Aircraft Engine Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2035 Segmented By Engine Type (Turbofan, Piston, Turboprop, Turboshaft), By Aircraft Type (Narrow Body, Rotocrafts, Business Aircrafts, Fighter Aircrafts, Wide Body Aircrafts, Regional Aircrafts), By Platform (Fixed Wing and Rotary Wing), By Application (Commercial, Military), By Region

The aircraft engine market stood around USD94.40 billion in 2021 and is estimated to reach USD195.62 billion by 2035, advancing with a CAGR of 5.30% in the forecast period, 2022-2035. An increase in technological development and an upsurge in demand for international tourism and commercial trading are driving the growth of the global aircraft engine market in the forecast years.

Engines driven by jet propulsion, turbines, or pistons are referred to as aviation engines. Jet propulsion engines must generate at least 1750 lb of thrust or its equivalent for takeoff. Furthermore, in the case of turbine- or piston-powered aircraft engines, all modules and other integrated or attached components, parts, and equipment must provide at least 550 rated takeoff shaft horsepower or its equivalent. The systems often found integrated with the engine operation are the accessory drive gearbox, fuel system, lubrication system, ignition system, bleed system, start system, anti-ice system, etc.

The global spread of the COVID-19 pandemic has caused public health and economic challenges. Due to full and partial lockdowns enforced across several nations to reduce the risk of coronavirus transmission, most aviation engine manufacturers were obliged to cease manufacturing for a few months, directly affecting aircraft engine sales, worldwide. According to published data from the World Bank, global GDP plummeted by 3.3% in 2020, impacting worldwide economies. Due to weaker economic growth and political constraints on passenger air travel, airlines worldwide have put off replacing their existing fleets, resulting in a decline in aircraft sales in 2020. According to International Air Transport Association (IATA), passenger air travel reduced globally in 2020 due to the COVID-19 pandemic, significantly affecting the aviation industry in the second and third quarters of 2020.

Rise in Global Tourism

As per the data published by United Nations World Tourism Organization (UNWTO), in 2021, the number of international travelers recorded worldwide was 15 million more than that of 2020. International travel has become easier due to increased airline connectivity between countries. Increased work opportunities, a growing number of passenger airlines, rising disposable income, rising people's standard of living, and other factors have contributed to the massive development of international tourism. According to the United Nations World Tourism Organization (UNWTO), there were 15 million more international travelers in 2021 than in 2020. This amounted to approximately a jump of 4% compared to the 2020 statistics. The escalation in international travel has directly raised the demand for passenger airplanes worldwide, which is driving expansion in the worldwide aircraft engine industry.

Less Demand in Renewal Market

Engines are among the most critical components in aircraft operation and are often quite expensive. In 2021, an airplane engine will probably cost USD13.54 million on average. As a result, the high cost of engines makes it challenging for aircraft operators to replace them when they collapse. Furthermore, engine manufacturing takes a long time, resulting in idle time, which hinders the operations of aviation industries. Because of all these aspects, airplane owners like to rent or lease aero engines to minimize their financial burden, as the upfront cost of new engines is substantially higher than that of leased ones. As a result, aircraft manufacturers see a drop in demand in the replacement market.

Rising Safety Concern

According to the International Air Transport Association (IATA), 7 fatal incidents occurred in 2021, resulting in 121 deaths. The rate of death was 76.92% higher than the previous year. Because of the increased concern for passenger safety, aviation engine manufacturers are working to improve the efficiency and technology of their engines to provide a safer air travel experience. As air safety regulations have improved, aircraft engine manufacturers must devote more time and money to research and development. Such advancements are a primary driving force in the aircraft engine sector.

Technological Advancement

Aircraft engine manufacturers are consistently evolving with different engine designs to deliver a better aviation experience for people. The high noise pollution caused by aircraft engines is one of the primary concerns for aircraft engine manufacturers. Manufacturers are emphasizing on diverting the engine upwards to keep the noise apart from the passengers. For Instance, Safran Landing Systems, is developing landing gear noise reduction technology as part of Boeing's 2020 eco-Demonstrator. The company is measuring a landing gear's noise projections to build a modified and quieter operational solution. A large volume of thrust energy is required to raise an aircraft into the air. Aircraft engine manufacturers are focusing on airframe integration, material processing techniques, new and improved materials, turbomachine technology developments, and aerodynamic designs to improve engine performance. All these attributes help to enhance aviation engine propulsion technology. To optimize aircraft propulsion performance, hybrid propulsion technology has been used which includes advance sustainable aviation fuels (SAFs) and hydrogen.

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Market Segmentation

The aircraft engine market is segmented by engine type, by aircraft type, by platform, by application, and by region. On the basis of engine type, the market is segmented into turbofan, piston, turboprop, turboshaft. Based on aircraft type, the market is segmented into Narrow Body, Rotocrafts, Business Aircrafts, Fighter Aircrafts, Wide Body Aircrafts, Regional Aircrafts. On the basis platform, the market is bifurcated into fixed wing and rotary wing. On the basis application, market is segmented into commercial, military. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Asia-Pacific, European, Americas region, Middle East and Africa. In terms of country, the United States aircraft engine market is forecast to reach around USD104.50 billion in 2035 from USD50.22 billion in 2021.

Company Profiles

Raytheon Technologies Corporation, General Electric Company, Safran Aircraft Engines, Rolls-Royce plc, Honeywell International Inc., MTU Aero Engines AG, Aero Engine Corporation of China (AECC), Continental Aerospace Technologies, Textron Inc., Williams International. These are the key players are developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.

Report Scope:

In this report, global aircraft engine market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·          Global Aircraft Engine Market, By Engine Type:

• Turbofan
• Piston
• Turboprop
• Turboshaft
• Global Aircraft Engine, By Aircraft Type:
• Narrow Body Aircrafts
• Regional Aircrafts
• Business Aircrafts
• Rotocrafts
• Wide Body Aircrafts

o   Fighter Aircrafts

·         Global Aircraft Engine, By Platform:

• Fixed Wing
• Rotary Wing
• Global Aircraft Engine, By Application:
• Commercial
• Military
• Global Aircraft Engine Market, By Region:
• Americas
• United States
• Canada
• Brazil
• Mexico
• Europe
• United Kingdom
• France
• Germany
• Russia
• Spain
• Italy
• Poland
• Asia-Pacific
• China
• Japan
• South Korea
• Australia
• India
• Middle East and Africa
• Israel
• South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global aircraft engine market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).