IMARC Group’s report titled “Aircraft Engine Market Report by Component (Fan, Compressor, Combustor, Turbine, Mixer, Nozzle, and Others), Engine Type (Piston and Turboprop Engine, Turbojet Engine, Turboshaft Engine, Turbofan Engine), Platform (Fixed Wing, Rotary Wing), End User (Commercial Aviation, Military Aviation), and Region 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global aircraft engine market demand. The global market size reached US$ 95.17 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 165.07 Billion by 2032, exhibiting a growth rate (CAGR) of 6.31% during 2024-2032.
Global Aircraft Engine Market Trends:
There is an increasing focus on developing eco-friendly aircraft engines that produce lower emissions and less noise. To meet environmental goals, sustainable aviation fuels (SAF) and hybrid-electric propulsion systems are being explored. Airlines are concentrating on reducing fuel consumption to cut operating costs and minimize their carbon footprint, driving market growth. The emphasis on sustainability has sparked growing interest in electric and hybrid-electric propulsion systems, which offer the potential for lower operating costs and a reduced environmental impact.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/aircraft-engine-market/requestsample
Factors Affecting the Growth of the Aircraft Engine Industry:
- Technological Advancements:
Technological innovations are leading to the development of more fuel-efficient engines. Enhanced aerodynamics, materials, and design optimization contribute to reduced fuel consumption, resulting in cost savings for airlines and reduced environmental impact. Advancements in technology are allowing for the creation of aircraft engines that emit fewer pollutants and produce less noise. This aligns with stringent environmental regulations and sustainability goals, making these engines highly desirable for airlines.
- Thriving Aviation Industry:
The rising demand for air travel worldwide is propelling the growth of the market. As more people choose to fly for business and leisure, airlines need to expand their fleets or replace older aircraft, necessitating the acquisition of modern, efficient engines. Airlines are constantly expanding their fleets to accommodate the growing number of passengers. This expansion creates a substantial market for new aircraft engines. With fuel-efficient engines, airlines can reduce their fuel consumption, leading to cost savings. This cost-effective solution is a compelling driver for the adoption of advanced aircraft engines.
- Environmental Regulations:
Stringent emissions standards set by international organizations, such as the International Civil Aviation Organization (ICAO), require aircraft engines to reduce their emissions of greenhouse gases and other pollutants. To comply with these standards, aircraft engine manufacturers must develop more environment friendly engines. Noise restrictions at airports and in populated areas are driving the development of quieter engines. Quieter engines are not only essential for meeting noise regulations but also contribute to a better quality of life for residents near airports.
Leading Companies Operating in the Global Aircraft Engine Industry:
- Barnes Group Inc.
- General Electric Company
- Honeywell International Inc.
- IHI Corporation
- Mitsubishi Heavy Industries Ltd.
- MTU Aero Engines AG
- Raytheon Technologies Corporation
- Rolls-Royce Holdings plc
- Safran S.A.
- Textron Inc.
Aircraft Engine Market Report Segmentation:
By Component:
- Fan
- Compressor
- Combustor
- Turbine
- Mixer
- Nozzle
- Others
Turbine exhibits clear dominance in the market, driven by its crucial role in converting energy into mechanical drive.
By Engine Type:
- Piston and Turboprop Engine
- Turbojet Engine
- Turboshaft Engine
- Turbofan Engine
Turbofan engine represents the largest segment accredited to its fuel efficiency and lower noise levels.
By Platform:
- Fixed Wing
- Rotary Wing
Fixed wing holds the biggest market share attributed to its efficiency over long distances and ability to carry significant payloads.
By End User:
- Commercial Aviation
- Military Aviation
Commercial aviation accounts for the majority of the market share due to the high volume of passenger and cargo traffic requiring reliable and efficient aircraft.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America dominates the market owing to the presence of major aircraft manufacturers and technological leaders in the aerospace industry and rising investments in aviation infrastructure.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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