Aircraft Engine Market Summary

The global aircraft engine market size was estimated at USD 56,278.5 million in 2023 and is projected to reach USD 112,096.8 million by 2030, growing at a CAGR of 10.3% from 2024 to 2030. There is an increasing demand for fuel-efficient, environmentally friendly engines.

Key Market Trends Insights

• In terms of region, North America was the largest revenue generating market in 2023.
• In terms of segment, turboprop accounted for a revenue of USD 56,278.5 million in 2023.
• Turboprop is the most lucrative engine segment registering the fastest growth during the forecast period.

Market Size Forecast

• 2023 Market Size: USD 56,278.5 Million
• 2030 Projected Market Size: USD 112,096.8 Million
• CAGR (2024-2030): 10.3%
• North America: Largest market in 2023

As airlines strive to reduce operational costs and meet stringent emissions regulations, there is a growing preference for engines that offer better fuel efficiency and lower carbon emissions per flight hour. Additionally, advancements in technology, such as efficient turbine designs and lightweight materials, are pushing innovation in the industry. The growth of the market is further boosted by an increase in air travel demand globally, necessitating more reliable and powerful engines to support the expanding fleet of commercial and military aircraft.

Engine manufacturers are at the forefront of developing cutting-edge technologies such as high-bypass ratio turbofans and geared turbofans. These innovations not only enhance fuel efficiency, reduce noise levels, and lower emissions to meet stringent environmental regulations set by organizations like the International Civil Aviation Organization (ICAO), but also drive airlines to adopt more sustainable technologies. Consequently, manufacturers are introducing eco-friendly engine designs that promise reduced operating costs throughout their lifespan.

Global Aircraft Engine Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global aircraft engine market report based on engine, aircraft, point of sale, and region:

• Engine Outlook (Revenue, USD Billion, 2018 - 2030)
  • Turboprop
  • Turbofan
  • Turboshaft
  • Piston Engine
• Aircraft Outlook (Revenue, USD Billion, 2018 - 2030)
  • Commercial Aircraft
  • Military Aircraft
  • Business and General Aviation Aircraft
• Point of Sale Outlook (Revenue, USD Billion, 2018 - 2030)
  • OEM
  • Aftermarket
• Regional Outlook (Revenue, USD Billion, 2018 - 2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
  • Latin America
    • Brazil
  • Middle East and Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa 

Key Aircraft Engine Company Insights

Some of the key players operating in the market include Rolls-Royce, General Electric Company, and Pratt Whitney.

• Rolls-Royce expanded its footprint in the aircraft engine market through strategic initiatives focused on innovation and global partnerships. They developed advanced engine technologies like the Trent series, renowned for efficiency and reliability. Additionally, collaborations with aircraft manufacturers strengthened their market position, enabling tailored solutions for diverse customer needs.
• Pratt Whitney's strategic initiatives in the market included pioneering the development of high-thrust engines such as the PW4000 and PW6000 series, noted for their efficiency and performance. They also focused on enhancing environmental sustainability with innovations like the Geared Turbofan (GTF) engine, reducing fuel consumption and emissions.

Key Aircraft Engine Companies:

The following are the leading companies in the aircraft engine market. These companies collectively hold the largest market share and dictate industry trends.

• Advanced Atomization Technologies Inc.
• Enjet Aero
• Engine Alliance
• Safran Group
• Pratt Whitney
• Rolls-Royce
• MTU Aero Engines AG
• CFM International
• General Electric Company
• ITP Aero
• New Hampshire Ball Bearing (MinebeaMitsumi Aerospace)

Recent Developments

• In April 2024, Rolls-Royce announced that IndiGo had placed an order for 60 Trent XWB-84 engines, marking their first agreement with the prominent Indian airline. The deal included Rolls-Royce's TotalCare service for engine health and maintenance. The engines from this order were intended to support IndiGo's expansion efforts, especially on international routes, bolstering the airline's operational capabilities.
• In May 2024, Pratt Whitney inaugurated its new manufacturing facility, Pratt Whitney Maroc (PWM), dedicated to producing precision machined parts for aircraft engines like the PT6. The investment underscored confidence in Morocco's industrial capabilities, enhancing the country's aeronautical sector with advanced technological capabilities and contributing to its competitive edge in global aerospace manufacturing.

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