Aircraft Engines Market By Engine Type (Piston, Turbofan, Turboprop, and Turboshaft), By Wing Type (Rotary Wing and Fixed Wing), By End-user (Military Aviation and Civil Aviation (Commercial Aviation and General Aviation)), and By Region- Trends, Analysis, and Forecast till 2030

Aircraft Engines market accounted for USD 88.80 billion in 2020 and is estimated to be USD 285.76 billion by 2030 and is anticipated to register a CAGR of 12.3%.

Aircraft Engines is a part of the propulsion system that is used to generate mechanical power. They are almost always either lightweight piston engines or gas turbines. In an aircraft engine, air is drawn through front inlet, compressed by a fan, mixed with fuel and combusted, and then fired out as a hot, fast moving exhaust moves air forward. In piston engines, chemical energy is converted into heat energy by fuel consumption, followed to piston rotate crankshaft to create mechanical energy. There are different types of aircraft engines available in the market such as V-type engine, H-configuration engine, in-line engine, rotary engine, turbojet engine, radial engine, etc. They are used according to the type, function, and application requirements of the aircraft.

Increasing the demand for Aircraft Engines

Increasing use of aircraft engines in military sector for countering terrorism, illegal infiltration, drug trafficking, and others is major factor driving growth of the aircraft engines market. Growing demand of aircrafts in the commercial aviation sector is a major factor propelling growth of the global market. Increasing military budgets, especially in emerging economies and adoption of aircrafts that are equipped with advance technology are also factors fueling the demand of the aircrafts and drives the growth of the global market. In addition, increasing adoption of electrical aircrafts and aircrafts with less emission, owing to increasing environmental awareness is resulting into rising demand for electric engines, turbo engines. Also, the increasing demand for lightweight aircraft and growing number of manufacturers especially in developing countries are factors expected to boost growth of the aircraft engines market. However, factors such as high manufacturing and maintenance cost along with lack of production facilities restrain the growth of the aircraft engines market. Nonetheless, development of lightweight aircrafts with sustainable energy and the introduction of a new range of less fuel consuming engines can create higher revenue opportunities for players in the aircraft engines market. For instance, according to data published by International Council of Clean Transportation (ICAO), in August 2015, it estimates that 40% improvement in fuel efficiency for new single-aisle and small twin-aisle aircraft by 2020 compared to 2000.

This report segments the aircraft engines market on the basis of engine type, wing type, end-user, and region.

On the basis of engine type, the global market is segmented into piston, turbofan, turboprop, and turboshaft. The turbofan engine type market segment is expected to witness the highest growth over the forecast period, as airlines are focusing on increasing fuel economy which is provided by these engines. Based on wing type, the target market is bifurcated into rotary wing and fixed wing. The fixed wing segment is projected to grow at a higher rate during the forecast period as there is more demand for fixed wing aircraft across commercial, military, and general aviation applications. On the basis of end-user, the global market is classified into military aviation and civil aviation. Civil aviation end-user segment is further bifurcated into commercial aviation and general aviation. Commercial end-user segment is expected to witness the highest growth during the forecast period. The increase in the number of passengers has propelled the demand for new commercial aircraft from airlines.

Regional Insights:

For detailed understanding of market dynamics, the aircraft engines market is analyzed across key regions viz North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the global market. The North America accounts for highest market share in terms of revenue and expected to maintain its dominance over the forecast period, owing to a growing preference for air travel among consumers in the region. The Asia Pacific market is expected to witness the fastest growth over the forecast period, especially in emerging economies due to increasing manufacturers and rising military budget.

Aircraft Engines Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the aircraft engines market on the basis of engine type, wing type, end-user, and region.

Aircraft Engines Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The prominent players operating in the aircraft engines market include General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc., United Technologies Corporation-Pratt & Whitney Division, Snecma S.A, Hindustan Aeronautics Limited, JSC "Klimov"-United Engine Corporation, Safran SA, Boeing Commercial Airplanes, Inc., and Lumenis Ltd.

• General Electric Company
• Rolls-Royce Motor Cars Limited
• Honeywell International Inc.
• United Technologies Corporation-Pratt & Whitney Division
• Snecma S.A
• Hindustan Aeronautics Limited
• JSC "Klimov"-United Engine Corporation
• Safran SA
• Boeing Commercial Airplanes, Inc.
• Lumenis Ltd.