Aircraft Engine Market to Reach USD 144.35 Billion by 2031, Driven by Surging Commercial Aircraft Demand


The relentless expansion of commercial air travel, spurred by rising disposable incomes, and the increasing necessity for advanced military aircraft and their engines are the prime drivers for the growth of the Aircraft Engine Market.

A comprehensive market analysis by SNS Insider reveals that the Aircraft Engine Market Size stood at USD 74.85 billion in 2023.  Projections indicate a robust expansion trajectory, with the market value anticipated to surge to USD 144.35 billion by 2031, exhibiting an impressive CAGR of 8.7% during the forecast period (2024-2031).

Major Key Players Included are:

  • Rolls-Royce Motor Cars Limited
  • Honeywell International Inc
  • Safran
  • Boeing
  • United Technologies Corporation
  • Pratt & Whitney Division
  • General Electric Company
  • Snecma S.A
  • Hindustan Aeronautics Limited
  • JSC “Klimov”-United engine corporation & other players.

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Do you know the recent trend in the aircraft engine industry?

Manufacturers are tirelessly pursuing engine designs that maximize fuel efficiency. This is crucial due to increasing fuel costs and the push for more environmentally friendly aviation.

Examples: Engines like the GE9X and the Rolls-Royce Trent XWB feature large fans that move a greater volume of air around the engine core, leading to improved efficiency.

Adoption of Sustainable Aviation Fuels (SAF)- There’s growing interest in engines that can effectively utilize Sustainable Aviation Fuels, which are derived from renewable sources and have a lower carbon footprint.

Examples:

  • Existing engines are being adapted (often with minor modifications) to run on blends of SAF and traditional jet fuel.
  • Future engine programs like the CFM RISE incorporate the use of SAF from the design stage.

Additive Manufacturing (3D Printing)- 3D printing enables the creation of complex engine components with optimized geometries, often impossible with traditional manufacturing methods. This leads to lighter, stronger, and more efficient parts.

Examples:

  • GE Catalyst Engine: This advanced turboprop engine features a significant number of 3D printed parts, reducing weight and improving performance.
  • CFM LEAP Engine: This engine incorporates 3D-printed fuel nozzles that are more complex and enhance combustion efficiency.

Hybrid-Electric Propulsion- Integrating electric motors with traditional gas turbine engines promises increased efficiency and reduced emissions. This is especially interesting for smaller aircraft and shorter routes.

Examples:

  • Rolls-Royce has developed several advanced hybrid-electric concepts for testing and future development.
  • This aircraft utilizes a hybrid-electric propulsion system for reduced emissions and operating costs.

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Recent Developments by the key players in the Aircraft Engine Market

  • December 2021: CFM International, a joint venture between General Electric and Safran Aircraft Engines, secured a contract from Saudi Arabian Airlines to provide CFM International LEAP-1A engines for its new fleet of Airbus A321neo and A320neo aircraft.
  • October 2021: The U.S. Air Force awarded GE Aviation a USD 1.58 billion contract to supply F110 engines for Boeing F-15EX Eagle II aircraft, making GE the sole propulsion source for the entire planned F-15EX fleet.

Segment Analysis

  • By Type: The turbofan engine segment dominated the Aircraft Engine Market in 2023 and is forecast to exhibit the fastest growth during the assessment period. This dominance is fueled by the escalating demand for business jets in the Asia Pacific region.
  • By Component: The turbine segment is projected to experience the highest CAGR within the Aircraft Engine Market. Turbines harness kinetic energy from combustion gases, converting it into rotational motion, making them critical aircraft engine components.
  • By End-user: The commercial aviation segment held the largest market share in 2023 and is anticipated to experience the fastest growth. This expansion is driven by the need to replace conventional engines with cutting-edge technologies and the ever-increasing number of air passengers.

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Aircraft Engine market
Aircraft Engine market

Impact of the Russia-Ukraine War

The ongoing Russia-Ukraine war has had a multifaceted impact on the Aircraft Engine Market. Supply chain disruptions, sanctions, and geopolitical tensions have created uncertainties and complexities for manufacturers. The conflict has hindered the availability of raw materials, particularly titanium, which is extensively used in aircraft engine production. Additionally, rising energy costs have further escalated manufacturing expenses.

North America is projected to maintain its position as the largest regional market for aircraft engines during the forecast period.

The region is a hub for technological innovation in aircraft engines. Secondly, North America boasts a thriving aerospace and defense industry, fostering continuous demand for advanced engine solutions. Moreover, the presence of major players like General Electric Company, Honeywell International Inc., Collins Aerospace, and Textron Inc. drives the market with their relentless investment in research and development. These companies prioritize the integration of cutting-edge technologies into their engine systems and components, ensuring North America’s leadership in the global aircraft engine landscape.

Key Takeaways from the Aircraft Engine Market Study

  • The market is driven by escalating demand for commercial and military aircraft.
  • Technological advancements focusing on fuel efficiency and lightweight designs are at the forefront.
  • North America leads the Aircraft Engine Market, while the Asia Pacific region holds immense growth potential.
  • The market remains vulnerable to external factors like geopolitical conflicts and economic downturns.

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Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Aircraft Engine Market, By End-user
  9. Aircraft Engine Market, By Type
  10. Aircraft Engine Market, By Wing Position
  11. Aircraft Engine Market, By Component
  12. Regional Analysis
  13. Company Profiles
  14. Competitive Landscape
  15. Conclusion

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