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Aviation Gas Turbine Market Size, Share Analysis, Global Report 2024-2033
Aviation Gas Turbine Market
According to The Business Research Company's, The aviation gas turbine market size has grown strongly in recent years. It will grow from $10.82 billion in 2023 to $11.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increasing air travel demand, regulatory changes, geopolitical factors, airline industry dynamics, supply chain and manufacturing trends.
The aviation gas turbine market size is expected to see strong growth in the next few years. It will grow to $14.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to green aviation initiatives, electrification trends, emerging markets and regional growth, cybersecurity concerns, materials innovation. Major trends in the forecast period include increased demand for fuel efficiency, advanced materials and technologies, rising importance of maintenance, repair, and overhaul (mro) services, integration of digital technologies, shift towards sustainable aviation, growing urban air mobility (uam) sector.
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Market Drivers and Trends:
The increasing numbers of global travelers are expected to propel the growth of the aviation gas turbine market. Global travelers refer to someone who frequently travels abroad or moved from one location to another location. Gas turbines operate on the compression, combustion, and expansion principles. The air's pressure and temperature rise as the air's velocity decreases. This principle maintains power to weight ratio, thus providing more comfort during the flight. For instance, in 2022, according to the Bureau of Infrastructure and Transport Research Economics (BITRE), an Australia-based economic research, analysis, and statistics providing organization, total passenger movements increased from 1.23 million in November 2021 to 16.68 million passengers in November 2022. Further, in December 2021, according to Bureau Of Transport statistics, Passengers on US airlines increased by 119% in October 2021. Therefore, increasing numbers of global travelers are driving the growth of the aviation gas turbine market.
Technological advancements are a key trend gaining popularity in the aviation gas turbine market. Major companies operating in the aviation gas turbine market are involved in developing new and improved advanced technology to sustain their position in the market. For instance, in June 2021, Safran SA, a French-based aircraft equipment company, and GE, a US-based aviation company, announced their partnership to create innovative jet engine technology. The technology demonstrator project is being launched as the aviation industry gears up to compete for the next generation of single-aisle aircraft, including the MAX and A320neo, in the active segment of the market while also dealing with increasing environmental strain.
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Major Key Players of the Market:
General Electric Company; CFM International Inc.; Pratt & Whitney Co. Inc.; Rolls-Royce Holdings plc; Avio SpA; Engine Alliance LLC; International Aero Engines AG; MTU Aero Engines AG; United Engine Corporation; Raytheon Technologies Corporation; Williams International Co. LLC; Safran Aircraft Engines; EuroJet Turbo GmbH; Honeywell International Inc.; IHI Corporation; Klimov JSC; Kawasaki Heavy Industries Ltd.; Safran SA; Solar Turbines Incorporated; Siemens Energy AG; Mitsubishi Heavy Industries Ltd.; MAN Energy Solutions SE; MTU Turbomeca Rolls-Royce GmbH; Motor Sich JSC; Chromalloy Gas Turbine LLC; Capstone Turbine Corporation; GKN Aerospace Services Limited; GE Aviation Company
Aviation Gas Turbine Market 2024 Key Insights:
• The aviation gas turbine market will grow to $14.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Surging Global Travel Trends Ignite Growth In Aviation Gas Turbine Market
• Collaborative Technological Advancements Are Safran Sa And Ge's Innovative Jet Engine Technology For Next-Gen Aircraft
• North America was the largest region in the aviation gas turbine market in 2023
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