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Global Aircraft Turbofan Engine Market 2024 - Trends, Opportunities, Competitive Analysis And Forecast To 2033
Global Aircraft Turbofan Engine Market
The Business Research Company offers in-depth market insights through Aircraft Turbofan Engine Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The aircraft turbofan engine market size has grown strongly in recent years. It will grow from $3.02 billion in 2023 to $3.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to aircraft fleet expansion, fuel efficiency requirements, environmental regulations, rise in air travel demand, replacement of aging engines.
The aircraft turbofan engine market size is expected to see strong growth in the next few years. It will grow to $4.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to demand for more sustainable aviation, research and development investments, global air traffic growth, focus on noise reduction, urban air mobility and electric aviation. Major trends in the forecast period include advancements in engine technology, high-bypass ratio engines dominance, digitalization and engine health monitoring, hybrid-electric and sustainable aviation, retrofitting and engine upgrades.
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Market Segmentation:
The aircraft turbofan engine market covered in this report is segmented -
1) By Engine Type: PW4000, GEnx, Trent 1000, F414, GP7000, Other Engines
2) By Aircraft Type: Narrow Body Aircraft, Wide Body Aircraft
3) By Platform: Fixed Wing, Rotary Wing
4) By Application: Military Aviation, Commercial Air Transport, Other Appliactions
Major Driver - Growing Aircraft Orders Propel Expansion In The Aircraft Turbofan Engine Market
Rising aircraft orders are expected to boost the growth of the aircraft turbofan engine market going forward. The demand for air travel is growing, due to which airlines are investing in new aircraft to expand their fleets and replace older, less fuel-efficient planes. This has led to an increase in orders for commercial airliners, which in turn is driving demand for aircraft engines. For instance, according to data by the General Aviation Manufacturers Association, a Belgium-based association of aircraft manufacturers and related enterprises, turboprop aircraft deliveries increased by 10.4%, with 582 units in 2022 as compared to 2021, and that of business aircraft increased by 7.12% to 712 in 2022 from 710 in 2021. Aircraft deliveries were valued at $22.9 billion in 2022, an increase of almost 5.8%. Therefore, rising aircraft is driving the growth of the aircraft turbofan engines market.
Competitive Landscape:
Major companies operating in the aircraft turbofan engine market report are Pratt & Whitney Canada Corp., Rolls-Royce Holdings plc, CFM International SA, Safran SA, GE Aviation, Honeywell International Inc., MTU Aero Engines AG, Eurojet Turbo GmbH, United Engine Corporation, International Aero Engines AG, Engine Alliance GP, Barnes Group Inc., Aero Engine Corporation of China, Aviation Industry Corporation of China, Raytheon Technologies Corporation, Snecma, Ishikawajima-Harima Heavy Industries Co. Ltd., JSC Aviadvigatel, NPO Saturn, Williams International, Ivchenko-Progress Design Bureau, Klimov JSC, Motor Sich JSC, Austro Engine GmbH, Hindustan Aeronautics Limited, Shenyang Liming Aero-Engine (Group) Co. Ltd., Kuznetsov Design Bureau, IHI Corporation, Aviadvigatel, Avio Aero
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Top Trend - Pioneering Advancements In Aircraft Turbofan Engine Technology
Product innovation is the key trend gaining popularity in the aircraft turbofan engine market. Major companies operating in the aircraft turbofan engine market are concentrating on developing innovative products to sustain in the market. For instance, in November 2021, Pratt & Whitney Canada, a Canada-based aircraft engine manufacturer, launched the turboprop PW127XT engine series. The PW127XT engine series is a high-performance turboprop engine designed for regional airliners. The engine features advanced technologies, such as a dual-channel, full-authority digital engine control system, which provides precise control over the engine's performance and reduces pilot workload.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aircraft Turbofan Engine Market Characteristics
3. Aircraft Turbofan Engine Market Trends And Strategies
4. Aircraft Turbofan Engine Market - Macro Economic Scenario
5. Aircraft Turbofan Engine Market Size And Growth
…..
27. Aircraft Turbofan Engine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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