America Aircraft Engines Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 33.72 Billion |
| Market Size (2029) | USD 47.45 Billion |
| CAGR (2024 - 2029) | 7.07 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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America Aircraft Engines Market Analysis
The America Aircraft Engines Market size is estimated at USD 33.72 billion in 2024, and is expected to reach USD 47.45 billion by 2029, growing at a CAGR of 7.07% during the forecast period (2024-2029).
- The demand for aircraft engines is primarily driven by two factors: an increase in aircraft orders (including business jets, commercial, or military aircraft) and the replacement of engines within the existing aircraft fleet in North America and Latin America. Regulatory bodies such as the Federal Aviation Administration (FAA), International Civil Aviation Organization, and International Air Transport Association (IATA), among others, are placing a growing emphasis on reducing emissions from aircraft.
- This focus is generating demand for new-generation aircraft engines. Aircraft OEMs and engine manufacturers are intensively integrating efforts to enhance performance and extend aircraft range. Anticipated investments in the research and development of these technologies are expected to bolster market prospects during the forecast period.
- The manufacturing cycle of aircraft engine original equipment manufacturers (OEMs) is expected to transform rapidly due to the increased utilization of 3D printing and ceramic matrix composites in constructing critical engine components. Additionally, the emergence of technologies like hybrid-electric jet engines is anticipated to expand current business opportunities for market players.
America Aircraft Engines Market Trends
Turbofan Segment is Expected to Grow with the Highest CAGR During the Forecast Period
- The turbofan segment accounts for a significant market share and is expected to witness the highest CAGR during the forecast period. This is due to the orders and deliveries of major turbofan aircraft programs across commercial, military, and general aviation sectors. The military modernization plans in Latin America and North America regions, as well as fleet expansion plans of airlines in the region, are majorly driving the segment's growth.
- As countries strive to bolster their military capabilities, they allocate substantial resources to acquiring state-of-the-art turbine engines that provide superior performance, reliability, and versatility. For instance, in June 2023, TEISAS and GE Aerospace agreed to extend the license of TEISAS to provide F110 depot-level maintenance services for several countries operating F16 and F15 fighter aircraft. The collaboration will further strengthen the relationship between TEI and its long-term partner, GE Aerospace, in the field of military engine services. TEI and GE Aerospace have successfully collaborated for many years and are now poised to play a critical role in supporting F110 engine support globally.
- Additionally, the stringent regulatory and compliance standards imposed on engines create a unique barrier to entry for other segments. These engines must meet exceptionally rigorous criteria, ensuring they can operate in extreme conditions, deliver exceptional power, and maintain strict security measures.
- Meeting these requirements necessitates substantial research, development, and manufacturing investments, which often only established engine manufacturers can undertake. Such investments in turbofan engine technology are anticipated to bolster the segment's growth during the forecast period.
North America to Continue Market Share Domination
- The North American region currently dominates the market and is expected to continue its domination during the forecast period. This is mainly due to increasing passenger traffic in the US and Canada. The increasing passenger traffic is propelling the airlines' fleet and route expansion plans. Moreover, the huge budgets of the United States toward the military are enabling the procurement of new helicopters by the US military. This may also drive the engine suppliers to produce new helicopter engines for these helicopters.
- The increasing demand for military helicopters and private helicopter fleets in the United States and Canada is anticipated to accelerate the growth of the aircraft engines market in the region. For instance, in May 2023, GE Aerospace and NAVAIR were awarded a contract worth USD 683.7 million for three additional batches of T408 engines that will power the Sikorsky CH-53K King StallionTM, the US Marine Corps' heavy-lift helicopter.
- These engines' final assembly will occur at the GE Aerospace Lynn, Massachusetts, facility, and delivery is anticipated between 2024 and 2027. Similarly, in January 2023, Yellowhead Helicopters and Safran Helicopter Engines signed a contract to support Arriel in powering Arriel's AS350 and H125 fleets. A long-term Maintenance, Repair, and Overhaul (MRO) and services agreement covering 21 engines is formalized by this Support-By-the-Hour (SBH®) contract.
America Aircraft Engines Industry Overview
The American aircraft engines market is consolidated, and major players such as Honeywell International Inc., General Electric Company, Pratt & Whitney (RTX Corporation), Rolls-Royce plc, and Safran dominate the market share. These key players compete regarding availability, quality, price, and technology. Grounding of fleets due to technical issues, high production costs, delays in engine deliveries, and fluctuations in customs and import duties are the key factors that threaten the market's growth.
Vendors must provide advanced, high-quality gas turbine engines to survive and succeed in the competitive market. The critical areas to an edge over competitors are in-house manufacturing capabilities, a global footprint network, product offerings, R&D investments, and a solid client base. Improving global economic conditions is expected to fuel market growth during the forecast period, making it an ideal time to adopt new-generation aircraft and engines.
The competitive environment in the market is likely to intensify further due to an increase in product and service extensions, technological innovations, and mergers and acquisitions. For instance, in November 2021, Materialize and Proponent announced a partnership to expand the profile of 3D printing in aerospace aftermarket supply chains.
Proponent offers traditional distribution services to airlines, MROs, Original Equipment Manufacturers, and Innovative Product Portfolios. The firm delivers 54 million parts annually to approximately 6,000 aircraft clients in more than 100 countries through its global coverage. These companies offer aftermarket parts like engines, airframes, cabin interiors, and cockpits.
America Aircraft Engines Market Leaders
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General Electric Company
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Rolls-Royce plc
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Safran
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Pratt & Whitney (RTX Corporation)
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Honeywell International Inc.
*Disclaimer: Major Players sorted in no particular order
America Aircraft Engines Market News
- October 2023: Sikorsky (Lockheed Martin Company) installed a new, improved turbine IITP aboard its Raider X aircraft for the US Army. The Raider X aircraft is built for the Future Attack Reconnaissance (FARA) program. Sikorsky's engineers and the US military have 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 that the Defense Contract Management Agency approved the first two T901-GE-900 flight test engines for the US Army. These engines will support the Future Attack Reconnaissance Aircraft (FARA) Competitive Prototype program. The next-generation rotorcraft engines will power the UH-60 Black Hawk, AH-64 Apache, and FARA.
America Aircraft EnginesMarket Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 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 Geography
- 5.2.1 North America
- 5.2.1.1 United States
- 5.2.1.2 Canada
- 5.2.2 Latin America
- 5.2.2.1 Mexico
- 5.2.2.2 Brazil
- 5.2.2.3 Rest of Latin America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 General Electric Company
- 6.1.2 Rolls-Royce plc
- 6.1.3 Safran
- 6.1.4 Pratt & Whitney (RTX Corporation)
- 6.1.5 Honeywell International Inc.
- 6.1.6 BRP-Rotax GmbH & Co KG
- 6.1.7 Textron Systems Corporation
- 6.1.8 Continental Aerospace Technologies, Inc.
- 6.1.9 Rostec
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAmerica Aircraft Engines Industry Segmentation
The study of the aircraft engines market includes all the new engines installed on fixed and rotary-wing aircraft 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.
The America aircraft engine market is segmented by engine type and geography. By engine type, the market is segmented into turbofan, turboprop, turboshaft, and piston. The report also covers the market sizes and forecasts for the aircraft engines market in major countries across North America and Latin America.
For each segment, the market size is provided in terms of value (USD).
| Engine Type | Turbofan | |
| Turboprop | ||
| Turboshaft | ||
| Piston | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Latin America | Mexico |
| Brazil | ||
| Rest of Latin America |
America Aircraft EnginesMarket Research FAQs
How big is the America Aircraft Engines Market?
The America Aircraft Engines Market size is expected to reach USD 33.72 billion in 2024 and grow at a CAGR of 7.07% to reach USD 47.45 billion by 2029.
What is the current America Aircraft Engines Market size?
In 2024, the America Aircraft Engines Market size is expected to reach USD 33.72 billion.
Who are the key players in America Aircraft Engines Market?
General Electric Company, Rolls-Royce plc, Safran, Pratt & Whitney (RTX Corporation) and Honeywell International Inc. are the major companies operating in the America Aircraft Engines Market.
Which is the fastest growing region in America Aircraft Engines Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in America Aircraft Engines Market?
In 2024, the North America accounts for the largest market share in America Aircraft Engines Market.
What years does this America Aircraft Engines Market cover, and what was the market size in 2023?
In 2023, the America Aircraft Engines Market size was estimated at USD 31.34 billion. The report covers the America Aircraft Engines Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the America Aircraft Engines Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
America Aircraft EnginesIndustry Report
Statistics for the 2024 America Aircraft Engines market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. America Aircraft Engines analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
