Aircraft Turbine Engine Market Research Report By Application (Commercial Aviation, Business Aviation, Military Aviation, Industrial Applications), By Engine Type (Turbofan, Turbojet, Turboprop, Turboshaft), By Thrust Class (Less than 10,000 lbf, 10,000-20,000 lbf, 20,000-40,000 lbf, More than 40,000 lbf), By Technology (Conventional, Electric, Hybrid) and By Regional (North America, Europe, South America, Asia-Pacific, Middle East and Africa) - Forecast to 2032

Global Aircraft Turbine Engine Market Overview

Aircraft Turbine Engine Market Size was estimated at 37.46 (USD Billion) in 2022.The Aircraft Turbine Engine Market Industry is expected to grow from 39.39(USD Billion) in 2023 to 62.0 (USD Billion) by 2032. The Aircraft Turbine Engine Market CAGR (growth rate) is expected to be around 5.17% during the forecast period (2024 - 2032).

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Key Aircraft Turbine Engine Market Trends Highlighted

The Aircraft Turbine Engine Market is primarily driven by the growing demand for commercial planes. This demand is also accompanied by the need for propulsion systems that are not only efficient but also sustainable in regard to the environment and that comply with environmental regulations. The engine performance and durability have been ameliorated by advancements in technology, including single-crystal blades and additive manufacturing.

The drive to reduce carbon emissions is behind the quest for hybrid and electric propulsion systems. Conversely, high demand for business as well as regional jets has created a niche market for smaller turbine engines that consume less fuel. Advancements in materials science, as well as digital technology, are expected to boost innovation further and consequently enhance the growth of this market.

Aircraft Turbine Engine Market Drivers

• Increasing Demand for Air Travel

One of the main forces affecting the Aircraft Turbine Engine Market is the increasing demand for air travel. More people choose to travel by air, and the number of passengers is growing significantly, especially in emerging countries. Increased demand for new aircraft from operators leads to a high demand for turbine engines as well. According to the IATA, the number of people traveling by air will reach 8.2 billion by 2037, creating a significant demand for the aircraft turbine engine industry.Increased propensity to travel is attributed to various factors, such as the increase in disposable income, urbanization, and globalization. Enhanced interest in traveling throughout history usually caused the increased number of aircraft operating, which is why the demand for efficient and safe turbine engines will not decrease. To make air travel more available for the broader population, many low-cost carriers operate mostly in the same-market-day model.As a result, the demand for the engines increases since the aircraft staying in service longer requires more maintenance and engine overhaul. However, the continuously increasing demand for air travel refers not only to passenger transportation but also to the demand for air cargo movement. Many e-commerce businesses rely on the quick turnover of goods and choose to transport products by air. The increased acceptance of the importance of globalization has also led to an increase in air cargo transportation.Thus, the demand for cargo aircraft and freighter conversions also creates the demand for aircraft turbine engines.

Advancements in Engine Technology

Advancements in engine technology keep propelling the Aircraft Turbine Engine Market industry forward. Manufacturers are investing significantly in research and development with a view to enhancing the efficiency, performance and reliability of aircraft turbine engines. One of the key areas of focus is the development of more fuel-efficient engines. This has pushed airlines to look for aircraft that consume less fuel due to rising oil prices and concerns about changing climate.

Engine producers have reacted by inventing new advanced technologies like geared turbofans and adaptive cycle engines, which can save substantial amounts on fuel costs. Moreover, manufacturers work towards improving engine performance and reliability besides ensuring their better fuel economy levels. The use of advanced materials and innovative designs have allowed for lighter, stronger, high-pressure and temperature-capable engine units.

These changes improve aircraft range, payload capacity as well as service availability ratios. Also, the incorporation of digital tools such as sensors and data analytics into operations has revolutionized turbine engine use in airplanes. As a result, downtime is reduced through predictive maintenance while operational efficiency is improved through real-time monitoring systems installed remotely..

Growing Defense Expenditure

The Aircraft Turbine Engine Market Industry is also driven by increasing defense expenditure across the world. Governments are focusing on enhancing their military capabilities by procuring new aircraft and modernizing and upgrading existing fleets. This has acted as a key growth driver for the Asia-Pacific aircraft turbine engine market. Military aircraft have specific needs that can be fulfilled only by high-performance, reliable turbine engines.Military aircraft engine manufacturers have been pushing the boundaries of technology and developing innovative engines such as the F-35’s smallest, lightest, and most powerful engine, the F135, LEAP engine that provides 15-20 percent lower fuel consumption according to the manufacturer, and DirectX with vertical take-off and landing capabilities. Many emerging nations, for example, India, China, and Russia are investing enormous amounts in the modernization of their air force fleets to tackle regional security issues.Thus, the demand for military aircraft and, subsequently, aircraft turbine engines has increased.

Aircraft Turbine Engine Market Segment Insights:

Aircraft Turbine Engine Market Application Insights

The Aircraft Turbine Engine Market segmentation by Application is categorized into commercial aviation, business aviation, military aviation, and industrial applications. Commercial aviation is projected to account for the largest revenue share during the forecast period due to the increasing demand for air travel and the need for fuel-efficient and reliable engines. The growth of low-cost carriers and the expansion of air cargo services are further driving the demand for commercial aircraft, thereby propelling the market growth. Business aviation is also witnessing significant growth, driven by the rising demand for private jets and corporate aircraft.The increasing number of high-net-worth individuals and the growing popularity of fractional ownership programs are contributing to the growth of this segment. Military aviation represents a substantial portion of the market, with governments investing heavily in upgrading and expanding their aircraft fleets. The development of advanced fighter jets and unmanned aerial vehicles (UAVs) is expected to drive the growth of this segment in the coming years. Industrial applications of aircraft turbine engines include power generation, oil and gas exploration, and marine propulsion.The use of aircraft turbine engines in these applications is gaining traction due to their high power-to-weight ratio, reliability, and efficiency. The growing demand for electricity and the need for efficient power generation methods are expected to drive the growth of the industrial applications segment. Overall, the Aircraft Turbine Engine Market is driven by the increasing demand for air travel, the growth of business aviation, military modernization programs, and the expansion of industrial applications.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Aircraft Turbine Engine Market Engine Type Insights

The Aircraft Turbine Engine Market segmentation by Engine Type is categorized into Turbofan, Turbojet, Turboprop, and Turboshaft. Turbofan engines dominate the market, accounting for over 80% of the global revenue in 2023. Turbofan engines are highly efficient and provide high thrust-to-weight ratios, making them ideal for commercial aircraft. Turbojet engines, while less efficient, are still used in military applications due to their high speed and altitude capabilities. Turboprop engines are commonly used in smaller aircraft, such as commuter planes and regional jets, as they offer good fuel efficiency and short take-off and landing (STOL) capabilities.Turboshaft engines are typically used in helicopters and other vertical take-off and landing (VTOL) aircraft due to their ability to provide power to both the rotors and the aircraft's systems.

Aircraft Turbine Engine Market Thrust Class Insights

The thrust class segment plays a crucial role in the Aircraft Turbine Engine Market segmentation. In 2023, the 'Less than 10,000 lbf' thrust class held a significant market share due to its widespread use in small aircraft and business jets. The '10,000-20,000 lbf' thrust class is projected to witness substantial growth in the coming years, driven by the increasing demand for narrow-body aircraft. The '20,000-40,000 lbf' thrust class caters to mid-sized and long-haul aircraft and is expected to account for a significant portion of the market revenue by 2032.The 'More than 40,000 lbf' thrust class dominates the market for wide-body aircraft and is anticipated to maintain its dominance throughout the forecast period. Overall, the Aircraft Turbine Engine Market segmentation by thrust class offers insights into the diverse requirements of the aviation industry and the strategic focus of manufacturers to cater to specific aircraft categories.

Aircraft Turbine Engine Market Technology Insights

The technology segment of the Aircraft Turbine Engine Market is broadly classified into conventional, electric, and hybrid. Conventional technology is the most widely adopted in the industry, accounting for a major revenue share of the market. Electric and hybrid technologies, although promising, are still in their early stages of development and adoption. Hybrid technology has gained traction in recent years due to its potential to improve fuel efficiency and reduce emissions. The Aircraft Turbine Engine Market revenue for the electric technology segment is projected to witness a high growth rate during the forecast period, owing to increasing government initiatives and regulations promoting sustainable aviation practices.With rising concerns about environmental impact, electric and hybrid technologies are expected to play a crucial role in the future of the industry.

Aircraft Turbine Engine Market Regional Insights

The regional segment of the Aircraft Turbine Engine Market is expected to showcase significant growth in the coming years. North America is expected to hold the largest market share, owing to the presence of major aircraft manufacturers and airlines in the region. Europe is also expected to be a key market, driven by the growing demand for fuel-efficient aircraft. The APAC region is expected to witness the fastest growth, driven by the increasing number of low-cost carriers and the growing middle class in the region. South America and MEA are also expected to contribute to the growth of the Aircraft Turbine Engine Market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Aircraft Turbine Engine Market Key Players And Competitive Insights:

Major players in the Aircraft Turbine Engine Market industry are constantly striving for Aircraft Turbine Engine Market development and innovation to maintain their competitive edge. Strategic partnerships, mergers, and acquisitions are common strategies adopted by leading Aircraft Turbine Engine Market players to expand their market reach and gain access to new technologies. The Aircraft Turbine Engine Market Competitive Landscape is characterized by intense competition among established players and emerging challengers.General Electric is a leading player in the Aircraft Turbine Engine Market and is known for its advanced and reliable aircraft engines. The company has a strong presence in the commercial aviation sector and supplies engines for a wide range of aircraft, including the Boeing 737 and 787, and the Airbus A320 and A350. General Electric's focus on research and development has enabled it to continuously improve the efficiency and performance of its engines, helping it maintain its leadership position in the market.Another major player in the Aircraft Turbine Engine Market is Pratt & Whitney. The company is a subsidiary of Raytheon Technologies and is recognized for its high-performance engines used in both commercial and military aircraft. Pratt & Whitney's engines power aircraft such as the F-35 Lightning II fighter jet, the Boeing 777, and the Airbus A330. The company's commitment to innovation and customer support has contributed to its strong position in the Aircraft Turbine Engine Market.

Key Companies in the Aircraft Turbine Engine Market Include:

• Kawasaki Heavy Industries


• MTU Aero Engines


• Pratt Whitney


• Mitsubishi Heavy Industries


• IshikawajimaHarima Heavy Industries


• Rolls-Royce Holdings


• Woodward Governor


• CFM International


• Honeywell International


• Chromalloy Gas Turbine International


• Superior Air Parts


• ITP Aero


• General Electric


• Safran S.A


• Aviall Services

Aircraft Turbine Engine Market Industry Developments

The Aircraft Turbine Engine Market is projected to witness steady growth over the next decade. The increasing demand for air travel, particularly in emerging economies, is driving the market. Additionally, the growing popularity of narrow-body aircraft, which typically use turbine engines, is contributing to market expansion. Technological advancements, such as the development of more fuel-efficient and environmentally friendly engines, are expected to stimulate market growth further. News and current affairs: Recently, there have been several notable developments in the Aircraft Turbine Engine Market. In 2023, CFM International, a joint venture between GE Aviation and Safran Aircraft Engines, announced the launch of its new RISE (Revolutionary Innovation for Sustainable Engines) program. The program aims to develop a new generation of more fuel-efficient and sustainable aircraft engines. Additionally, in 2024, Pratt Whitney, a subsidiary of Raytheon Technologies, announced a partnership with the US Air Force to develop a new adaptive engine for future fighter jets.

Aircraft Turbine Engine Market Segmentation Insights

• Aircraft Turbine Engine Market Application Outlook
  
  
  
  • Commercial Aviation
  
  
  • Business Aviation
  
  
  • Military Aviation
  
  
  • Industrial Applications
  
  
  
  

• Aircraft Turbine Engine Market Engine Type Outlook
  
  
  
  • Turbofan
  
  
  • Turbojet
  
  
  • Turboprop
  
  
  • Turboshaft
  
  
  
  

• Aircraft Turbine Engine Market Thrust Class Outlook
  
  
  
  • Less than 10,000 lbf
  
  
  • 10,000-20,000 lbf
  
  
  • 20,000-40,000 lbf
  
  
  • More than 40,000 lbf
  
  
  
  

• Aircraft Turbine Engine Market Technology Outlook
  
  
  
  • Conventional
  
  
  • Electric
  
  
  • Hybrid
  
  
  
  

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  Aircraft Turbine Engine Market Regional Outlook

  
  
  
  
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    North America

    
    
  
  
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    Europe

    
    
  
  
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    South America

    
    
  
  
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    Asia-Pacific

    
    
  
  
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    Middle East and Africa