Aircraft Engine Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 82.96 Billion |
| Market Size (2029) | USD 111.32 Billion |
| CAGR (2024 - 2029) | 6.06 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aircraft Engine Market Analysis
The Aircraft Engines Market size is estimated at USD 82.96 billion in 2024, and is expected to reach USD 111.32 billion by 2029, growing at a CAGR of 6.06% during the forecast period (2024-2029).
The industry growth is also driven by the demand for new-generation engines with low emissions and lower weight, which will likely enhance aircraft fuel efficiency. Due to this trend, the largest companies in the market are investing in research and development of new engine models utilizing the latest technologies, like additive manufacturing and composite technologies.
However, growing concerns over the failure of aircraft engines during operation and delays in deliveries are some of the factors hampering the industry growth.
Aircraft OEMs and engine manufacturers are engaging in extensive integration efforts to enhance performance and extend the range of aircraft. The investments towards the R&D of such technologies are anticipated to bolster the market prospects during the forecast period. The manufacturing cycle of aircraft engine OEMs is expected to undergo rapid transformation due to the increasing use of 3D printing and ceramic matrix composites to construct critical components of an aircraft engine. Furthermore, emerging industry trends such as a hybrid-electric jet engine are anticipated to enhance the current business opportunities for the market players.
Aircraft Engine Market Trends
Commercial Aviation to Dominate the Global Market Share During the Forecast Period
The commercial aircraft segment currently holds a significant market share and is expected to continue its dominance during the forecast period, owing to a large number of commercial aircraft deliveries across the world, which are generating demand for aircraft engines. The backlog of the aircraft OEMs is expected to support the commercial engines segment to grow at a healthy rate during the forecast period. The demand for narrow-body aircraft is expected to recover faster than for wide-body aircraft as domestic demand is expected to return to pre-pandemic levels earlier than the international passenger demand.
Technological advancements in new-generation passenger aircraft make it possible for them to fly longer distances. Players are emphasizing increasing the fuel efficiency of passenger aircraft while increasing their range, as airlines are looking to procure such aircraft for their fleets. In February 2022, Safran Helicopter Engines signed a Memorandum of Understanding (MoU) with ST Engineering to conduct a study on the use of Sustainable Aviation Fuel (SAF) in helicopter engines. The study aims to assist helicopter operators in switching from conventional fossil fuels to SAF. Similarly, Airbus entered a partnership with CFM International in February 2022 to develop a hydrogen-fueled aircraft engine with the aim of introducing zero-emission aircraft by 2035. Such plans are anticipated to propel global market growth.
Asia-Pacific Region Expected to Witness the Highest Growth During the Forecast Period
The industry analysis shows that Asia-Pacific is expected to witness the highest growth in the global market during the forecast period due to the strong demand for domestic air travel in developing economies. Due to the faster growth of domestic passenger traffic, low-cost airlines in the region are strengthening their aircraft fleet with new-generation aircraft to support their route expansion plans. Such robust aircraft orders as part of fleet modernization plans of the airlines in the region are expected to increase the market value and demand for aircraft engines over the coming years.
Furthermore, due to geopolitical tensions in the region, countries are increasing their investments to strengthen their aerial capabilities with the procurement of advanced aircraft and replace their aging aircraft. For instance, in June 2023, India and the US announced the agreement between Hindustan Aeronautics Limited (HAL) and GE Aerospace to produce fighter jet engines for the Indian Air Force (IAF). The deal takes place in the context of efforts by the IAF to improve its capabilities and capacities. The IAF is in the process of procuring 114 multi-role fighter jets (MRFA), along with acquiring additional numbers of Light Combat Aircraft (LCA) Mk1A, followed by LCA Mk2. GE's F404 engines are the engine used to power India's only indigenous fighter jet LCA Tejas. As of now, GE has manufactured 75 F404 engines, and another 99 are on order with LCA Mk1A.
Such fleet modernization plans will likely generate demand for advanced lightweight and fuel-efficient engines over the coming years.
Aircraft Engine Industry Overview
The aircraft engine market is consolidated, with a few players holding a dominating market share in both the commercial and military aircraft segments. Some of the largest companies in the global market are General Electric Company (through GE Aviation), RTX Corporation (through Pratt & Whitney), Rolls-Royce plc, Safran SA, and Honeywell International Inc.
The players mentioned above, along with their joint ventures such as CFM International (GE Aviation and Safran), International Aero Engines (Pratt & Whitney, Japanese Aero Engine Corporation, and MTU Aero Engines), and Engine Alliance (General Electric and Pratt & Whitney), provide engines for major commercial and military aircraft programs.
Also, engine manufacturers are partnering with aircraft manufacturers to develop sustainable aircraft engine solutions that are low-weight and reduce engine emissions. For instance, in February 2022, Embraer, Widerøe, and Rolls-Royce entered a research partnership agreement to conduct a 12-month study and research innovative sustainable technologies for regional planes, focusing on developing a conceptual zero-emissions aircraft.
In addition, due to increasing demand for local manufacturing, regional players are partnering with international players. For instance, as of March 2022, India's Defence Research and Development Organization (DRDO) was in talks with Safran for the joint development of a 125KN engine for the indigenous fifth-generation Advanced Medium Combat Aircraft (AMCA) (currently under development, with the first flight planned for 2024). Industry analysis suggests that such developments are anticipated to help the companies increase their geographical presence over the coming years.
Aircraft Engine Market Leaders
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Safran SA
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General Electric Company
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Rolls-Royce plc
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RTX Corporation
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Honeywell International Inc.
*Disclaimer: Major Players sorted in no particular order
Aircraft Engine Market News
October 2023: Sikorsky (Lockheed Martin Company) was in the process of installing a new Improved Turbine IITP aboard its Raider X aircraft for the United States Army. The Raider X aircraft was built for the Future Attack Reconnaissance (FARA) program. Sikorsky's engineers and the US military performed a detailed inspection of the engine after landing at Lockheed Martin's West Palm Beach facility. The plane is expected to make its first flight in late 2024.
October 2023: GE Aerospace announced the approval of the first two T901-GE-900 flight test engines by the Defense Contract Management Agency to the US Army, which was to support the Future Attack Reconnaissance Aircraft (FARA) Competitive Prototype program. The next-generation rotorcraft engines were to power the UH-60 Black Hawk, AH-64 Apache, and FARA.
Aircraft Engine Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Engine Type
- 5.1.1 Turbofan
- 5.1.2 Turboprop
- 5.1.3 Turboshaft
- 5.1.4 Piston
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5.2 Aircraft Type
- 5.2.1 Commercial Aviation
- 5.2.1.1 Narrow-body Aircraft
- 5.2.1.2 Wide-body Aircraft
- 5.2.1.3 Regional Aircraft
- 5.2.2 Military Aviation
- 5.2.2.1 Combat Aircraft
- 5.2.2.2 Non-combat Aircraft
- 5.2.3 General Aviation
- 5.2.3.1 Business Jets
- 5.2.3.2 Helicopters
- 5.2.3.3 Turboprop Aircraft
- 5.2.3.4 Piston Engine Aircraft
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.1.1 Engine Type
- 5.3.1.1.2 Aircraft Type
- 5.3.1.2 Canada
- 5.3.1.2.1 Engine Type
- 5.3.1.2.2 Aircraft Type
- 5.3.2 Europe
- 5.3.2.1 United Kingdom
- 5.3.2.1.1 Engine Type
- 5.3.2.1.2 Aircraft Type
- 5.3.2.2 Germany
- 5.3.2.2.1 Engine Type
- 5.3.2.2.2 Aircraft Type
- 5.3.2.3 France
- 5.3.2.3.1 Engine Type
- 5.3.2.3.2 Aircraft Type
- 5.3.2.4 Rest of Europe
- 5.3.2.4.1 Engine Type
- 5.3.2.4.2 Aircraft Type
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.1.1 Engine Type
- 5.3.3.1.2 Aircraft Type
- 5.3.3.2 India
- 5.3.3.2.1 Engine Type
- 5.3.3.2.2 Aircraft Type
- 5.3.3.3 Japan
- 5.3.3.3.1 Engine Type
- 5.3.3.3.2 Aircraft Type
- 5.3.3.4 South Korea
- 5.3.3.4.1 Engine Type
- 5.3.3.4.2 Aircraft Type
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.3.5.1 Engine Type
- 5.3.3.5.2 Aircraft Type
- 5.3.4 Latin America
- 5.3.4.1 Brazil
- 5.3.4.1.1 Engine Type
- 5.3.4.1.2 Aircraft Type
- 5.3.4.2 Rest of Latin America
- 5.3.4.2.1 Engine Type
- 5.3.4.2.2 Aircraft Type
- 5.3.5 Middle-East and Africa
- 5.3.5.1 United Arab Emirates
- 5.3.5.1.1 Engine Type
- 5.3.5.1.2 Aircraft Type
- 5.3.5.2 Saudi Arabia
- 5.3.5.2.1 Engine Type
- 5.3.5.2.2 Aircraft Type
- 5.3.5.3 Qatar
- 5.3.5.3.1 Engine Type
- 5.3.5.3.2 Aircraft Type
- 5.3.5.4 Rest of Middle-East and Africa
- 5.3.5.4.1 Engine Type
- 5.3.5.4.2 Aircraft Type
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 General Electric Company
- 6.2.2 Safran SA
- 6.2.3 Rolls-Royce plc
- 6.2.4 RTX Corporation
- 6.2.5 Honeywell International Inc.
- 6.2.6 Rostec
- 6.2.7 MTU Aero Engines AG
- 6.2.8 IHI Corporation
- 6.2.9 Textron Inc.
- 6.2.10 Mitsubishi Heavy Industries Aero Engines, Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAircraft Engine Industry Segmentation
The industry analysis of the aircraft engines market includes all the new engines installed on fixed and rotary-wing aircraft that are used in military, commercial, and general aviation aircraft. The aftermarket sales of the engine and its parts and sales of auxiliary power units (APUs) are excluded from the study.
An aircraft engine is a component of the aircraft's advanced propulsion system that generates mechanical power. Based on the engine type, the market is segmented into turbofan, turboprop, turboshaft, and piston. The aircraft engine market is also segmented based on aircraft type into commercial aviation, military aviation, and general aviation. Commercial aviation is further segmented into narrow-body aircraft, wide-body aircraft, and regional aircraft. Military aviation is further segmented into combat aircraft and non-combat aircraft. General aviation is further segmented into business jets, helicopters, turboprop aircraft, and piston-engine aircraft. The report also covers the market share, size, and forecasts for the aircraft engine market in major countries across different regions (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
For each segment, the market size is provided in terms of value (USD).
| Engine Type | Turbofan | ||
| Turboprop | |||
| Turboshaft | |||
| Piston | |||
| Aircraft Type | Commercial Aviation | Narrow-body Aircraft | |
| Wide-body Aircraft | |||
| Regional Aircraft | |||
| Aircraft Type | Military Aviation | Combat Aircraft | |
| Non-combat Aircraft | |||
| Aircraft Type | General Aviation | Business Jets | |
| Helicopters | |||
| Turboprop Aircraft | |||
| Piston Engine Aircraft | |||
| Geography | North America | United States | Engine Type |
| Aircraft Type | |||
| Geography | North America | Canada | Engine Type |
| Aircraft Type | |||
| Geography | Europe | United Kingdom | Engine Type |
| Aircraft Type | |||
| Geography | Europe | Germany | Engine Type |
| Aircraft Type | |||
| Geography | Europe | France | Engine Type |
| Aircraft Type | |||
| Geography | Europe | Rest of Europe | Engine Type |
| Aircraft Type | |||
| Geography | Asia-Pacific | China | Engine Type |
| Aircraft Type | |||
| Geography | Asia-Pacific | India | Engine Type |
| Aircraft Type | |||
| Geography | Asia-Pacific | Japan | Engine Type |
| Aircraft Type | |||
| Geography | Asia-Pacific | South Korea | Engine Type |
| Aircraft Type | |||
| Geography | Asia-Pacific | Rest of Asia-Pacific | Engine Type |
| Aircraft Type | |||
| Geography | Latin America | Brazil | Engine Type |
| Aircraft Type | |||
| Geography | Latin America | Rest of Latin America | Engine Type |
| Aircraft Type | |||
| Geography | Middle-East and Africa | United Arab Emirates | Engine Type |
| Aircraft Type | |||
| Geography | Middle-East and Africa | Saudi Arabia | Engine Type |
| Aircraft Type | |||
| Geography | Middle-East and Africa | Qatar | Engine Type |
| Aircraft Type | |||
| Geography | Middle-East and Africa | Rest of Middle-East and Africa | Engine Type |
| Aircraft Type |
Aircraft Engine Market Research FAQs
How big is the Aircraft Engines Market?
The Aircraft Engines Market size is expected to reach USD 82.96 billion in 2024 and grow at a CAGR of 6.06% to reach USD 111.32 billion by 2029.
What is the current Aircraft Engines Market size?
In 2024, the Aircraft Engines Market size is expected to reach USD 82.96 billion.
Who are the key players in Aircraft Engines Market?
Safran SA, General Electric Company, Rolls-Royce plc, RTX Corporation and Honeywell International Inc. are the major companies operating in the Aircraft Engines Market.
Which is the fastest growing region in Aircraft Engines Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Aircraft Engines Market?
In 2024, the North America accounts for the largest market share in Aircraft Engines Market.
What years does this Aircraft Engines Market cover, and what was the market size in 2023?
In 2023, the Aircraft Engines Market size was estimated at USD 77.93 billion. The report covers the Aircraft Engines Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aircraft Engines Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What future trends are expected in the Aircraft Engines Market?
Future trends in the Aircraft Engines Market are: a) Increased investment in sustainable aviation fuels (SAF) b) Development of electric and hybrid propulsion systems, and c) Continued focus on reducing emissions and noise levels
Aircraft Engine Industry Report
The Global Aircraft Engine Market is witnessing significant growth, fueled by the demand for fuel-efficient, lightweight engines with advanced technology. This surge is driven by the aviation industry's expansion, including commercial and military segments, and the rising popularity of UAVs. Key contributors include the commercial aircraft sector's demand for turbofan and turboprop engines, and the military's need for advanced engines for fighter jets and helicopters. The industry is also moving towards electric and hybrid engines to reduce its carbon footprint, with innovations in 3D printing and composite materials aiding in the development of efficient engines. Despite challenges like engine longevity and production backlogs, the market is set for robust growth, especially in Asia-Pacific, driven by increased air travel and investments in aviation. The focus on sustainable aviation fuels and zero-emission engines underscores the industry's commitment to innovation and environmental sustainability. For detailed market insights and industry analysis, Mordor Intelligence™ offers a comprehensive analysis, including market forecast and historical overviews, available as a free report PDF download.
