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The commercial aircraft gas turbine engine market size is estimated to grow by USD 54,760.35 million at a CAGR of 19.85% between 2022 and 2027. The growth of the market depends on several factors, including advancements in engine technologies, a rise in the procurement rate of new-generation aircraft, and an increase in aircraft deliveries.
The report includes an in-depth analysis of drivers, trends, and challenges. Furthermore, it includes historic market data from 2017 to 2021.
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The rise in the procurement rate of new-generation aircraft is notably driving the market growth, although factors such as high production costs and delays in engine deliveries may impede the market growth. Our researchers analyzed the data with 2022 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.
The rise in the procurement rate of new-generation aircraft is notably driving market growth. Due to the increase in air travel, it is anticipated that air traffic will double over the next 15 years. Only if airline operators purchase new aircraft to meet the increased demand can this year-over-year increase in air traffic be maintained. To ensure the scheduled deliveries, major aircraft OEMs have started renovating their current production facilities.
Airbus has been concentrating on improving its A320neo series of aircraft recently. The new A321neo aircraft, which is an A320 with a narrower body and two CFM LEAP-A twin engines, is thought to be 15% more fuel-efficient than its forerunners. The purchase of the A320neo aircraft and its successors has been motivated by increased efficiency combined with reduced noise generation. Hence, such factors will boost market growth during the forecast period.
The usage of ceramic matrix composites is an emerging trend in the market growth. A treated short carbon fiber or whisker matrix is the foundation of ceramic-matrix composites (CMCs), which can be oxide- or non-oxide-based. They weigh approximately 66% less than nickel (Ni) superalloys, which were previously employed in engines. Additionally, they can function at temperatures higher than 500 degrees Fahrenheit, which is higher than the endurance limit of their nickel superalloy counterparts.
By using CMC products, engines can achieve a higher service temperature and greater efficiency in one of two ways, either through a reduction in the amount of cooling air diverted or through a reduction in fuel consumption brought on by higher engine temperatures. These two elements help to improve engine efficiency by raising the amount of thrust produced per unit of fuel. For example, since 2016, CFM International has adopted CMC-coated goods for its LEAP series of engines. Even at 2,400 degrees F, the LEAP engines can operate effectively. Hence, such benefits will increase the adoption rate of CMC products, which in turn, will drive the market growth during the forecast period.
High production costs and delays in engine deliveries are major challenges impeding market growth. An aircraft engine's price can be divided into production and associative development costs. An increase in either of these costs has the potential to cause an unforeseen escalation in costs and delivery time extensions. A modern engine is the result of years of component-level R&D, each improvement in the technology of related components can open up a brand-new field of study. Before releasing the new engine on the market, such development activities are carried out for a long time and include several hours of meticulous testing and documentation to produce the best results.
Despite the thorough testing, there is no guarantee that the engine will run without problems after it is put into service. Rectification efforts are very expensive and necessitate that manufacturers not only redesign essential parts but also replace them in the engines that have already been delivered. These failures also impede the development and delivery of other models that are in the works, which reduces the overall number of delivery goals that are met in a fiscal year and results in losses throughout the supply chain. Hence, these factors will have a negative impact on the global market during the forecast period.
The 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 growth strategies.
Global Commercial Aircraft Gas Turbine Engine Market 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.
GKN Aerospace Services Ltd. - The company offers various aircraft parts such as aerostructures, engines, wiring systems, landing gears, and other parts. The key offerings of the company include aircraft gas turbine engines which are designed to be used in A220 and A320 commercial air jets.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market 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 share growth by the turbofan segment will be significant during the forecast period. The most popular gas turbine engine technology is the turbofan, which is integrated into commercial airliners. As technological advancements aimed at producing more fuel-efficient engines drive the market, engine OEMs are investing billions of dollars in R&D activities that could potentially change the face of aviation in the future. For example, the development of a new Power Gearbox, which Rolls-Royce is currently working on, is expected to reduce fuel consumption in its large turbofan models by 25% when compared to the Trent 700 model.
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The turbofan segment was valued at USD 23,065.51 million in 2017 and continued to grow until 2021. The increased demand is a result of an increase in air travel worldwide, which has compelled airlines to buy newer models of aircraft in order to maintain profitability. This has led to increased orders for gas turbine engines as an aircraft is designed to work with only specific types of engines. There is a sizable backlog of orders for well-known engine OEMs, totaling more than USD 140 billion. As part of its USD1.3 billion organization-wide capital investment strategy to increase the production of its geared turbofan engines, Pratt & Whitney has invested USD 97 million in a new fan blade manufacturing facility at its AutoAir complex in Michigan. Similar efforts to boost production have been undertaken through the expansion of existing facilities by other OEMs such as Rolls-Royce, Safran Aircraft Engines, and GE Aviation. Thus, owing to such factors the segment is expected to grow during the forecast period.
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Europe is estimated to contribute 32% 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 European airline industry serves around 970 million passengers annually. Such a high volume of passengers can be managed only through an efficient network of airline operators offering best-in-class services at affordable prices. Due to this development, airline operators are now looking for ways to lower the fleets' overall operating costs, and as a result, fleet upgrading has become a viable option. Investors from all over the world have expressed interest in new aircraft with fuel-efficient engines, and it is anticipated that this demand will drive the market in Europe during the forecast period.
Numerous aircraft engine OEMs are located in the European Union (EU), which is heavily involved in R&D in the aerospace industry. The efforts to collaborate with suppliers have produced international networks, which have increased the industry's overall capabilities. Additionally, the players have been involved in the development. For instance, in June 2021, Airbus decided to concentrate its efforts on metallic hydrogen tanks in a complementary setup by creating Zero-Emission Development Centres (ZEDCs) at its sites in Bremen (Germany) and in Nantes (France). The goal of these ZEDCs is to achieve cost-competitive cryogenic tank manufacturing to support the successful future market launch of ZEROe (Zero-emission) aircraft and accelerate the development of hydrogen propulsion technologies. Furthermore, many European carriers have gone on a buying spree as a result of the rise in air passenger traffic, with the goal of expanding their fleet in order to meet the rising demand for air travel. Hence, all the abovementioned factors will boost the market growth during the forecast period.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is driven by the demand for efficient Fuel energy conversion into Mechanical energy. Innovative aircraft designs and advancements in technology attract Technology investors seeking growth opportunities.
The use of 3D-printed engine components enhances performance and durability, contributing to Aircraft engine longevity. Engine leasing businesses benefit from the market's growth, providing flexibility in fleet management. Raw materials play a crucial role in engine manufacturing, ensuring quality and reliability for both Rotary-wing aircraft and Fixed-wing aircraft. Manufacturers focus on offering engines that are suitable for both Line-fit and Retrofit installations. The market is dominated by Turbojet engines known for their efficiency and reliability. As the aviation industry continues to evolve, the demand for innovative gas turbine engines is expected to rise, driving further advancements in the field.
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Commercial Aircraft Gas Turbine Engine Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 19.85% |
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Market growth 2023-2027 |
USD 54,760.35 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
18.44 |
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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 32% |
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Key countries |
US, China, France, Germany, and UK |
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Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
General Electric Co., EuroJet Turbo GmbH, GKN Aerospace Services Ltd., Honeywell International Inc., IHI Corp., JSC Klimov, Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., MTU Aero Engines AG, PBS Group AS, Raytheon Technologies Corp., Rolls Royce Holdings Plc, Rostec, Siemens Energy AG, Textron Inc., TurbAero, UEC-Aviadvigatel JSC, UEC Saturn, Williams International Co. LLC, and Safran SA |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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