Insights Into The Aircraft Engines Market’s Growth Potential 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The aircraft engines market has experienced an extraordinary surge in recent years, exhibiting exponential growth. With a market size projected to increase from $44.31 billion in 2023 to $54.96 billion in 2024, boasting a remarkable compound annual growth rate (CAGR) of 24.0%, the industry’s trajectory is captivating. This surge can be attributed to various factors, including the growth of commercial aviation, technological advancements, regulatory requirements, and a significant push for airline fleet modernization.
Current Market Dynamics and Future Projections
Steady Ascent
The aircraft engines market is poised for continued growth, projecting a market size of $64.84 billion by 2028, with a CAGR of 4.2%. Key contributors to this anticipated growth include sustainable aviation practices, emerging technologies, market expansion in emerging economies, and the advent of urban air mobility (UAM). Noteworthy trends in the forecast period encompass a focus on fuel efficiency and emissions reduction, advancements in materials and manufacturing, the rise of high bypass turbofans, and the adoption of geared turbofan engines.
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Fleet Modernization Driving Growth
Revolutionizing Air Travel
Rising fleet modernization emerges as a pivotal force driving the aircraft engine market forward. Fleet modernization involves airlines and aviation operators updating and replacing their existing aircraft with newer, more advanced, and fuel-efficient models. This strategic move aims to improve fuel efficiency, meet the increasing demand for air travel, and align with environmental sustainability goals. Notably, in February 2023, major aircraft manufacturers Airbus and Boeing experienced substantial growth in orders and deliveries, emphasizing the industry’s commitment to fleet modernization.
Key Players Shaping the Industry
Powerhouses in Aviation
The aircraft engines market is influenced by major industry players, including General Electric Company, Rolls-Royce Limited, Honeywell International Inc., and others. These companies play a crucial role in driving innovations and setting the tone for technological advancements within the industry.
Rapid Adoption of 3D Printing
Transforming the Landscape
A notable trend gaining traction in the aircraft engine market is the integration of 3D printed parts. Companies are increasingly utilizing 3D printing technology to manufacture components for aircraft engines, aiming to reduce fuel usage and material costs. For instance, in February 2021, Wipro 3D collaborated with Hindustan Aeronautics Limited to produce a metal 3D-printed aircraft engine component designed for high-temperature zones, showcasing the transformative potential of 3D printing in the industry.
Aerospace Industry Strengthened Through Merger
Strategic Unification
In June 2022, a significant merger took place in the aerospace industry, involving Sukhoi, Russian Aircraft Corporation (MiG), and United Aircraft Corporation (UAC). This strategic move aimed to bolster UAC’s financial potential, enhance administrative and managerial efficiency, and reduce non-production costs and debt burdens. The merger, guided by the Rostec State Corporation, underlines a concerted effort to strengthen the Russian aerospace industry.
Market Segmentation Insights
Comprehensive Analysis
The aircraft engines market is segmented based on type, technology, platform, and application:
- By Type:
- Turboprop
- Turboshaft
- Turbofan
- Piston Engine
- By Technology:
- Conventional Engine
- Electric/Hybrid
- By Platform:
- Fixed Wing
- Rotary Wing
- By Application:
- General Aviation
- Business Aviation
- Recreational Aviation
- Others
Regional Dominance: North America
Leading the Charge
In 2023, North America emerged as the largest region in the aircraft engine market. Notably, the region is poised to be the fastest-growing during the forecast period, indicating its significant role in shaping the future of the aircraft engines industry.
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The Aircraft Engines Global Market Report 2024 provides an overviewof the aircraft engines market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The aircraft engines market forecast analyzesaircraft enginesmarket size, aircraft engines market share,leading competitor and their market positions.
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