The aircraft engines global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Aircraft Engines Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The aircraft engines market size has grown exponentially in recent years. It will grow from $44.31 billion in 2023 to $54.96 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth in the historic period can be attributed to commercial aviation growth, technological advancements, regulatory requirements, airline fleet modernization.
The aircraft engines market size is expected to see steady growth in the next few years. It will grow to $64.84 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to sustainable aviation, emerging technologies, market growth in emerging economies, urban air mobility (uam). Major trends in the forecast period include fuel efficiency and emissions reduction, advanced materials and manufacturing, high bypass turbofans, geared turbofan engines.
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Scope Of Aircraft Engines Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Aircraft Engines Market Overview
Market Drivers –
The growing air passenger traffic is expected to propel the growth of the aircraft engine market over the forecast period. For instance, in February 2023, according to the International Civil Aviation Organization (ICAO), a Canada-based specialized agency of the United Nations that governs international civil aviation, the total number of air passengers carried globally increased by 47% in 2022 compared to 2021. Moreover, a 70% increase was observed in revenue passenger kilometers (RPKs) compared to 2021. In order to meet the increasing air traffic, a number of airlines are revamping their fleet by purchasing new aircraft that create demand for new engines. The International Air Transport Association (IATA) has disclosed that the number of passengers could double in 2037 to 8.2 billion. Therefore, the growing air passenger traffic drives the growth of the aircraft engine market.
Market Trends –
The integration of 3D printed parts into aircraft engines is a key trend gaining popularity in the aircraft engine market. Companies are increasingly using 3D printing technology in aircraft engines as well as 3D printing-based production for aviation to reduce fuel usage and material costs. For instance, in February 2021, Wipro 3D, an India-based industrial machinery manufacturing company, collaborated with Hindustan Aeronautics Limited to manufacture a metal 3D-printed aircraft engine component. This collaboration aims to focus on the development, manufacturing, and airworthiness certification of a crucial aero-engine component designed for operation in high-temperature zones. Hindustan Aeronautics Limited, an India-based aerospace and defense company.
The aircraft engines market covered in this report is segmented –
1) By Type: Turboprop, Turboshaft, Turbofan, Piston Engine
2) By Technology: Conventional Engine, Electric/Hybrid
3) By Platform: Fixed Wing, Rotary Wing
4) By Application: General Aviation, Business Aviation, Recreational Aviation, Others
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Regional Insights –
North America was the largest region in the aircraft engine market in 2023. North America is expected to be the fastest-growing region in the aircraft engines market during the forecast period. The regions covered in the aircraft engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the aircraft engines market include General Electric Company, Rolls-Royce Limited, Honeywell International Inc., United Technologies Corporation, Safran S.A., IAE International Aero Engines AG, MTU Aero Engines, Textron Inc., Hindustan Aeronautics Limited, Klimov, Continental Motors Group, United Engine Corporation, Motor Sich, AVIC Aircraft, Aero Engine Corporation of China, Barnes Group, Pratt & Whitney, UEC-Aviadvigatel JSC, Ivchenko-Progress, NPO Saturn, PowerJet, EuroJet Turbo GmbH, Xi’an Aero-Engine Corporation (XAEC), Guizhou Aircraft Industry Corporation (GAIC), IHI Corporation, Williams International, Austro Engine GmbH, Textron Aviation Inc., BRP-Rotax GmbH & Co KG, Teledyne Continental Motors, Thielert Aircraft Engines GmbH, UEC Saturn, CFM International, Engine Alliance
Table of Contents
1. Executive Summary
2. Aircraft Engines Market Report Structure
3. Aircraft Engines Market Trends And Strategies
4. Aircraft Engines Market – Macro Economic Scenario
5. Aircraft Engines Market Size And Growth
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27. Aircraft Engines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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