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Commercial Aircraft Gas Turbine Engine Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Commercial Aircraft Gas Turbine Engine Market
According to The Business Research Company's, The commercial aircraft gas turbine engine market size has grown rapidly in recent years. It will grow from $48.97 billion in 2023 to $57.53 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to air travel demand growth, fuel efficiency requirements, globalization and connectivity needs, regulatory emissions standards, airline fleet modernization.
The commercial aircraft gas turbine engine market size is expected to see rapid growth in the next few years. It will grow to $104.49 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to continued air travel expansion, stringent environmental regulations, rising demand for wide-body aircraft, technological innovations in engine design, increasing focus on sustainable aviation. Major trends in the forecast period include application of advanced cooling technologies, focus on noise reduction solutions, integration of artificial intelligence (ai) in engine control, expansion of sustainable aviation fuels (saf), global shift toward more efficient engine architectures.
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Market Drivers and Trends:
The increasing demand for a new generation of fuel-efficient airplanes is expected to propel the growth of the commercial aircraft gas turbine engine market in the coming future. Fuel-efficient airplanes refer to airplane engines or airplanes that consume less fuel than comparable engines or airplanes. The increasing demand for a new generation of fuel-efficient airplanes drives the commercial aircraft gas turbine engine market as greater fuel efficiency, ultimately contributing to lower prices and emissions resulting in environmental damage. For instance, in April 2021, according to ThinkPaper published by Eurocontrol, a Belgium-based government agency, predicted that by 2030, up to 4,286kg of CO2 emissions (25.8%) might be avoided in every flight compared to 2019, out of a total flight CO2 of 16,632 kilograms in the ECAC the region, an enormous advancement towards a perfect green getaway. Furthermore, 10% SAF use by 2030 would result in a CO2 savings of 1,331 kg or 8%. Therefore, increasing demand for a new generation of fuel-efficient airplanes drives the market.
Technological advancements are the key trend gaining popularity in the commercial aircraft gas turbine engine market. Major companies operating in the commercial aircraft gas turbine engine market are focused on developing innovative technologies to strengthen their position in the market. For instance, in November 2022, Airbus SE, a Netherlands-based aircraft manufacturing corporation, revealed hydrogen-powered fuel cell engine development as hydrogen combustion in a gas turbine. The propulsion system is being examined as one of the viable alternatives for equipping its zero-emission aircraft, which is expected to enter service by 2035. The A380 MSN1 flight test aircraft is now being adapted to hold liquid hydrogen tanks and their related distribution systems for future hydrogen technologies.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
GE Aviation LLC; GKN Aerospace Services Ltd.; Honeywell International Inc.; MTU Aero Engines AG; Raytheon Technologies Corporation; Rolls-Royce Holdings plc; International Aero Engines AG; Engine Alliance LLC; CFM International Inc.; Powerjet Plastic Machinery CO. LTD.; Pratt and Whitney Co.; Safran S.A.; Williams International Co. LLC; EuroJet Turbo GmbH; Textron Inc.; Ishikawajima-Harima Heavy Industries Co.Ltd.; Siemens Energy Inc.; Mitsubishi Heavy Industries Ltd.; Ansaldo Energia SpA; MAPNA Group; Caterpillar Inc.; UEC NPO Saturn; Rotax Aircraft Engines; Solar Turbines Incorporated; Destinus Energy; MAN Energy Solutions SE; PBS Group; Teledyne Continental Motors; Spirit AeroSystems; Magellan Aerospace
Commercial Aircraft Gas Turbine Engine Market 2024 Key Insights:
• The commercial aircraft gas turbine engine market size will grow to $104.49 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%.
• Fuel-Efficient Aircraft Drive Growth In Commercial Aircraft Gas Turbine Engine Market
• The Surge Of Technological Innovations In The Commercial Aircraft Gas Turbine Engine Market
• Asia-pacific was the fastest growing region in the commercial aircraft gas turbine engine market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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