Global Aviation Gas Turbine Market
Aerospace and Defense

5 Key Takeaways From The Aviation Gas Turbine Market Report 2024

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

As per The Business Research Company’s Aviation Gas Turbine Global Market Report 2024, the aviation gas turbine market is expected to show significant growth in the forecast period.

The global aviation gas turbine market is on a trajectory of significant growth, expected to increase from $10.82 billion in 2023 to $11.64 billion in 2024, at a compounded annual growth rate (CAGR) of 7.6%. With North America leading in market share, this sector’s robust momentum reflects its pivotal role in the aviation industry 1. This market is further projected to soar, reaching a valuation of $129190 million by 2031, with a CAGR of 17.2% during the forecast period 2023-2031, underscoring the enduring demand and expanding scope within the aviation sector 2.

Amidst this upward trend, comprehensive analysis and forecasts predict the market’s expansion from an estimated $9.06 billion in 2023 to $14.0 billion by 2029, marking a steady CAGR of 7.52%. This projected growth encapsulates the dynamic advancements and strategic shifts expected to define the global aviation gas turbine market landscape, from trends and market segments to industry analysis and innovation-driven outlooks 3.

Market Overview and Predictions

  • Projected Growth and Regional Insights
    1. The global commercial aircraft gas turbine engine market is anticipated to reach $57.53 billion by 2024, with a CAGR of 17.5% from $48.97 billion in 2023, further expanding to $129190 million by 2031 at a CAGR of 17.2% 24.
    2. The Asia-Pacific region is projected to experience the highest growth rate, attributed to its increasing influence in the aviation sector, holding approximately 36.11% of the total revenue share in 2023 47.
  • Market Segmentation and Drivers
    • The market is segmented into narrow-body, wide-body, and regional jet segments, alongside various propulsion types and technological segments 4.
    • Growth is primarily driven by increasing air travel demand, regulatory changes, and the expansion of air travel in emerging regional markets 123.
  • Impact of COVID-19
    • The COVID-19 pandemic significantly impacted the market, causing supply chain disruptions and market fluctuations. The industry is now focusing on recovery strategies and identifying long-term opportunities 29.

Technological Advancements and Innovations
The aviation gas turbine market is witnessing a revolution driven by technological advancements and innovations aimed at enhancing efficiency, reducing emissions, and fostering sustainable aviation practices:

  • Fuel Efficiency and Emissions Reduction:
    • New-generation aircraft are designed for reduced fuel consumption and lower emissions, a critical factor in the market’s growth.
    • Advanced combustion technologies in gas turbines are reducing NOx and CO2 emissions, marking a significant step towards cleaner engines.
    • Airbus SE’s introduction of a hydrogen-powered fuel cell engine for zero-emission aircraft underscores the industry’s commitment to sustainable aviation.
  • Innovations in Design and Performance:
    • The development of advanced blade designs and improved aerodynamics are pivotal in minimizing energy losses and enhancing power output.
    • Digital twin technology is revolutionizing turbine design and performance optimization, leading to more efficient and reliable engines.
    • The exploration of hybrid systems combining gas turbines with renewable energy sources offers a stable and sustainable energy supply, reflecting the industry’s move towards greener alternatives.

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  • Research and Development Initiatives:
    • The Hyper-F project and Honda’s “Gas Turbine Hybrid System” for eVTOL aircraft are examples of industry-academia collaboration focusing on boundary layer-ingesting propulsion systems and hybrid-electric propulsion, respectively.
    • The 11th Gas Turbine Focus 2024 conference emphasizes the importance of international collaboration in advancing aero-engine and gas turbine technology.
    • These efforts are indicative of the industry’s push towards technological innovation, with major companies investing in groundbreaking technologies to maintain their competitive edge.

Key Market Drivers and Trends
The aviation gas turbine market is propelled by a combination of factors and trends that shape its trajectory towards growth and innovation:

  • Demand Dynamics:
    • Increasing air travel demand, especially from emerging regional markets, underscores the market’s expansion.
    • The need for new-generation, fuel-efficient aircraft due to rising fuel costs and environmental concerns further accelerates market growth.
  • Technological and Regulatory Influences:
    • Technological innovations and stricter emission regulations push for advancements in fuel efficiency and reduced emissions.
    • Green aviation initiatives and electrification trends are reshaping the market landscape, with a focus on sustainability.
  • Market Segmentation and Global Trends:
    • The market is segmented by type, propulsion, and application, catering to a diverse range of needs across commercial, defense, and business aviation sectors.
    • Key global trends include the integration of digital technologies, the shift towards sustainable aviation, and the growing urban air mobility (UAM) sector

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The Aviation Gas Turbine Global Market Report 2024  provides an in-depth analysis on the aviation gas turbine market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the aviation gas turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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