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The aircraft engine market size is forecast to increase by USD 65.4 billion, at a CAGR of 21.1% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing demand for air travel in the commercial aviation sector. Airlines are focusing on enhancing the flying experience for passengers by investing in advanced engine technologies, such as jet engines and turboprops, to improve fuel efficiency and performance. New engine technologies, including hybrid and electric engines, are gaining traction as they offer improved safety standards and reduced carbon emissions. However, the market faces challenges, including the scarcity of skilled resources to develop and maintain these complex systems. As the air travel industry continues to expand, the need for efficient, safe, and eco-friendly engine solutions will remain a priority. Key market trends include the increasing number of aircraft deliveries, the adoption of advanced engine technologies, and the growing focus on performance and safety standards.
The market plays a crucial role in the commercial aviation industry, powering passenger aircraft and enabling global connectivity. Airlines rely on these engines to provide a superior flying experience, ensuring fuel efficiency, safety, and optimal performance. Jet engines and turboprops are the primary types of engines used in commercial aviation. Jet engines, with their high power and cruising speeds, are preferred for long-haul flights, while turboprops are ideal for regional aircraft due to their efficiency in short-haul and takeoff/landing operations. Engine technology continues to evolve, focusing on enhancing fuel efficiency and reducing emissions. The combustion chamber, air compressor, and other components are being optimized to improve engine performance under various flight conditions. Fuel efficiency is a significant concern for airlines, as it directly impacts their operating costs and environmental footprint. Engine manufacturers invest heavily in research and development to create engines that offer improved fuel economy without compromising power or endurance.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The commercial aviation segment is estimated to witness significant growth during the forecast period. With an increase in aircraft deliveries and the increasing demand for air travel, this segment is anticipated to spearhead market expansion.
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The commercial aviation segment was the largest and was valued at USD 19.30 billion in 2018. Airlines prioritize fuel efficiency and adherence to environmental regulations, making turbofan engines, which offer superior fuel economy, a preferred choice. Technology is a key focus area, with engine manufacturers investing substantially in research and development to introduce lightweight materials and advanced turbine designs, thereby enhancing engine performance. Hence, such factors are fuelling the growth of this segment during the forecast period.
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Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The Russian market is experiencing a decline due to reductions in local airline fleets amidst economic challenges and political tensions. However, efforts are being made to localize maintenance technologies and services to attract both domestic and international clients. Russia's commercial and civil aircraft industry is poised for revival with new projects like the Sukhoi Superjet 100 and MC-21. While military aircraft, such as the MiG-29 and Su-27, continue to dominate the Russian portfolio, these new commercial aircraft will contribute significantly to the industry's growth.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
An increase in aircraft deliveries is notably driving market growth. The global market is experiencing continuous growth, driven by the increasing demand for air travel and advancements in airframe technologies. Despite challenges such as rising jet fuel prices and economic downturns in the aviation industry, the market is expected to expand at a steady pace. Innovative business models by regional airlines have disrupted the industry, offering affordable fares and boosting passenger traffic.
The growing affluence of the middle class in emerging markets, particularly in China, Russia, India, Indonesia, and the US, is further fueling the demand for commercial aircraft. To address environmental concerns, manufacturers are focusing on reducing fuel consumption and emissions, with improvements in gas temperatures and the development of alternative fuels. CO2 emissions, H2O emissions, and SOx emissions are key areas of focus for environmental terms. The future of the market lies in the adoption of sustainable and fuel-efficient technologies, ensuring long-term growth and profitability. Thus, such factors are driving the growth of the market during the forecast period.
New technologies gaining ground is the key trend in the market. The market is experiencing significant advancements due to innovations in energy economics and technology. One notable area of growth is the use of gas turbines for electricity generation. This approach, known as combined cycle systems, harnesses the hot exhaust from the engine to produce electricity via an electrical generator. Traditional coal plants, which have a larger land area footprint, are being replaced in part by these systems. Shale gas, a plentiful and accessible energy source, is also driving the adoption of gas turbines.
Two key technologies contributing to this trend are advanced predictive maintenance and augmented reality. Predictive maintenance involves monitoring engine parameters to anticipate potential failures and take preventative measures, thereby reducing maintenance costs. Augmented reality, utilizing hardware such as glasses or smartphones, enhances human visualization for various applications, including operations, maintenance, and training. Thus, such trends will shape the growth of the market during the forecast period.
The scarcity of skilled resources is the major challenge that affects the growth of the market. The market is witnessing significant advancements in engine design to reduce NOx emissions and address urban pollution concerns. Emissions, including smoke, HC (hydrocarbons), and particulates, are under intense scrutiny due to their impact on the environment and human health. Technological advances in engine technology aim to minimize these emissions without compromising performance.
Predictive maintenance is a crucial aspect of the aviation industry, enabling early detection of potential engine issues and optimizing maintenance schedules. However, implementing predictive maintenance systems comes with challenges. The vast amounts of data generated require immense computational power and complex algorithms, leading to potential bottlenecks and hindering widespread adoption by MRO operators. Despite these challenges, the future of aircraft engine maintenance lies in advanced technologies such as machine learning, cloud computing, and parallel processing systems. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Airbus SE: The company offers two basic engines to power the three A350 variants.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market caters to the demand for efficient and high-performing engines in the commercial aviation sector. Airlines prioritize fuel efficiency and safety standards to enhance the flying experience for passengers and reduce operational costs. Jet engines and turboprops are the primary types of engines used in passenger aircraft, with turbine engines being the preferred choice for long-haul flights due to their high power, endurance, and cruising speeds. Engine technology continues to evolve, focusing on improvements in fuel efficiency, power, and safety. The combustion chamber, air compressor, and turbine designs are key areas of research to optimize engine performance. Fuel consumption is a critical factor in the market, with a focus on reducing emissions, including CO2, H2O, SOX, NOx, and particulates.
Moreover, long-haul flights require engines with high power and long endurance, making them essential for global connectivity and economic growth. The design of passenger aircraft engines is continually evolving to meet the demands of various flight conditions and load capacities. Technological advances in engine design, such as combined cycle systems and electricity generation using hot exhaust gases, are also gaining attention in the market. Airframe technologies and improvements in aircraft design also impact engine performance and fuel efficiency. The environmental impact of aircraft emissions, including smoke and hydrocarbons, is a growing concern, and engine manufacturers are focusing on reducing these emissions to meet regulatory requirements and urban pollution standards.
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Market Scope |
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Report Coverage |
Details |
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Page number |
140 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 21.1% |
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Market Growth 2024-2028 |
USD 65.4 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
17.4 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 35% |
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Key countries |
US, France, Germany, UK, and China |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Airbus SE, BMW AG, EuroJet Turbo GmbH, General Electric Co., Honeywell International Inc., IHI Corp., JSC Klimov, Liebherr International AG, Mitsubishi Heavy Industries Ltd, MTU Aero Engines AG, Northstar Aerospace, PowerJet Pressure Cleaning Systems, Pratt and Whitney, Safran SA, Shenyang Aircraft Corp., UEC Aviadvigatel JSC, Williams International Co. LLC, and Xi an Aero-Engine Corp. |
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Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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