Commercial Aircraft Gas Turbine Engine Global Market Report 2024

The commercial aircraft gas turbine engine market has grown rapidly in recent years. It will grow from $48.97 billion in 2023 to $57.53 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth observed in the historical period can be linked to the expansion in demand for air travel, the imperative for fuel efficiency, the requirements arising from globalization and connectivity needs, adherence to regulatory emissions standards, and the ongoing modernization of airline fleets.

The commercial aircraft gas turbine engine market is expected to see rapid growth in the next few years. It will grow to $104.49 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The anticipated growth in the forecast period can be associated with the sustained expansion of air travel, the implementation of stringent environmental regulations, a growing demand for wide-body aircraft, advancements in engine design technologies, and an increasing focus on sustainable aviation practices. Significant trends expected during this period encompass the adoption of advanced cooling technologies, an increased emphasis on noise reduction solutions, the integration of artificial intelligence (AI) in engine control systems, the expansion of sustainable aviation fuels (SAF), and a global shift toward more efficient engine architectures.

The rising demand for a new generation of fuel-efficient airplanes is expected to drive the growth of the commercial aircraft gas turbine engine market in the foreseeable future. Fuel-efficient airplanes, denoting aircraft engines or planes with reduced fuel consumption compared to their counterparts, are sought after for their environmental benefits. The surge in demand for these aircraft contributes to the expansion of the commercial aircraft gas turbine engine market, with enhanced fuel efficiency leading to lower operational costs, reduced emissions, and a positive environmental impact. Notably, a ThinkPaper published by Eurocontrol, a Belgium-based government agency, in April 2021, projected that by 2030, a significant reduction of up to 4,286kg of CO2 emissions (25.8%) per flight could be achieved, demonstrating substantial progress towards environmentally sustainable air travel. Additionally, a 10% adoption of sustainable aviation fuels (SAF) by 2030 would result in a CO2 savings of 1,331 kg or 8%. This increased demand for fuel-efficient airplanes serves as a pivotal driver for the market.

The projected growth of air travel is poised to be a significant driver for the commercial aircraft gas turbine engine market. Air travelers, representing individuals utilizing air transportation services for travel purposes, contribute to the increasing demand for air travel. Commercial aircraft gas turbine engines play a vital role in facilitating air travel, providing the necessary propulsion to lift and propel aircraft through the air. Notably, data from the Bureau of Transportation Statistics (BTS), a U.S.-based government agency, reveals that in 2022, U.S. airlines carried a notable 853 million passengers, marking a substantial increase from 658 million in 2021 and 388 million in 2020. Furthermore, there was a 30% year-to-year increase in 2022, with U.S. airlines transporting an additional 194 million passengers compared to the previous year, 2021. This upsurge in air travel is a significant factor driving the growth of the commercial aircraft gas turbine engine market.

Technological advancements emerge as a prominent trend driving innovation in the commercial aircraft gas turbine engine market. Leading companies in the sector are strategically investing in the development of innovative technologies to reinforce their market positions. For example, in November 2022, Airbus SE, a Netherlands-based aircraft manufacturing corporation, unveiled a hydrogen-powered fuel cell engine that utilizes hydrogen combustion in a gas turbine. This propulsion system is being explored as a viable alternative for equipping zero-emission aircraft, with plans for deployment by 2035. The A380 MSN1 flight test aircraft is undergoing modifications to accommodate liquid hydrogen tanks and associated distribution systems for future hydrogen technologies.

Major players in the commercial aircraft gas turbine engine market are directing their focus and investments toward manufacturing capacities to scale up the production of aircraft gas turbine engines. Investments are instrumental in fostering the development, advancement, and sustainability of these engines. In March 2023, General Electric Company, a US-based energy leader, announced a significant investment of approximately $450 million in its existing U.S. manufacturing facilities. Additionally, the company is planning a $35 million investment in the South Carolina facility to expand the manufacturing capacity of gas turbine units and spare parts, with an additional $11 million investment in the New York region to augment capacity for manufacturing gas turbines and generators.

In September 2022, Veritas Capital, a US-based private equity firm, completed the acquisition of Sequa from Carlyle for an undisclosed amount. This strategic acquisition marks an exciting new chapter for Chromalloy, allowing for the expansion of its differentiated capabilities and investment in proprietary LifeX solutions to deliver value to a global client base. Sequa Corporation, the acquired entity, is a US-based company specializing in the production of a diverse range of aerospace products, including services and manufacturing related to aircraft gas turbine engines.

Major companies operating in the commercial aircraft gas turbine engine market report are GE Aviation LLC, GKN Aerospace Services Ltd., Honeywell International Inc., MTU Aero Engines AG, Raytheon Technologies Corporation, Rolls-Royce Holdings plc, International Aero Engines AG, Engine Alliance LLC, CFM International Inc., Powerjet Plastic Machinery CO. LTD., Pratt and Whitney Co., Safran S.A., Williams International Co. LLC, EuroJet Turbo GmbH, Textron Inc., Ishikawajima-Harima Heavy Industries Co.Ltd., Siemens Energy Inc., Mitsubishi Heavy Industries Ltd., Ansaldo Energia SpA, MAPNA Group, Caterpillar Inc., UEC NPO Saturn, Rotax Aircraft Engines, Solar Turbines Incorporated, Destinus Energy, MAN Energy Solutions SE, PBS Group, Teledyne Continental Motors, Spirit AeroSystems, Magellan Aerospace.

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

The main types of commercial aircraft gas turbine engine are narrow-body, wide-body, and regional jet. Narrow-body aircraft are single-aisle planes used mostly for short and medium-distance flights, with seats set 2 to 6 abreast, a fuselage diameter of 3 to 4 meters (10 to 13 feet), and seating less than 200 passengers. Airplanes are propelled and powered by gas turbine engines. The various types of propulsion include electric based commercial aircraft and special fuel based commercial aircraft that runs on technologies such as turbofan, turbojet, turboprop, and other technologies. It is suitable for light commercial aircraft, heavy commercial aircraft, passenger-based aircraft, and cargo based multi-model aircraft for commercial and military aircrafts.

The commercial aircraft gas turbine engine market research report provides commercial aircraft gas turbine engine market statistics, including commercial aircraft gas turbine engine industry global market size, regional shares, competitors with a commercial aircraft gas turbine engine market share, detailed commercial aircraft gas turbine engine market segments, market trends and opportunities, and any further data you may need to thrive in the commercial aircraft gas turbine engine industry. This commercial aircraft gas turbine 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 commercial aircraft gas turbine engine market consists of sales of heavy-frame engines, aero-derivative engines, combustion chamber, turbine and open-cycle gas turbine 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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