Aircraft Engines Market Share, Size, Analysis & Forecast 2031

Report Description

Aircraft Engines Market Outlook 2031

The global aircraft engines market size was valued at USD 54.70 Billion in 2022 and is expected to reach USD 138.46 Billion by 2031, expanding at a CAGR of 10.87% during 2023–2031. The market growth is attributed to the rising demand for commercial aircraft and less time-consuming travel.

An aircraft engine or an aero engine, is the prime power component of an aircraft impulsion system. Engine is the part of the propulsion system for an aircraft, which is used to produce mechanical power. Technological advancements in engines have made it possible for the industry to produce electric aircraft that are lightweight and consume less power. Hence, the market is expected to witness a boost in the forecast period.

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Many engine producers manufacture lightweight electric jet engines, which reduce aircraft weight and require less fuel to travel at the same speed. The use of additive manufacturing makes the product more durable and stronger.

Artificial Intelligence Impact on Aircraft Engines Market

Artificial intelligence has a significant impact on the aircraft engines market as it supercharges inspection tasks for aircraft engines. A subsidiary of GE Aerospace, OC Robotics launched an AI-powered Advanced Blade Inspection Tool in 2023 to speed up on-wing inspections of GEnx engines. It further uses AI to improve fluorescent penetrant inspections and robotics-powered CFM56 airfoil inspections.

AI boosts efficiency and accuracy for engine borescope inspections. In May 2023, GE Aerospace partnered with testing specialist Waygate Technologies to explore the use of machine learning and AI to improve the reliability, cycle time, and consistency of these inspections. Thus, with the increasing number of usages of artificial intelligence in aircraft engines, the market is experiencing potential in the forecast period.

The research report finds that the COVID-19 pandemic negatively affected aircraft engines due to a recession in the aviation industry and issues in the supply chains, reducing aircraft engine deliveries in 2020. Some of the airlines shut down completely due to the deficiency of passenger demand during the pandemic.

• According to the U.S. Government Accountability Office, the pandemic had a significant impact on the U.S. aviation industry causing a loss of 96% in passenger traffic in 2020 than in 2019. The supply chain, repair shops, and others were similarly affected owing to the pandemic.

Aircraft Engines Market Dynamics

Major Drivers

Growing adoption of aircraft in the defense sector to counter-terrorism and drug trafficking is expected to fuel the global aircraft engine market. Moreover, increasing demand for wide-body aircraft engines with low emissions and lower weight, which improve the fuel efficiency of aircraft is anticipated to spur the market. For instance,

• In December 2022, United Airlines announced the largest widebody order by a U.S. carrier in commercial aviation history: 100 Boeing 787 Dreamliners with options to purchase 100 more. This historic purchase is the next chapter in the ambitious United Next plan and is expected to bolster the airline's leadership role in global travel in the coming years.

Existing Restraints

Increasing concerns over the failure and breakdown of aircraft engines through operation and setbacks in deliveries are some of the issues obstructing the growth of the market. High manufacturing and maintenance costs along with the lack of production facilities are anticipated to restrain the development of this market.

Emerging Opportunities

Ongoing investment in the research and development of new engine models with the adoption of technologies such as composite technologies and additive manufacturing is expected to create lucrative opportunities for market players. Research and development activities make the product stronger and more adaptive. 

Moreover, key market players are upgrading their manufacturing systems to meet the growing demand for aircraft engines is likely to create immense possibilities for the market players.

• For instance, in July 2023, Collins Aerospace, a part of RTX, is strengthening its 3D printing ability to meet the demand for aircraft engine components. The company has invested USD 14 million in expanding its additive manufacturing facility in West Des Moines, Iowa, adding state-of-the-art 3D metal printers.

Scope of Aircraft Engines Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Aircraft Engine Market Segment Insights

Type Segment Analysis

In terms of type, the global aircraft engines market is fragmented into turboprop, turbofan, turboshaft, and piston engines. The turbofan segment is anticipated to dominate the market owing to the growing demand for this type of engine in commercial aircraft fleets and helicopters. Turbofans offer more functions and services than turbojets. It has a larger fan at the front which helps in improving fuel efficiency.

The turboshaft segment is expected to grow at a steady rate in the coming years, due to increasing demand for civil helicopter fleets, auxiliary power units, hovercraft, boats and ships, tanks, and stationary equipment. Turboshaft engines are widely used in applications that need a sustained high-power output, high reliability, lightweight, and small size.    

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Component Segment Analysis

On the basis of component, the market is classified as turbine, compressor, gear box, fuel system, combustion chamber, and others. The turbine segment is anticipated to hold a major market share, due to the increasing investments in research and development of fuel-efficient aircraft turbines.

Fluctuating petroleum prices are likely to increase the need for weight reduction, improved aerodynamics, and integration of more efficient engines. 

The compressor segment is estimated to expand at a high CAGR during the forecast period, owing to rising demand for turbofan engines. The compressor has a great impact on total engine performance as it increases the pressure of the incoming air before it reaches the combustion section.  

Technology Segment Analysis

Based on technology, the market is segmented into conventional engine and electric/hybrid engine. The electric/hybrid engine segment is projected to register a considerable share of the market in the coming years, due to the increasing funding for research and development of environment-friendly electric/hybrid engine technology to minimize fuel consumption and carbon footprint.   

Electric aircraft lowers air travel's carbon footprint, brings zero-emission flights, and reduces noise pollution. Electric jet engines are used for transferring power from an urban air-mobility vehicle to business jet airplanes. Thus, with the increasing demand for electric jet engines, the market segment is expected to witness a growth forecast period. 

The conventional engine segment is expected to hold a substantial CAGR, due to the rising use of conventional engines in military aircraft and other commercial aircraft. It offers features including the best fuel efficiency, reduced weight with greater aerodynamics, and a longer lifecycle are the major factors driving the segment growth.

End-user Segment Analysis

Based on end-user, the market is segmented into commercial aviation, military aviation, and others. The commercial aviation segment dominated the market and is expected to grow in the coming years. Technological advancements in the latest generation of passenger aircraft are making it possible to fly longer distances without any halt between the destinations, boosting the market segment.

• For instance, in August 2023, The National Aeronautics and Space Administration (NASA) partnered with Boeing and Northrop Grumman to bring an ultra-high-speed Mach 4 passenger jet to the commercial marketplace. The two companies will provide a set of technologies and design a roadmap to drive the commercial vehicle at four times the speed of sound.

Many major players in the aviation industry are focused on improving the fuel efficiency and range of their passenger aircraft. In recent years, numerous airlines have placed orders for new aircraft to expand their fleets and offer their services to more passengers.

The military aviation segment is projected to hold a considerable market share, due to the increasing procurement of military aircraft by the Indian Government and US DoD. Several countries in North America, Europe, and Asia Pacific, are witnessing a rise in military operations, which increases the demand for aircraft engines in military aircraft.

• In September 2023, India cleared nine procurement proposals of around Rs 45,000 crore including ones to acquire 12 Su-30 MKI fighter jets as well as Dhruvastra air-to-surface missiles and upgrade of Dornier aircraft. 

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Regional Analysis

In terms of region, the global aircraft engines market is segmented into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is estimated to hold a majority of the global market share due to the rising expenses in the defense sector by emerging countries such as India and China. For instance,

• According to a report published in March 2023, China has an increase in its defense budget of 7.2% for the coming year, which is up from last year’s 7.1% rate of increase. China is said to be the world's second-largest budget holder. The 2023 figure was given as 1.55 trillion yuan (USD 224 billion), roughly double the figure from 2013.

• Furthermore, a report states that in February 2023 India proposed 5.94 trillion rupees ($72.6 billion) in defense spending for the 2023-24 financial year, 13% up from the previous period's initial estimates, aiming to add more fighter jets and roads along its tense border with China.

Thus, with the increase in expenses in the defense sector, the market is expected to witness a boost in the forecast period.

The market in North America is anticipated to expand at a rapid pace during the forecast period, due to the presence of key market players including Honeywell International Inc. and GE Aviation in the region. Furthermore, the US government is investing in the maintenance of helicopters and their engines, which is likely to drive the market.

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