IMARC Group's report titled "Aircraft Engine Market Report by Component (Fan, Compressor, Combustor, Turbine, Mixer, Nozzle, and Others), Engine Type (Piston and Turboprop Engine, Turbojet Engine, Turboshaft Engine, Turbofan Engine), Platform (Fixed Wing, Rotary Wing), End User (Commercial Aviation, Military Aviation), and Region 2024-2032", The global aircraft engine market size reached US$ 95.17 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 165.07 Billion by 2032, exhibiting a growth rate (CAGR) of 6.31% during 2024-2032.
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Factors Affecting the Growth of the Aircraft Engine Industry:
- Thriving Aviation Industry:
The rising demand for air travel worldwide is propelling the growth of the market. As more people choose to fly for business and leisure, airlines need to expand their fleets or replace older aircraft, necessitating the acquisition of modern, efficient engines. Airlines are constantly expanding their fleets to accommodate the growing number of passengers. This expansion creates a substantial market for new aircraft engines. With fuel-efficient engines, airlines can reduce their fuel consumption, leading to cost savings. This cost-effective solution is a compelling driver for the adoption of advanced aircraft engines.
- Technological Advancements:
Technological innovations are leading to the development of more fuel-efficient engines. Enhanced aerodynamics, materials, and design optimization contribute to reduced fuel consumption, resulting in cost savings for airlines and reduced environmental impact. Advancements in technology are allowing for the creation of aircraft engines that emit fewer pollutants and produce less noise. This aligns with stringent environmental regulations and sustainability goals, making these engines highly desirable for airlines.
- Environmental Regulations:
Stringent emissions standards set by international organizations, such as the International Civil Aviation Organization (ICAO), require aircraft engines to reduce their emissions of greenhouse gases and other pollutants. To comply with these standards, aircraft engine manufacturers must develop more environment friendly engines. Noise restrictions at airports and in populated areas are driving the development of quieter engines. Quieter engines are not only essential for meeting noise regulations but also contribute to a better quality of life for residents near airports.
Leading Companies Operating in the Global Aircraft Engine Industry:
- Barnes Group Inc.
- General Electric Company
- Honeywell International Inc.
- IHI Corporation
- Mitsubishi Heavy Industries Ltd.
- MTU Aero Engines AG
- Raytheon Technologies Corporation
- Rolls-Royce Holdings plc
- Safran S.A.
- Textron Inc.
Explore full report with table of contents: https://www.imarcgroup.com/aircraft-engine-market
Aircraft Engine Market Report Segmentation:
By Component:
- Fan
- Compressor
- Combustor
- Turbine
- Mixer
- Nozzle
- Others
Turbine represented the largest segment as it is a critical component of most aircraft engines, responsible for generating thrust.
By Engine Type:
- Piston and Turboprop Engine
- Turbojet Engine
- Turboshaft Engine
- Turbofan Engine
Turbofan engine accounted for the largest market share due to its fuel efficiency and lower noise levels.
By Platform:
Fixed wing exhibits a clear dominance in the market as it has a broader market presence and higher demand compared to rotary-wing aircraft.
By End User:
- Commercial Aviation
- Military Aviation
Commercial aviation holds the biggest market share due to the higher number of aircraft and engines used in this segment compared to military or general aviation.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the aircraft engine market on account of the presence of several major aircraft engine manufacturers and thriving aviation industry.
Global Aircraft Engine Market Trends:
There is a growing emphasis on developing eco-friendly aircraft engines with lower emissions and reduced noise levels. Sustainable aviation fuels (SAF) and hybrid-electric propulsion systems are being explored to meet environmental goals.
Airlines are increasingly focused on reducing fuel consumption to lower operating costs and reduce their carbon footprint, which is bolstering the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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