Aviation Gas Turbine Global Market Report 2024

The aviation gas turbine market size has grown strongly in recent years. It will grow from $10.82 billion in 2023 to $11.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. Historical growth in the aviation gas turbine sector was driven by escalating demand for air travel, shifts in regulatory standards, geopolitical influences, dynamics within the airline industry, and trends in supply chain management and manufacturing processes.

The aviation gas turbine market size is expected to see strong growth in the next few years. It will grow to $14.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period for aviation gas turbines is likely propelled by green aviation initiatives, the trend towards electrification, burgeoning markets and regional expansion, mounting concerns about cybersecurity, and ongoing innovations in materials. Key trends in this period encompass heightened demand for fuel efficiency, advancements in materials and technologies, amplified emphasis on maintenance, repair, and overhaul (MRO) services, integration of digital technologies, the evolving landscape toward sustainable aviation, and the burgeoning sector of urban air mobility (UAM).

The growth of the aviation gas turbine market is anticipated to be propelled by the increasing number of global travelers. Global travelers, referring to individuals who frequently travel abroad or move between different locations, contribute to the demand for aviation services. Gas turbines, operating on compression, combustion, and expansion principles, play a crucial role in aviation, ensuring a favorable power-to-weight ratio and enhancing flight comfort. For instance, in 2022, data from the Bureau of Infrastructure and Transport Research Economics (BITRE) revealed a substantial increase in total passenger movements, reaching 16.68 million passengers in November 2022, up from 1.23 million in November 2021. Additionally, statistics from the Bureau of Transport indicated a 119% rise in passengers on US airlines in October 2021. This surge in global travel is a key driver for the aviation gas turbine market.

The growth of the aviation gas turbine market is further expected to be fueled by the rising military expenditure globally. Military expenditure, encompassing financial, material, and human resources allocated for defense and military activities, contributes to the acquisition of advanced aircraft equipped with cutting-edge gas turbine engines. This investment supports research and development, enhances strategic mobility, facilitates rapid deployment of military forces, maintains air superiority, supports the aerospace industry, and contributes to deterrence and national security. In 2022, global military spending reached a record $2,240 billion, increasing by 3.7% in real terms, according to SIPRI (Stockholm International Peace Research Institute). The continuous rise in military budgets, including China's consistent increases over 26 years, is a significant driver for the aviation gas turbine market.

A key trend in the aviation gas turbine market is the focus on technological advancements by major companies in the industry. These companies are actively engaged in the development of new and improved advanced technologies to sustain their competitive positions. For example, in June 2021, Safran SA, a French-based aircraft equipment company, and GE, a US-based aviation company, announced a partnership to create innovative jet engine technology. This collaboration, initiated as the aviation industry competes for the next generation of single-aisle aircraft, underscores the commitment to advancements in technology, including environmental considerations, within the aviation gas turbine market.

Major companies in the aviation gas turbine market are strategically focusing on the development of innovative products, particularly small turbofan engines, to drive revenues and meet the evolving needs of the aerospace and defense industries. Small turbofan engines, characterized by their lightweight and compact design, find applications in various platforms, including unmanned aerial vehicles (UAVs), aircraft, and cruise missiles. In November 2023, Kratos Turbine Technologies (KTT), a division of Kratos Defense & Security Solutions Inc., launched a small turbofan engine. This engine, designed in the 600-900-lb.-thrust-class range, offers a lower cost and a shorter lifespan compared to existing options, making it suitable for use in disposable and attritable aircraft. The development of this engine aligns with the growing demand for attritable and disposable aircraft by the U.S. military. Kratos aims to address this demand by creating cost-optimized turbojet engines for attritable UAVs, emphasizing compact, affordable, and high-performance solutions for cruise missiles and UAVs.

In May 2021, Precision Aviation Group Inc., a U.S.-based aerospace and defense industry provider, acquired Keystone Turbine Services. This strategic acquisition enabled Precision Aviation Group to expand its maintenance, repair, and operations (MRO) capabilities, adding 12 repair stations globally. Keystone Turbine Services, specialized in the maintenance, repair, and overhaul of gas turbine engines, particularly the Rolls-Royce M250 series. The acquisition reinforced Precision Aviation Group's commitment to enhancing its MRO capabilities and meeting the needs of the aviation gas turbine market.

Major companies operating in the aviation gas turbine market report are General Electric Company, CFM International Inc., Pratt & Whitney Co. Inc., Rolls-Royce Holdings plc, Avio SpA, Engine Alliance LLC, International Aero Engines AG, MTU Aero Engines AG, United Engine Corporation, Raytheon Technologies Corporation, Williams International Co. LLC, Safran Aircraft Engines, EuroJet Turbo GmbH, Honeywell International Inc., IHI Corporation, Klimov JSC, Kawasaki Heavy Industries Ltd., Safran SA, Solar Turbines Incorporated, Siemens Energy AG, Mitsubishi Heavy Industries Ltd., MAN Energy Solutions SE, MTU Turbomeca Rolls-Royce GmbH, Motor Sich JSC, Chromalloy Gas Turbine LLC, Capstone Turbine Corporation, GKN Aerospace Services Limited, GE Aviation Company.

North America was the largest region in the aviation gas turbine market in 2023. The regions covered in the aviation gas turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aviation gas turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main categories of aviation gas turbines encompass turbojet, turbofan, turboprop, and other specialized types. Turbojet engines use a turbine-driven compressor to draw in and compress air before mixing it with fuel in a combustion chamber. These engines are utilized in diverse applications including commercial, defense, and business aircraft, both electric-based and using specialized fuels.

The aviation gas turbines market research report is one of a series of new reports that provides aviation gas turbines market statistics, including aviation gas turbines industry global market size, regional shares, competitors with an aviation gas turbines market share, detailed aviation gas turbines market segments, market trends, and opportunities, and any further data you may need to thrive in the aviation gas turbines industry. This aviation gas turbines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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