Author: Vikas Kumar
06 January 2023
The Aircraft Engine Market is expected to grow at a steady rate of around 9% owing to the growing commercial aircraft operations and rise in military aircraft operations. Furthermore, factors such as the rising demand for fuel-efficient aircraft engines, the growing demand for UAVs for commercial and military applications, and the growing military budget all around the globe are also fueling the growth of the aircraft engine market. For instance, according to Air Force Financial Management & Comptroller of the United States, the Air Force budget of USD 156.3 Bn is a 2.3% increase from the level approved for FY21, and the Space Force budget of USD 17.4 Bn is a 13.1% increase from the level adopted for FY21. The Air Force Operations and Maintenance (O&M) budget for fiscal 2022 includes more than USD 2.3 Bn increase from fiscal 2021 committed funding.
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Based on type, the market is classified into turboprop, turbofan, turboshaft, and piston engine. Among these, the turbofan engine is expected to grow at a high CAGR during the forecast period. This is because most modern airliners use turbofan engines because of their high thrust and good fuel efficiency. This type of engine is commonly used on wide-body airliners like the Boeing 747 and the Airbus A300.
On the basis of component, the market is divided into compressors, turbines, gearboxes, exhaust systems, fuel systems, and others. The compressor segment captured a noticeable share of the global aircraft engine market in 2020. The growth of this segment is attributed to the growing demand for turbofan engines. Compressor performance has a large influence on total engine performance, and it increases the pressure of the air to create favorable conditions for the combustion and expansion of the hot gases through the turbine.
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For a better understanding of the market adoption of the aircraft engine industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia-Pacific is anticipated to hold a prominent share of the global aircraft engine market during the forecast period majorly due to the rising defense budget of major economies in the region. This has created the demand for the procurement of military helicopters and fighter jets, which is expected to boost the growth of the market.
Some of the major players operating in the market include General Electric, Rolls-Royce plc, Raytheon Technologies Corporation, Safran, Honeywell International Inc., Textron Inc., International Aero Engines AG, The Williams Companies Inc., MTU Aero Engines AG, Eurojet
Global Aircraft Engine Market Segmentation
Market Insight, by Type
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