Aircraft Turbofan Engine Global Market Report 2024

The aircraft turbofan engine market has grown strongly in recent years. It will grow from $3.02 billion in 2023 to $3.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed in the historic period can be attributed to several factors, including the expansion of aircraft fleets, the need for fuel efficiency driven by environmental regulations, an increase in air travel demand, and the replacement of aging engines.

The aircraft turbofan engine market is expected to see strong growth in the next few years. It will grow to $4.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to the increasing demand for more sustainable aviation practices, significant investments in research and development, the global growth of air traffic, a heightened focus on noise reduction, and the emerging trends of urban air mobility and electric aviation. Major trends expected during the forecast period include advancements in engine technology, the dominance of high-bypass ratio engines, the integration of digitalization and engine health monitoring, the exploration of hybrid-electric and sustainable aviation solutions, as well as the prevalence of retrofitting and engine upgrades.

The aircraft turbofan engine market is anticipated to experience growth propelled by the increasing number of aircraft orders. The rising demand for air travel is prompting airlines to invest in new aircraft, expanding their fleets and replacing older, less fuel-efficient planes. This surge in commercial airliner orders is subsequently boosting the demand for aircraft engines, particularly turbofan engines. According to data from the General Aviation Manufacturers Association, turboprop aircraft deliveries increased by 10.4% to 582 units in 2022 compared to the previous year, and business aircraft deliveries rose by 7.12% to 712 units in 2022 from 710 in 2021. The total value of aircraft deliveries reached $22.9 billion in 2022, marking a substantial increase of almost 5.8%. Consequently, the growing number of aircraft orders is a key driver for the aircraft turbofan engine market.

The expanding defense budget is poised to contribute to the growth of the aircraft turbofan engines market. Defense budgets, representing the financial plan allocated by governments for military and defense-related activities, play a crucial role in the development and procurement of aircraft turbofan engines. These funds are utilized to maintain production lines, invest in research and development, and develop new capabilities that align with evolving military needs. As of April 2023, a report by the Stockholm International Peace Research Institute revealed a 3.7% real-term increase in global military spending in 2022, reaching an unprecedented high of $2,240 billion. Notably, the United States, contributing 39% to the world's military spending, and China, accounting for 13%, maintained their positions as the top two spenders. The growing defense budgets globally are, therefore, driving the growth of the aircraft turbofan engines market.

The aircraft turbofan engine market is anticipated to experience growth driven by the increasing number of air passengers. An air passenger refers to an individual or business primarily engaged in transporting people by aircraft in interstate commerce. With air travel becoming more accessible and affordable, there is a notable uptick in the preference for flying, leading to a surge in demand for air transportation services. This heightened demand necessitates more efficient and reliable aircraft engines, with turbofan engines emerging as popular choices for commercial airliners. In March 2022, the International Air Transport Association (IATA) projected that there would be 4.0 billion passengers worldwide in 2024, reaching pre-COVID-19 levels at 103% of the figure for 2019. The projections indicate a steady increase, with 83% anticipated in 2022, followed by 94% in 2023, 103% in 2024, and 111% in 2025. Consequently, the rise in the number of air passengers is a key driver for the growth of the aircraft turbofan engine market.

A significant trend in the aircraft turbofan engine market is the emphasis on product innovation by major industry players. Leading companies in the market are actively focused on developing innovative products to maintain their competitiveness. In November 2021, Pratt & Whitney Canada, a Canada-based aircraft engine manufacturer, introduced the turboprop PW127XT engine series. This high-performance turboprop engine is specifically designed for regional airliners and incorporates advanced technologies. Notably, the engine features a dual-channel, full-authority digital engine control system, offering precise control over the engine's performance and reducing pilot workload. This product innovation exemplifies the commitment of major companies to advancing technology and meeting the evolving needs of the aviation industry.

Major players in the aircraft turbofan engine market are strategically focusing on innovation, including the development of demonstrator aero engines, to establish a competitive advantage. A demonstrator aero engine is a non-production engine specifically built for testing new technologies and concepts before they are incorporated into full-scale production engines. A notable example of this innovation is Rolls-Royce Plc, a UK-based aerospace and defense company, which introduced the UltraFan in May 2023. The UltraFan stands out as the world's largest turbofan engine, featuring a remarkable 140-inch fan diameter. It is engineered to achieve a 25% improvement in fuel burn compared to the first generation of Trent engines. The engine has undergone successful testing at full power, producing over 85,000 lbs of thrust. Moreover, the UltraFan is designed to be ready for operation with 100% Sustainable Aviation Fuel (SAF) from the outset of its service, reflecting a commitment to sustainability in aviation. This strategic focus on innovation and the development of demonstrator aero engines demonstrates the industry's dedication to advancing technology and staying at the forefront of the market.

Major companies operating in the aircraft turbofan engine market report are Pratt & Whitney Canada Corp., Rolls-Royce Holdings plc, CFM International SA, Safran SA, GE Aviation, Honeywell International Inc., MTU Aero Engines AG, Eurojet Turbo GmbH, United Engine Corporation, International Aero Engines AG, Engine Alliance GP, Barnes Group Inc., Aero Engine Corporation of China, Aviation Industry Corporation of China, Raytheon Technologies Corporation, Snecma, Ishikawajima-Harima Heavy Industries Co. Ltd., JSC Aviadvigatel, NPO Saturn, Williams International, Ivchenko-Progress Design Bureau, Klimov JSC, Motor Sich JSC, Austro Engine GmbH, Hindustan Aeronautics Limited, Shenyang Liming Aero-Engine (Group) Co. Ltd., Kuznetsov Design Bureau, IHI Corporation, Aviadvigatel, Avio Aero.

North America was the largest region in the aircraft turbofan engine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global aircraft turbofan engine market report during the forecast period. The regions covered in the aircraft turbofan engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aircraft turbofan engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary models of aircraft turbofan engines include PW4000, GEnx, Trent 1000, F414, GP7000, among others. The PW4000 represents the initial iteration of high-thrust engines, featuring a 94-inch fan engine. This particular aircraft turbofan engine delivers thrust within the range of 74,000 to 98,000 pound-force. Aircraft, categorized as narrow-body and wide-body, may have fixed wings or rotary wings, and are utilized in various applications such as military aviation, commercial air transport, and others. The turbofan engine plays a crucial role in powering these aircraft, enabling their efficient and low-noise operation.

The aircraft turbofan engine market research report provides aircraft turbofan engine market statistics, including aircraft turbofan engine industry global market size, regional shares, competitors with a aircraft turbofan engine market share, detailed aircraft turbofan engine market segments, market trends and opportunities, and any further data you may need to thrive in the aircraft turbofan engine industry. This aircraft turbofan engine 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 aircraft turbofan engine marker consists of the sale of low bypass ratio turbofan engines, medium bypass ratio turbofan engines, high bypass ratio turbofan engines, and geared turbofan engines. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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