Press release
Aviation Gas Turbine Market Size to Reach $15.34 Billion by 2029 | Growth at 6% CAGR Forecast
Aviation Gas Turbine
What is the Projected Market Size of the Aviation Gas Turbine Industry?
Significant growth has been observed in the aviation gas turbine market in the past few years. The market, valued at $11.4 billion in 2024, is projected to escalate to $12.14 billion in 2025, boasting a compound annual growth rate (CAGR) of 6.5%. Factors such as an increase in air travel demand, alterations in regulatory norms, geopolitical influences, fluctuations in the airline industry, and trends in manufacturing and supply chain have contributed to the historical growth.
What Will Be the Size of the Aviation Gas Turbine Market by 2029?
In the coming years, the aviation gas turbine market is projected to experience robust growth, swelling to a market size of $15.34 billion in 2029, with a compound annual growth rate (CAGR) of 6.0%. This growth during the forecast period is due to a variety of reasons including green aviation initiatives, electrification trends, emerging and regional markets, cybersecurity issues, and materials innovation. The forecast period will also see key trends such as an increased demand for fuel efficiency, use of advanced materials and technologies, growing emphasis on maintenance, repair and overhaul (MRO) services, the incorporation of digital technologies, a move towards sustainable aviation, and the expansion of the urban air mobility (UAM) sector.
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What Are the Key Drivers Accelerating Growth in the Aviation Gas Turbine Market?
The surge in the number of international commuters is projected to fuel the expansion of the aviation gas turbine market. These global commuters are individuals who frequently journey internationally or relocate from one place to another. The operation of gas turbines is based on the principles of compression, combustion, and expansion. As the speed of the air decreases, its pressure and temperature increase. This concept ensures the power-to-weight ratio, thereby ensuring greater comfort during flights. For instance, in 2022, the Bureau of Infrastructure and Transport Research Economics (BITRE), an economic research, analytics, and statistics firm based in Australia, indicated that the total passenger movements escalated from 1.23 million in November 2021 to 16.68 million passengers in November 2022. Therefore, the aviation gas turbine market's growth is being fuelled by the escalating number of global commuters.
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How Is the Aviation Gas Turbine Market Segmented by Type, Application, and Region?
The aviation gas turbine market covered in this report is segmented -
1) By Type: Turbojet, Turbofan, Turboprop, Other Types
2) By Propulsion: Electric Based Commercial Aircraft, Special Fuel Based Commercial Aircraft
3) By Application: Commercial Aircraft, Defense Aircraft, Business Aircraft, Other Applications
Subsegments:
1) By Turbojet: Single-Stream Turbojets, Twin-Stream Turbojets
2) By Turbofan: Low-Bypass Turbofans, High-Bypass Turbofans
3) By Turboprop: Regional Turboprop Engines, Military Turboprop Engines
4) By Other Types: Turboshaft Engines, Direct-Fan Engines, Hybrid Engines
What Are the Key Trends Driving Growth in the Aviation Gas Turbine Market?
Leading businesses in the aviation gas turbine sector are prioritizing the development of single-engine turboprops to increase fuel effectiveness, decrease operational expenses, and better short-haul flight performance, while serving the commercial and private aviation industries. A single-engine turboprop refers to an aircraft driven by one turboprop engine that merges features of both jet and propeller powered engines. For instance, in February 2024, the M700 Fury, a single-engine turboprop, was launched by the US-based producer Piper Aircraft Inc. Among the fastest single-engine aircraft in Piper's history, it has a peak cruise speed of 301 knots, a remarkable ascent velocity of 2048 feet per minute, around 30% greater than the M600. It also introduces six new interior color schemes for customization, providing clients a range of color choices and luxury materials to boost comfort and visual appeal.
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Who Are the Leading Companies Driving Growth in the Aviation Gas Turbine Market?
Major companies operating in the aviation gas turbine market include General Electric Company, CFM International Inc., Pratt & Whitney Co. Inc., Rolls-Royce Holdings plc, Avio SpA, Engine Alliance LLC, International Aero Engines AG, MTU Aero Engines AG, United Engine Corporation, Raytheon Technologies Corporation, Williams International Co. LLC, Safran Aircraft Engines, EuroJet Turbo GmbH, Honeywell International Inc., IHI Corporation, Klimov JSC, Kawasaki Heavy Industries Ltd., Safran SA, Solar Turbines Incorporated, Siemens Energy AG, Mitsubishi Heavy Industries Ltd., MAN Energy Solutions SE, MTU Turbomeca Rolls-Royce GmbH, Motor Sich JSC, Chromalloy Gas Turbine LLC, Capstone Turbine Corporation, GKN Aerospace Services Limited
Which Is the Leading Region in the Global Aviation Gas Turbine Market?
North America was the largest region in the aviation gas turbine market in 2024. The regions covered in the aviation gas turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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