Commercial Aircraft Gas Turbine Engine Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The commercial aircraft gas-turbine engine market is valued at around $ 50.94 billion in 2023 and is estimated to reach $ 70.4 billion by 2032, at a compound annual growth rate of 3.76% from 2024 to 2032. The demand for advanced gas-turbine engines is gradually increasing, driven by the rising demand for air travel and the need for energy-saving and environmentally friendly propulsion systems. As a result, the market is expected to experience a steady increase in the coming years. The factors that drive this growth are the development of new materials, new engine designs, and new production methods, which enhance the performance and reduce the emissions of engines. The popularity of innovations such as geared turbofan engines and hybrid-electric propulsion systems is also expected to increase. The major players, such as GE, Pratt & Whitney, and Rolls-Royce, are actively investing in research and development, establishing strategic alliances, and launching new products to maintain their competitive advantages. These efforts not only help these companies maintain their market positions, but also help the commercial aircraft gas-turbine engine market grow.

Regional Market Size

Regional Deep Dive

The commercial aircraft gas-turbine engine market is characterized by a strong demand driven by increasing air traffic and technological advancements. Each region has its own unique market characteristics, influenced by local economic conditions, regulatory frameworks and technological innovations. North America is the leading region in terms of technological development and production capabilities. Europe is more focused on the environment and compliance with regulatory requirements. The Asia-Pacific region is experiencing rapid growth, with increasing demand for air travel and a growing middle class. The Middle East and Africa are emerging markets with significant investments in airport development. The Latin American aviation industry is gradually expanding, influenced by economic recovery and modernization efforts.

Europe

• European manufacturers like Rolls-Royce and Safran are leading the charge in developing sustainable aviation technologies, including hybrid-electric engines, in response to the EU's Green Deal initiatives aimed at reducing carbon emissions.
• The European Union's stringent regulations on noise and emissions are driving innovation in engine design, compelling companies to invest in research and development to meet these standards.

Asia Pacific

• The Asia-Pacific region is experiencing a surge in demand for commercial aircraft, with companies like Mitsubishi Aircraft Corporation and COMAC making significant strides in developing new aircraft and engines to cater to this growing market.
• Government initiatives, such as China's 'Made in China 2025' plan, are fostering local production capabilities and reducing reliance on foreign technology, which is expected to reshape the competitive landscape in the region.

Latin America

• Latin America is gradually modernizing its aviation sector, with countries like Brazil investing in new aircraft and engine technologies to improve operational efficiency and safety.
• The region's economic recovery post-pandemic is leading to increased air travel demand, prompting local airlines to upgrade their fleets and invest in more efficient gas turbine engines.

North America

• The North American market is heavily influenced by major players such as General Electric and Pratt & Whitney, which are investing in next-generation engine technologies to enhance fuel efficiency and reduce emissions.
• Recent regulatory changes, including stricter emissions standards set by the Environmental Protection Agency (EPA), are pushing manufacturers to innovate and develop cleaner gas turbine engines, thereby shaping the market landscape.

Middle East And Africa

• The Middle East is witnessing substantial investments in aviation infrastructure, with companies like Emirates and Qatar Airways expanding their fleets, thereby increasing demand for advanced gas turbine engines.
• Regulatory support from governments in the region, such as the UAE's Vision 2021, aims to enhance the aviation sector, promoting growth and innovation in the commercial aircraft engine market.

Did You Know?

“Did you know that the fuel efficiency of modern gas turbine engines has improved by approximately 30% over the last two decades, significantly reducing operational costs for airlines?” — International Air Transport Association (IATA)

Segmental Market Size

Gas Turbine Engines for Aircraft play a vital role in the Aviation Industry and are currently enjoying stable growth due to the increasing demand for air travel and improvements in engine efficiency. The main driving force behind this market is the increasing need for fuel-efficient engines in order to meet the stricter regulatory requirements and the push for lower carbon emissions. Also, technological innovations such as the development of advanced materials and digital engine controls are enhancing performance and reliability. The industry is currently in a period of mature expansion, with a number of major players, including General Electric and Pratt & Whitney, at the forefront. CFM International has recently launched the LEAP engine, which offers a significant improvement in fuel efficiency. These engines are primarily used in commercial aircraft and can be found on everything from small commuter jets to large transcontinental airliners. Growth is being driven by trends such as the push for sustainable technology, while emerging trends such as 3D printing and Artificial Intelligence-based Predictive Engine Health Management are shaping the future of gas-turbine engines.

Future Outlook

From 2023 to 2032, the commercial aircraft gas-turbine engine market is expected to increase from 50.94 billion to 70.50 billion, at a CAGR of 3.67%. The demand for commercial air transport is expected to increase, due to the recovery of the world from the Influenza A (Covidia) pandemic, and the emphasis on the development of sustainable aviation. The demand for more efficient and reliable gas-turbine engines will increase, and the penetration rate of new aircraft and old aircraft will be higher. The key technological advances, such as the development of fuel-efficient engines and the integration of hybrid-electric propulsion systems, will also have a significant impact on the development of the market. The increasingly stringent regulations on carbon emissions will drive manufacturers to continuously improve the performance of the engines. The development of alternative propulsion systems and the use of sustainable aviation fuels will also have a significant impact on the market. The commercial aircraft gas-turbine engine industry needs to be flexible and responsive to these trends to seize the growth opportunities from 2023 to 2032.