Skyrocketing Growth: Turbofan Engines Market Soars to US$ 5.1 Billion by 2032 with Remarkable 17.2% CAGR | Future Market Insights, Inc.

The turbofan engines market is expected to be worth US$ 1.05 billion in 2022. The industry increased by 6.3% year on year over the last year. Turbofan Engines sales are expected to grow at a CAGR of 17.2% from 2022 to 2032, reaching a value of US$ 5.1 billion by the end of 2032.

Demand for turbofan engines in the commercial segment to remain strong, while demand for turbofan engines in wide-body aircraft to grow at a rapid pace during the assessment period. The turbofan engines market to be dominated by the North American region.

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Keys to success for Turbofan Engine Market Growth

With rapid urbanisation and global passenger traffic, an accelerated and more comfy mode of transportation is obligated. To encounter this demand, the airline business is growing at a rapid pace. A rapid way to transport goods is also required by the burgeoning transportation sector.

The most effectual mode of transportation is air transport. As the airline industry expands, so does the demand for new innovations and fuel-efficient engines. This factor is believed to have a promising potential the turbofan engines market during the forecast period.

Demand for next-generation engines and technological improvements are intensifying in the military sector, which is expected to increase market pressure for turbofan engines over the forecast period.

Pivotal Roadblocks to the Turbofan Engine Market Economic Boom

Notwithstanding the numerous benefits, turbofan engines have some downfalls, such as inefficiency at very higher elevations and massive increase areas, which are expected to thwart the turbofan engines market growth over the forecast period. When compared to other aircraft engine types, turbofan engines have slightly elevated manufacturing costs.

North America

North America is anticipated to be the lucrative turbofan engines market, owing to the ever-increasing demand for new technologies in the airline business as well as the continued growth for efficient engines. Over the forecast period, the region's turbofan engine market is expected to grow remarkably.

The United States is North America's largest turbofan engines market, followed by Canada. The United States is projected to continue to expand in the coming decade, thanks to an increase in orders and deliveries of turbofan engines in the commercial, military, and general aviation sectors.

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Asia Pacific

Due to emerging economies such as China, India, and Japan, the Asia Pacific turbofan engines market is expected to grow significantly. The growing population and air traffic are expected to drive up demand for aircraft with fuel-efficient engines.

The growing number of airports in the region, as well as the demand for new aircraft with better and more efficient engines for transportation and travel, are expected to drive up demand for turbofan engines.

Key Takeaways

The turbofan engines market increased by 6.3% year on year over the last year.
The APAC turbofan engines market is expected to exceed US$ 16 billion by 2032, growing at a 5.3% CAGR over the forecast period.
Wide-body aircraft are expected to be in high demand in Asia-Pacific markets due to their ability to carry large loads over long distances.
The commercial segment is expected to be the largest and fastest-growing segment, owing to rising demand for technologically advanced engines to replace conventional engines.

Competitive Landscape

The turbofan engines market is much consolidated, with a few companies influencing a substantial portion of total output. GE Aviation, a division of General Electric Company, is a major manufacturer of turboprop and jet engines. The company is expected to dominate the global market due to its superior product technology and diverse product portfolio.

Rolls Royce Holdings Plc., Safran SA, CFM International SA, and others are also market leaders. The key strategy implemented by the turbofan engines market's major players is the introduction and modernization of advanced technology in order to offer a more diverse product portfolio to their customers.

Key Companies Profiled

GE Aviation
Rolls-Royce Plc.
United Technologies Corporation - Pratt & Whitney Division
CFM International
Engine Alliance LLC
International Aero Engines
Williams International
SE Ivchenko-Progress
United Engine Corporation
EUROJET Turbo GmbH
IHI Corporation
Safran SA

Recent Development

Saudi Arabian Airlines has awarded CFM International, a joint venture of General Electric and Safran Aircraft Engines, a contract for CFM International LEAP-1A engines to power its new fleet of 35 Airbus A321neo and 30 Airbus A320neo planes.
The US Air Force awarded GE Aviation a USD 1.58 billion contract to supply F110 engines for the Boeing F-15EX Eagle II in October 2021. As a result of this decision, GE to be the sole propulsion source for the US Air Force's entire planned F-15EX fleet.

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Key Segments Covered in the Turbofan Engines Industry Survey

Turbofan Engines Market by Type:

Wide Body Aircrafts
Narrow Body Aircrafts

Turbofan Engines Market by End Use:

Turbofan Engines for Commercial Aircrafts
Turbofan Engines for Transportation Aircrafts
Turbofan Engines for Business Jets
Turbofan Engines for Military Aircrafts
Turbofan Engines for Transport Aircrafts
Turbofan Engines for Fighter Jets

Turbofan Engines Market by Region:

North America Turbofan Engines Market
Latin America Turbofan Engines Market
Western Europe Turbofan Engines Market
Eastern Europe
APEJ Turbofan Engines Market
Japan Turbofan Engines Market
Middle East & Africa Turbofan Engines Market

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.