Press release
Global Commercial Aircraft Gas Turbine Engine Market to Reach $118.17 Billion by 2029, Growing at 16% CAGR
Commercial Aircraft Gas Turbine Engine Market Trends
The surge in the desire for new, fuel-efficient aircraft is projected to fuel the expansion of the commercial aircraft gas turbine engine market in the foreseeable future. Fuel-efficient aircraft signifies those airplanes or plane engines which consume lesser fuel than those of similarities. The rising demand for this new batch of fuel-efficient aircraft further motivates this gas turbine engine market in commercial aviation space owing to the higher fuel efficiency, ultimately yielding lower costs and reduced emissions, thereby lowering environmental impact. For instance, per the US Energy Information Administration in August 2024, which is a government agency based in the US, the overall supply of kerosene-based jet fuel saw a rise from 1,596 thousand barrels each day in March 2023 to 1,717 thousand barrels each day in May 2024. Hence, this uptick in the demand for the new age, fuel-efficient aircraft is steering the market's growth.
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What is the projected compound annual growth rate (CAGR) of the commercial aircraft gas turbine engine market from 2025 to 2034, and what factors influence it?
The market size for commercial aircraft gas turbine engines has experienced swift expansion in the recent past. The size is projected to increase from $56.46 billion in 2024 to $66.07 billion in 2025, with a compound annual growth rate (CAGR) of 17.0%. Factors contributing to growth during the historic period include an increase in air travel demand, the need for fuel-efficient solutions, the demands of globalization and connectivity, regulatory emissions standards, and the modernization of the airline fleet.
The market size for commercial aircraft gas turbine engines is anticipated to expand significantly in the forthcoming years. It's projected to increase to "$118.17 billion by 2029, with a compound annual growth rate (CAGR) of 15.6%. Factors contributing to this growth during the predicted period include the ongoing expansion of air travel, strict environmental rules, increasing demand for wide-body aircraft, advances in engine design technology, and a heightened emphasis on sustainable aviation. The upcoming period will witness key trends such as the implementation of advanced cooling technologies, emphasis on noise reduction solutions, incorporation of artificial intelligence (AI) in engine management, growth of sustainable aviation fuels (SAF), and a global transition towards more efficient engine structures.
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How are the latest trends influencing the growth of the commercial aircraft gas turbine engine market?
The main trend gaining traction in the commercial aircraft gas turbine engine market is technological innovations. Primary players in this market are keen on formulating innovative solutions to solidify their stand in the industry. For example, Airbus SE, an aircraft manufacturing corporation based in the Netherlands, unveiled its plan for hydrogen-powered fuel cell engine development in November 2022, aiming to utilize hydrogen combustion in a gas turbine. This propulsion system is currently being evaluated as a potential choice for their zero-emission aircraft, anticipated to be in service by 2035. The A380 MSN1 flight test aircraft is presently being redesigned to accommodate liquid hydrogen tanks and the corresponding distribution systems for prospective hydrogen technologies.
What are the major segments of the commercial aircraft gas turbine engine market and their role in driving growth?
The commercial aircraft gas turbine engine market covered in this report is segmented -
1) By Type: Narrow-Body, Wide-Body, Regional Jet
2) By Propulsion: Electric Based Commercial Aircraft, Special Fuel Based Commercial Aircraft
3) By Technology: Turbofan, Turbojet, Turboprop, Other Technology
4) By Aircraft Type: Light Commercial Aircraft, Heavy Commercial Aircraft, Passenger Based Aircraft, Cargo Based Multi-Model Aircraft
5) By Application: Commercial, Military
Subsegments:
1) By Narrow-Body: Single-Aisle Aircraft Engines, Twin-Aisle Aircraft Engines
2) By Wide-Body: Long-Haul Aircraft Engines, Twin-Engine Wide-Body Aircraft Engines
3) By Regional Jet: Turbofan Engines For Regional Jets, Turboprop Engines For Regional Jets
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Which regions are key players in the growth of the commercial aircraft gas turbine engine market?
Asia-pacific was the fastest growing region in the commercial aircraft gas turbine engine market in 2024. The regions covered in the commercial aircraft gas turbine 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 commercial aircraft gas turbine engine market?
Major companies operating in the commercial aircraft gas turbine engine market include 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., Mitsubishi Heavy Industries Ltd., Ansaldo Energia SpA, MAPNA Group, Caterpillar Inc., UEC NPO Saturn, Rotax Aircraft Engines, PBS Group, Teledyne Continental Motors, Spirit AeroSystems, Magellan Aerospace
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What Is Covered In The Commercial Aircraft Gas Turbine Engine Global Market Report?
• Market Size Forecast: Examine the commercial aircraft gas turbine engine market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the commercial aircraft gas turbine engine market for a structured understanding.
• Key Players Overview: Analyze major players in the commercial aircraft gas turbine engine market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the commercial aircraft gas turbine engine market.
• Segment Contributions: Evaluate how different segments drive overall growth in the commercial aircraft gas turbine engine market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the commercial aircraft gas turbine engine market.
• Industry Challenges: Identify potential risks and obstacles affecting the commercial aircraft gas turbine engine market.
• Competitive Landscape: Review strategic developments in the commercial aircraft gas turbine engine market, including expansions, agreements, and new product launches.
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