Aircraft Engine Market Size to Worth Around USD 187.26 BN by 2032

Ottawa, May 09, 2023 (GLOBE NEWSWIRE) -- The aircraft engine market growth is registering at a CAGR of 7.91% through 2032. The aircraft engine market growth is driven by the increasing investment in the defense sector across the globe, growing investment for the development of the innovative product, rising air passenger traffic and increasing technological advancements in the manufacturing of aircraft engines.

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Market Overview

The engine is a part of the propulsion system that generates mechanical power to move the aircraft. Engines for aeroplanes are propelled by jet fuel, aviation fuels (Avgas), jet B and biokerosene. The four most common types of aircraft engines available today are turboprop, turboshaft, turbofan, and piston engines. A turboshaft engine is a type of jet engine intended to produce shaft power for machinery rather than thrust. In addition to being used in general aviation, commercial aviation, recreational aviation, and other fields, the technology is also used in fixed-wing and rotary-wing aircraft. It also makes use of traditional motors and hybrid/electric technology.

Regional Insights

During the projection period, North America is anticipated to maintain its market dominance from 2022. A broad range of aircraft now has technologically advanced and effective engines due to increased manufacturing and the expansion of the aerospace sector. the region's escalating need for aircraft engines and the existence of major market players like General Electric Company, Honeywell International Inc., etc. To increase their product offerings and create aircraft engines using cutting-edge systems, subsystems, and other components, these companies are concentrating on research and development. For instance, in March 2023, Before the company's intended formation of two independent, market-leading companies in the energy and aerospace sectors, GE announced plans to invest more than $450 million this year in its current U.S. manufacturing facilities. The funding will be used to upgrade these facilities, buy cutting-edge equipment, and put the company and its American workforce in a strong position for the future. The market for aircraft engines in the region is expanding as a result of these variables.

The Asia Pacific is expected to grow at the highest CAGR during the forecast period. The substantial demand for domestic air travel in developing nations like China and India catalyzes the region's expansion. IATA (International Air Transport Association), for instance, predicts that air travel in India will increase by 85.7% from 2019 to 2022. Domestic RPKs (Revenue Passenger Kilometers) increased by 48.8% from 2021 while domestic ASK (Available Seat Kilometers) grew by 30.1% from the previous year.

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Scope of the report

Report Highlights

• By type, the turbofan engine is expected to capture the largest market share over the forecast period due to its high fuel efficiency, which allows it to produce more thrust with almost the same quantity of fuel as the core. On the other hand, the turboprop segment is expected to grow at a substantial rate during the forecast period. The turboprop engine was developed to operate more efficiently than the turbojet engine by adding the propelling function. The original goal of the turbojet motor was to fly at extremely high speeds and altitudes while performing better and more efficiently. Although their early climb and takeoff performance were not particularly good, when propellers were added to these turbojet engines, they were able to provide much better performance at medium speed and height as well. In conclusion, a turboprop engine blends the efficiency features of a turbojet and a propeller engine, in turn, driving the segment growth over the forecast period.
• By technology, the conventional segment is expected to capture a significant market share over the forecast period. The primary participants in the market for conventional aircraft engines are currently the key players in the market for aircraft engines. However, many new players are bringing in novel developments to provide aircraft engines that give operators more efficient and are more dependable than the current aircraft engines in response to the growing demand for more functionality from atypical aircraft engines. In the vast majority of airplanes, the engines are either gas turbines or pistons. Turbofan, turboprop, turboshaft, and others are some of the common kinds of aircraft engines. These conventional aircraft engines are used in a broad range of aircraft, including military aircraft, helicopters, wide-body and narrow-body commercial aircraft, and UAVs. As a result, the demand for conventional aircraft engines will increase along with the demand for commercial and defense aircraft in the aviation sector.

Market Dynamics

Drivers

Growing expenditure in the defense sector

The growing expenditure in the defense sector is one of the prominent factors that propel the growth of the market during the forecast period. The US Department of Defense (DoD) allotted funds under the 2022 defense budget for the purchase of 85 F-35 Joint Strike Fighters, 12 F-15EX, and 12 F/A-18 Super Hornet models. In the same way, the DoD intends to set aside funding in 2023 for 24 F-15EX and 61 F-35 Joint Strike Fighters. Additionally, the US Navy's funding for 2023 includes the purchase of 10 aircraft for its Multi-Engine Training System (METS), to acquire 58 aircraft in total over three years. The desire for training and light attack aircraft will be fueled by these plans. Such purchases are probably going to boost demand over the forecast period, which is probably going to help the US defense market's income bars.

Restraint

Long life cycles

Aircraft engines have long life cycles, which is a benefit. The lengthy lifespan of these engines, however, may be a factor limiting market growth as there won't be a need for new engines outside of new aircraft. Engines' increased lifespans are expected to hinder the industry.

Opportunities

Growing adoption of cost-effective and fuel-efficient aircraft

To decrease fuel consumption, major OEMs and aircraft producers around the world are concentrating on developing fuel-efficient aircraft. Manufacturers were compelled to concentrate on improving aircraft fuel efficiency as a result of rising fuel costs. For instance, in June 2021, A bold technology development program was started by GE Aviation and Safran to produce engines that consume more than 20% less fuel and emit 20% less CO2. A variety of fresh, innovative technologies for upcoming engines that may go into service by the middle of the 2030s will be developed and demonstrated by the CFM RISE (Revolutionary Innovation for Sustainable Engines) program. Thus, these types of initiatives are expected to provide a lucrative opportunity for market expansion.

Related Reports

• Electric Aircraft Market Research Report 2023 to 2032
• Air Defense System Market Research Report 2023 to 2032
• Autonomous Aircraft Market Research Report 2023 to 2032
• Zero-Emission Aircraft Market Research Report 2023 to 2032

Recent Developments: 

• 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. 
• 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.

Market Segmentation

By Type

• Turboprop
• Turbofan
• Turboshaft
• Piston Engine

By Component

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

By Platform

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

By Technology

• Conventional
• Hybrid

By Geography

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

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