Aircraft Turbofan Engine Global Market Report 2024 - By Trends, Size, Share, Growth And Analysis, Outlook By 2033

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.

Market Overview -
An aircraft turbofan engine is a jet engine that powers modern commercial and military aircraft. The turbofan engine is designed to provide high efficiency and low noise compared to earlier jet engine designs.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=10132&type=smp

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

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.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/aircraft-turbofan-engine-global-market-report

Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model"

Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.