Aircraft Engine Market: Surging Demand for Air Travel to Fuel Growth at CAGR 9.7%, Value to Reach USD 125.3 Billion by 2030

The global aircraft engine market is poised for steady growth during the forecast period, driven by the expanding commercial aviation sector and the rising demand for air travel. Aircraft engines play a crucial role in powering aircraft and enabling efficient and safe flight. This article provides key insights into the market, covering recent trends, growth factors, challenges, regional outlook, and prominent companies in the industry.

Aircraft Engine Market Highlights and Statistics:

● The aircraft engine market is estimated to reach a substantial value of USD 125.3 billion by 2030, the value in 2021 was USD 55.1 billion, exhibiting a robust CAGR of 9.7% from 2022 to 2030. This growth is driven by the increasing demand for air travel, the growth of the aircraft fleet, and continuous advancements in engine efficiency and performance.
● For the applications segment, the commercial subsegment holds the dominant revenue share in 2021.
● North America accounts for the largest share of the aircraft engine market in 2021. The region's leading position is attributed to its established aviation industry, significant air passenger traffic, and the presence of key aircraft engine manufacturers.
● The development of hybrid-electric and hydrogen propulsion technologies is a major trend in the aircraft engine market. As the aviation industry seeks to reduce its carbon footprint and achieve sustainability goals, these alternative propulsion technologies are gaining attention and investment.

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Aircraft Engine Market Outlook and Opportunities:

Surging Air Passenger Traffic: The increasing number of air passengers globally is driving the demand for new aircraft, subsequently boosting the demand for aircraft engines.
Rising Production Rates of Popular Aircraft Models: The production rates of popular narrow-body aircraft models, such as Airbus A320 and Boeing 737, are increasing to meet the growing demand for short-haul flights.
Focus on Fuel Efficiency and Noise Reduction: Continuous advancements in engine design are focused on improving fuel efficiency, reducing noise levels, and complying with strict environmental regulations.
Advancements in Materials: The development of lightweight and temperature-resistant materials is enhancing engine performance and durability.
Increase in Military Spending: The rise in military spending and defense aircraft procurement is contributing to the demand for military aviation engines.

Market Key Challenges:

High Development and Certification Costs: The development and certification of new aircraft engines involve significant investments, making it a capital-intensive process for manufacturers.
Stringent Regulatory Standards: The aircraft engine industry is subject to stringent safety and performance regulations, which can impact the time and cost of bringing new engines to market.
Barriers to Entry for New Players: The aircraft engine market is dominated by a few key players with established expertise and a strong market presence, making it challenging for new entrants to compete.
Vulnerability to Economic Cyclicality: The aviation industry is sensitive to economic cycles and geopolitical disruptions, which can impact aircraft orders and, consequently, engine demand.
Emergence of Alternative Propulsion Technologies: The development of alternative propulsion technologies, such as electric and hydrogen-powered engines, could potentially disrupt the traditional aircraft engine market.

Aircraft Engine Market Segmentation:

Based on the Types
● Turboshaft Engine
● Turboprop Engine
● Turbofan Engine
● Piston Engine

Based on the Applications
● Commercial
● General Aviation
● Military

Based on Platform
● Rotary Wing type
● Fixed Wing type

Regional Insights:

Currently, the aircraft engine market is led by North America and Europe, with these regions having well-established aviation industries and significant air traffic. However, the Asia Pacific region is expected to exhibit strong growth over the coming years, driven by the rising demand for aircraft in countries like India and China.

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Leading Companies:

Prominent players operating in the aircraft engine market include GE Aviation, Rolls-Royce, Safran, Raytheon Technologies, Honeywell Aerospace, MTU Aero Engines, International Aero Engines, and CFM International.

Conclusion:

Manufacturers in the industry are focused on advancing engine technology to improve fuel efficiency, reduce noise, and enhance reliability. However, challenges such as high development costs and stringent regulations must be addressed to ensure steady growth in the market. As the aviation industry continues to evolve, aircraft engines will play a crucial role in powering modern aircraft and shaping the future of air travel.

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This release was published on openPR.