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Commercial Aircraft Gas Turbine Engine Market to Surpass $116.21 Billion by 2029 | Key Trends & Insights
Commercial Aircraft Gas Turbine Engine Market
How Will the Commercial Aircraft Gas Turbine Engine Market Grow by 2025 in Terms of Size and Growth?
The market for gas turbine engines in commercial aircraft has seen a steep rise in recent years. The growth can be anticipated from a worth of $56.46 billion in 2024, increasing to an impressive $65.74 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 16.4%. The expansion during the historical timespan can be credited to factors such as an increase in air travel demand, necessity for fuel efficiency, globalization and requirements for connectivity, regulations regarding emission standards, and the modernization of airline fleets.
What Are the Estimated Growth Rates for the Commercial Aircraft Gas Turbine Engine Industry Through 2029?
It is anticipated that the commercial aircraft gas turbine engine market will experience significant momentum in the upcoming years, escalating to $116.21 billion in 2029 with a compound annual growth rate (CAGR) of 15.3%. This upswing during the forecast period can be credited to several factors such as the ongoing expansion of air travel, strict environmental regulations, the burgeoning demand for wide-body aircraft, advancements in engine design technology, and an increased emphasis on eco-friendly aviation. Key trends for the forecast period encompass the use of high-end cooling technologies, an emphasis on noise reduction techniques, the inclusion of artificial intelligence (AI) in engine management, growth in sustainable aviation fuels (SAF), and a worldwide shift towards more fuel-efficient engine structures.
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What Are the Strategic Drivers Boosting Commercial Aircraft Gas Turbine Engine Market Performance?
The anticipated surge in demand for new-age fuel-efficient aircraft is forecasted to boost the expansion of the commercial aircraft gas turbine engine market in the near future. Fuel-efficient airplanes imply engines or aircraft that utilize less fuel compared to similar units of their kind. The rise in requirement for a new generation of fuel-efficient aircraft propels the commercial aircraft gas turbine engine market, owing primarily to enhanced fuel performance, indirectly leading to a reduction in costs and emissions and consequently lessening environmental harm. For example, as per the U.S. Energy Information Administration (a U.S. government institution), in August 2024, the total availability of kerosene-type jet fuel saw an increase from 1,596 thousand barrels per day in March 2023 to 1,717 thousand barrels per day in May 2024. As a result, the escalating demand for a new generation of fuel-efficient aircraft is a key driver for the market.
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What Are the Segments in the Commercial Aircraft Gas Turbine Engine Market?
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
What Are the Key Adoption Trends in the Commercial Aircraft Gas Turbine Engine Market?
The paramount trend gaining traction in the commercial aircraft gas turbine engine market is technological innovations. The dominant firms in this sector are concentrating on creating ground-breaking technologies to solidify their market presence. For example, in November 2022, Airbus SE, a corporation based in Netherlands that manufactures aircraft, unveiled its developmental progress on a hydrogen-powered fuel cell engine that uses hydrogen combustion in a gas turbine. This propulsion system is being considered as a potential option for fitting its aircrafts targeted at zero-emissions, forecasted to be in service by 2035. Apparently, modifications are being made on the A380 MSN1 flight test aircraft to carry liquid hydrogen tanks and corresponding distribution systems for upcoming hydrogen technologies.
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Which Companies Lead the Competitive Landscape of the Commercial Aircraft Gas Turbine Engine Industry?
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
Where Are the Key Commercial Aircraft Gas Turbine Engine Market Opportunities by Region?
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
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