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Strong Growth Projected in Aircraft Turbofan Engine Market: Key Statistics, Market Growth Drivers, and Statistical Market Forecasts
Aircraft Turbofan Engine Market Size
What Is The Projected Market Size Of The Global Aircraft Turbofan Engine Market And Its Growth Rate?
The global aircraft turbofan engine market is experiencing sustained growth due to various factors:
• Market size in 2024: $3.15 billion
• Market size in 2025: $3.36 billion, with a CAGR of 6.7%
• Anticipated market size in 2029: $4.41 billion, estimated CAGR: 7.0%
This growth is primarily attributed to aircraft fleet expansion, fuel efficiency requirements, increased air travel demand, regulatory changes, and the need to replace aging engines.
What Is Driving The Growth In The Aircraft Turbofan Engine Market?
The surge in aircraft orders is a significant driver of growth for the aircraft turbofan engine market. As air travel demand increases, airlines are investing in new aircraft to grow their fleets and phase out older, less fuel-efficient planes. Consequently, orders for commercial airliners, and by extension their engines, are rising. For example, in 2023, data from the General Aviation Manufacturers Association revealed an increase in turboprop aircraft deliveries by 10.4% to 582 units and business aircraft increased by 7.12% to 712 units. The total value of deliveries amounted to $22.9 billion in 2022, an increase of about 5.8%.
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Who Are the Key Players Driving Aircraft Turbofan Engine Market Growth?
The following major companies are driving growth in the aircraft turbofan engine market:
• 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
• Aero Engine Corporation of China
• Aviation Industry Corporation of China
• Raytheon Technologies Corporation
• Snecma
• Ishikawajima-Harima Heavy Industries Co. Ltd.
What Are The Key Trends In The Aircraft Turbofan Engine Market?
Key trends in the aircraft turbofan engine forecast period include:
• Advancements in engine technology
• Dominance of high-bypass ratio engines
• Digitalization and engine health monitoring
• Hybrid-electric and sustainable aviation
• Retrofitting and engine upgrades
What Are The Segments Of The Global Aircraft Turbofan Engine Market?
The aircraft turbofan engine market is segmented by:
1) Engine Type: PW4000, GEnx, Trent 1000, F414, GP7000, Other Engines
2) Aircraft Type: Narrow Body Aircraft, Wide Body Aircraft
3) By Platform: Fixed Wing, Rotary Wing
4) By Application: Military Aviation, Commercial Air Transport, Other Applications
Which Region Leads The Aircraft Turbofan Engine Market?
North America was the largest region in the aircraft turbofan engine market in 2024, while Asia-Pacific is expected to be the fastest-growing region during the forecast period. The report covers all major regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Aircraft Turbofan Engine Market Global Market Report?
- Market Size Analysis: Analyze the Aircraft Turbofan Engine Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Aircraft Turbofan Engine Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Aircraft Turbofan Engine Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Aircraft Turbofan Engine Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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