Aircraft Turbofan Engine Market Poised for 7 % Growth, Set to Hit $4.41 Billion by 2029

What combination of drivers is leading to accelerated growth in the aircraft turbofan engine market?
The surge in orders for aircraft is anticipated to stimulate the expansion of the aircraft turbofan engine market. The growing preference for air travel has prompted airlines to invest in new aircraft in a bid to grow their fleets and phase out older models that are less fuel-efficient. Consequently, there's an uptick in orders for commercial airliners, leading to a surge in the demand for aircraft engines. For example, data from the Belgium-based General Aviation Manufacturers Association indicates that in February 2023, turboprop aircraft deliveries saw a 10.4% rise to 582 units in 2022 from the previous year. Similarly, business aircraft deliveries rose by 7.12% to 712 in 2022 from 710 in 2021. The worth of aircraft deliveries in 2022 was $22.9 billion, marking a nearly 5.8% rise. Hence, the escalated demand for aircraft is triggering the growth of the aircraft turbofan engines market.

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What is the projected compound annual growth rate (CAGR) of the aircraft turbofan engine market from 2025 to 2034, and what factors influence it?
In recent times, there has been a significant increment in the dimensions of the aircraft turbofan engine market. Its value is slated to jump from $3.15 billion in 2024 to $3.36 billion in 2025 at a CAGR of 6.7%. Factors like the expansion of aircraft fleets, a surge in the demand for air travel, aging engine replacements, the need for fuel efficiency, and stringent environmental regulations have played a major role in this historic progression.

In the following years, the aircraft turbofan engine market is predicted to witness robust growth, with its value reaching "$4.41 billion by 2029, driven by a compound annual growth rate (CAGR) of 7.0%. Factors contributing to its expansion during the forecasted period include the rising demand for more eco-friendly aviation solutions, investments in research and development, increase in global air traffic, emphasis on noise reduction, and progress in urban air mobility and electronic aviation. The period also foresees trends such as improvements in engine technology, dominance of high-bypass ratio engines, digitalization, engine health monitoring, hybrid-electric and sustainable aviation, and retrofitting and engine upgrades.

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How are the latest trends influencing the growth of the aircraft turbofan engine market?
The trend of product innovation is witnessing rising prominence in the aircraft turbofan engine market. The leading corporations in the market are focusing on the creation of innovative offerings to stay competitive. For instance, in October 2024, Raghu Vamsi Machine Tools, an aerospace and defense firm based in India, introduced the INDRA RV25: 240N, a wholly indigenous micro turbojet engine, indicating a significant leap in India's aerospace competencies. This aligns with India's self-reliance initiative, Atma Nirbhar Bharat, aimed at boosting domestic capabilities in various sectors such as defense and aerospace. The engine's design and manufacturing have been completely carried out in India, displaying the country's home-grown engineering expertise and technological potential.

What are the major segments of the aircraft turbofan engine market and their role in driving growth?
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 Applications

Subsegments:
1) By PW4000: PW4000-94, PW4000-100, PW4000-112
2) By GEnx: GEnx-1B, GEnx-2B
3) By Trent 1000: Trent 1000-A, Trent 1000-C, Trent 1000-TEN
4) By F414: F414-GE-400, F414-GE-400 Enhanced
5) By GP7000: GP7000-PW6100, GP7000-PW6100D
6) By Other Engines: CF6 Series, LEAP Engine, RB211 Series

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Which regions are key players in the growth of the aircraft turbofan engine market?
North America was the largest region in the aircraft turbofan engine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global aircraft turbofan engine market report during the forecast period. The regions covered in the aircraft turbofan engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the aircraft turbofan engine market?
Major companies operating in the aircraft turbofan engine market include 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., 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, Avio Aero

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What Is Covered In The Aircraft Turbofan Engine Global Market Report?

• Market Size Forecast: Examine the aircraft turbofan engine market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the aircraft turbofan engine market for a structured understanding.
• Key Players Overview: Analyze major players in the aircraft turbofan engine market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the aircraft turbofan engine market.
• Segment Contributions: Evaluate how different segments drive overall growth in the aircraft turbofan engine market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the aircraft turbofan engine market.
• Industry Challenges: Identify potential risks and obstacles affecting the aircraft turbofan engine market.
• Competitive Landscape: Review strategic developments in the aircraft turbofan engine market, including expansions, agreements, and new product launches.

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