Aircraft engine refers to the component of an aircraft that offers thrust to an aircraft during taxing or the course of flight. The major components of an aircraft engine encompass fan, compressor, combustor, turbine, mixer, and nozzle. Each component plays a crucial role in aircraft engine. The fan ensures required air intake for an aircraft engine, followed by compressor, which compresses the inlet air and rise the temperature & pressure. The jet fuel is introduced in the combustion chamber along with the compressed air. The reaction rotates the turbine that powers the aircraft. The reaction generated exhaust air which is then followed to mixer where excessive air from nozzle is introduced to reduce the pressure and temperature of exhaust air. The mixer ensures silent operation of an aircraft engine while maintaining optimal temperature. The nozzle finally releases the exhaust back to atmosphere.
Factors such as increase in passenger traffic across the globe, rise in infrastructure investment, efforts by regional government to develop indigenous manufacturing capacities, and extensive R&D efforts taken by global players to improve operational efficiency of an aircraft engine and reduce overall carbon footprint. The manufacturing and supply chain industry is expected to is expected to play a major role in defining the market consolidation of aircraft engine. With respect to current Russia and Ukraine war, major aircraft engine manufacturers such as Boeing, General Electric, Rolls Royce, and CFM international have withdrawn from the Russian market. These players are actively looking for new raw material suppliers from Africa, Asia-Pacific, or North America regions in effort to reduce their depends from Europe.
The aircraft engine market is segmented on the basis of engine type, component, end use, and platform. By engine type, it is categorized into piston & turboprop engine, turbojet engine, turboshaft engine, and turbofan engine. Depending upon component, the market is fragmented into fan, compressor, combustor, turbine, mixer, and nozzle. By end use, it is divided into commercial and military. The platform segment is bifurcated into fixed wing and rotary wing. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Companies have adopted product development and product launch as their key development strategies in the Aircraft Engine industry. Moreover, collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand into different regions. The key players that operate in the Aircraft Engine market are General Electric, Rolls Royce, Safaran, Honeywell International Inc, Textron, MTU Aero Engines, Raytheon Technologies, IHI Corporation, MHI, and Lycoming Engines among others.
Factors such as increase in passenger traffic across the globe, rise in infrastructure investment, efforts by regional government to develop indigenous manufacturing capacities, and extensive R&D efforts taken by global players to improve operational efficiency of an aircraft engine and reduce overall carbon footprint. The manufacturing and supply chain industry is expected to is expected to play a major role in defining the market consolidation of aircraft engine. With respect to current Russia and Ukraine war, major aircraft engine manufacturers such as Boeing, General Electric, Rolls Royce, and CFM international have withdrawn from the Russian market. These players are actively looking for new raw material suppliers from Africa, Asia-Pacific, or North America regions in effort to reduce their depends from Europe.
The aircraft engine market is segmented on the basis of engine type, component, end use, and platform. By engine type, it is categorized into piston & turboprop engine, turbojet engine, turboshaft engine, and turbofan engine. Depending upon component, the market is fragmented into fan, compressor, combustor, turbine, mixer, and nozzle. By end use, it is divided into commercial and military. The platform segment is bifurcated into fixed wing and rotary wing. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Companies have adopted product development and product launch as their key development strategies in the Aircraft Engine industry. Moreover, collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand into different regions. The key players that operate in the Aircraft Engine market are General Electric, Rolls Royce, Safaran, Honeywell International Inc, Textron, MTU Aero Engines, Raytheon Technologies, IHI Corporation, MHI, and Lycoming Engines among others.
KEY BENEFITS FOR STAKEHOLDERS
- This study presents the analytical depiction of the global Aircraft Engine market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall Aircraft Engine market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global Aircraft Engine market with a detailed impact analysis.
- The current Aircraft Engine market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By End Use
- Commercial Aviation
- Military Aviation
By Platform
- Fixed Wing
- Rotary Wing
By Engine Type
- Piston and Turboprop Engine
- Turbojet Engine
- Turboshaft Engine
- Turbofan Engine
By Component
- Fan
- Compressor
- Combustor
- Turbine
- Mixer
- Nozzle
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Russia
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- CFM International
- Engine Alliance
- General Electric
- Honeywell International Inc.
- IHI Corporation
- Lycoming Engines
- MITSUBISHI HEAVY INDUSTRIES, LTD
- MTU Aero Engines AG
- Raytheon Technologies Corporation
- Rolls-Royce plc
- Safran
- Textron Inc
- Barnes Group Inc
- Euravia Engineering & Supply Co. Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AIRCRAFT ENGINES MARKET, BY ENGINE TYPE
CHAPTER 5: AIRCRAFT ENGINES MARKET, BY COMPONENT
CHAPTER 6: AIRCRAFT ENGINES MARKET, BY END USE
CHAPTER 7: AIRCRAFT ENGINES MARKET, BY PLATFORM
CHAPTER 8: AIRCRAFT ENGINES MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Aircraft Engines Market," the aircraft engines market was valued at $79.10 billion in 2021, and is estimated to reach $158.46 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.Asia-Pacific dominated the aircraft engine market in terms of growth, followed by North America, Europe, and LAMEA. The U.S. dominated the market share in 2021, and is expected to grow at a significant rate in the market during the forecast timeframe.
The aircraft engine market holds a great potential over the coming years backed by rise in inflight passengers across the globe, aircraft modernization contracts on commercial as well as military verticals, development of infrastructure related to aviation industry, and R&D practiced by global players to improve fuel efficiency of aircraft engines and reduce overall carbon footprint. The post pandemic situation where individuals across the globe are more inclined toward traveling and returning to their normal routine, aviation industry is experiencing a business surge. The total number of passenger across the globe surged by 65% between January to April 2022, as compared to 2021, followed by increase in airline seat capacity by 32%.
Integration of new design and manufacturing technologies such as additive manufacturing and laser sintering is anticipated to play a defining role within the forecast timeframe. Adoption of these technologies is expected tois anticipated to significantly reduce the research, development, & testing cost, along with allowing engineers to explore more aggressive and complex designs, which were impossible to manufacture using conventional processes. While research, development, and design seems to be the initial phase of shift in dynamics of aircraft engine market, major industry players have aligned themselves to gain legal approval to integrate additive manufacturing processes. For instance, in March 2022, GE Aviation announced to have been approved to use additive manufacturing technology to develop commercial jet engine components at its Loyang facility in Singapore. The approval is expected tois expected to allow company to explore more application in similar directions while limiting their operational cost.
By engine type the aircraft engine, component, end use, and platform. By engine type, it is categorized into piston & turboprop engine, turbojet engine, turboshaft engine, and turbofan engine. Depending upon component, the aircraft engine market is fragmented into fan, compressor, combustor, turbine, mixer, and nozzle. By end use, it is divided into commercial and military. The platform segment is bifurcated into fixed wing and rotary wing. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Factors such as increase in passenger traffic across the globe, rise in infrastructure investment, efforts by regional government to develop indigenous manufacturing capacities, and extensive R&D efforts taken by global players to improve operational efficiency of an aircraft engine and reduce overall carbon footprint. The manufacturing and supply chain industry is expected to is expected to play a major role in defining the market consolidation of aircraft engine. With respect to current Russia and Ukraine war, major aircraft engine manufacturers such as Boeing, General Electric, Rolls Royce, and CFM international have withdrawn from the Russian market. These players are actively looking for new raw material suppliers from Africa, Asia-Pacific, or North America regions in effort to reduce their depends from Europe.
Key Findings of the Study
- By engine type, the turbojet engine segment leads the market during the forecast period.
- By component, the compressor segment leads the market during the forecast period.
- By platform, the fixed wing segment is expected to grow at lucrative growth rate during the forecast period (2022-2031).
- By end use, the commercial aviation segment leads the market during the forecast period.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
- The key players that operate in the Aircraft Engine market are General Electric, Rolls Royce, Safaran, Honeywell International Inc, Textron, MTU Aero Engines, Raytheon Technologies, IHI Corporation, MHI, and Lycoming Engines among others.
Companies Mentioned
- Cfm International
- Engine Alliance
- General Electric
- Honeywell International Inc.
- Ihi Corporation
- Lycoming Engines
- Mitsubishi Heavy Industries, Ltd
- Mtu Aero Engines AG
- Raytheon Technologies Corporation
- Rolls-Royce plc
- Safran
- Textron Inc
- Barnes Group Inc
- Euravia Engineering & Supply Co. Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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