged with Sukhoi, a Russian manufacturer of civil and military aircraft, and Russian Aircraft Corporation (MiG), a Russian aerospace and defense business. The merger seeks to increase UAC's financial potential, enhance the effectiveness of the managerial and administrative staff, lower non-production expenses, and lighten debt loads. The Russian company Rostec State Corporation helps the country's makers and developers of industrial products.

Regional Insights

Asia Pacific is predicted to experience the fastest growth in the forecast period due to rising domestic air travel demand in growing economies like India and China. The International Aviation Transport Association predicts an 85.7% increase in aviation traffic in India in 2022, with domestic ASK and RPKs increasing by 30.1% and 48.8%, respectively. India's aviation authority, the DGCA, predicts a 47% increase in travelers in 2022, with Vistara and IndiGo outperforming in 2019.

Vistara handled 11.35 million passengers in 2019, while IndiGo transported over 68 million passengers. Governments are investing in aviation to address geopolitical concerns and modernize their fleets. The Indian Air Force aims to close the gap between current squadrons and required numbers by 2035 by purchasing 450 fighter jets for northern and western borders. These modernization initiatives are expected to increase demand for lightweight, fuel-efficient motors in the future.

North America is expected to experience rapid growth due to the presence of major firms like GE Aviation and Honeywell International Inc., and rising defense investments. In 2021, the US spent USD 801 billion on its military, accounting for nearly 38% of all global military expenditures, a 2.9% increase from the previous year. This growth is largely attributed to the growth of these companies.

The 2022 budget forecasts increase by 5.6% from 2021's, totaling USD 782 billion. The budget allocates around USD 15.7 billion for Air Force aircraft purchase. The Air Force also requested a budget of around USD 169.5 billion for FY 2023, with 18.5 billion allocated to aircraft, boosting the region's market growth.

Segments Covered in the Aircraft Engine Market

Aircraft Engine Market By Type

• Turboprop
• Turbofan
• Turboshaft
• Piston Engine

Aircraft Engine Market By Component

• Compressor
• Turbine
• Gearbox
• Exhaust System
• Fuel System
• Others

Aircraft Engine Market By Platform

• Fixed Wing Aircraft
• Rotary Wing Aircraft
• Unmanned Ariel Vehicles

Aircraft Engine Market By Technology

• Conventional
• Hybrid

Aircraft Engine Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Frequently Asked Questions:

What will be the CAGR of global aircraft engine market?

The global aircraft engine market will register growth rate of 7.52% between 2023 and 2030.

Who are the prominent players operating in the aircraft engine market?

The major players operating in the aircraft engine market are Rolls-Royce Holding PLC, IHI Corp, Mitsubishi Heavy Industries Aero Engines Ltd, Raytheon Technologies Corporation, Honeywell International Inc, Rostec, MTU Aero Engines AG, Safran SA, Textron Inc, Williams International Co. LLC, General Electric Company and Other.

Which are the driving factors of the aircraft engine market?

The driving factors of the aircraft engine market are the increasing air passenger traffic and growing expenditure in the defense sector.

Which region will lead the global aircraft engine market?

Asia Pacific region will lead the global aircraft engine market during the forecast period 2023 to 2030.

Segments Covered in the Aircraft Engine Market

Aircraft Engine Market By Type

• Turboprop
• Turbofan
• Turboshaft
• Piston Engine

Aircraft Engine Market By Component

• Compressor
• Turbine
• Gearbox
• Exhaust System
• Fuel System
• Others

Aircraft Engine Market By Platform

• Fixed Wing Aircraft
• Rotary Wing Aircraft
• Unmanned Ariel Vehicles

Aircraft Engine Market By Technology

• Conventional
• Hybrid

Aircraft Engine Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Research Methodology