sujeet rai
Aircraft Engine Market Size, Trends, and Growth Analysis 2025-2033
Market Overview:
The aircraft engine market is experiencing rapid growth, driven by rising air travel demand, military modernization investments, and focus on fuel efficiency. According to IMARC Group's latest research publication, "Aircraft Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033", The global aircraft engine market size reached USD 101.2 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 169.7 Billion by 2033, exhibiting a growth rate (CAGR) of 5.87% during 2025-2033.
This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.
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Our report includes:
- Market Dynamics
- Market Trends And Market Outlook
- Competitive Analysis
- Industry Segmentation
- Strategic Recommendations
Growth Factors in the Aircraft Engine Market
- Rising Air Travel Demand:
The aircraft engine industry is booming because more people are flying, especially in places like Asia-Pacific and the Middle East. A growing middle class with more disposable income is fueling this travel surge, pushing airlines to expand their fleets. For example, Airbus delivered 735 commercial aircraft to 87 customers worldwide in 2023, showing strong demand for new planes and engines. Low-cost carriers are also popping up in emerging markets, needing fuel-efficient engines for short-haul flights. This demand isn’t just for passenger planes—e-commerce is driving the need for cargo aircraft, too. Governments are supporting this growth with investments in airport infrastructure, like Canada’s push to develop aviation facilities, which keeps the engine market buzzing as airlines order more planes to meet passenger and freight needs.
- Military Modernization Investments:
Governments worldwide are pouring money into upgrading their military aircraft, which is a big win for the aircraft engine industry. The U.S. Department of Defense, for instance, allocated $61.1 billion for aircraft procurement in its fiscal year 2024 budget, with a chunk going to advanced engines for fighter jets and helicopters. Countries like India are also stepping up, with deals like the one between Hindustan Aeronautics Limited and a Russian OEM to produce RD-33 engines locally. This push for self-reliance in defense manufacturing is creating steady demand for high-performance engines. As nations aim to boost their defense capabilities against threats like terrorism or illegal trafficking, engine manufacturers are seeing more orders for powerful, reliable engines tailored for modern combat and surveillance aircraft.
- Focus on Fuel Efficiency:
Airlines and manufacturers are obsessed with cutting fuel costs, and that’s driving demand for engines that sip less fuel. With jet fuel making up about 30% of airline operating costs, there’s a huge push for engines like geared turbofans that burn less fuel while delivering solid performance. For example, the LEAP engine, developed by GE Aviation and Safran, is a hit with airlines flying Airbus A320neo and Boeing 737 MAX because it cuts fuel use significantly. Governments are also pushing for greener aviation with stricter emission rules, encouraging manufacturers to innovate. This focus isn’t just about saving money—it’s about meeting global sustainability goals, which is why companies are investing heavily in R&D to create engines that are both powerful and eco-friendly, keeping the industry growing.
- Hybrid-Electric Propulsion Systems:
The aviation world is buzzing about hybrid-electric engines, which promise to cut fuel use and emissions. These systems blend traditional engines with electric power, perfect for short-haul flights. Rolls-Royce and Safran are leading the charge, testing prototypes that could transform regional travel. For instance, a key manufacturer successfully flew a hybrid-electric engine prototype in November 2021, showing it could slash carbon emissions for smaller aircraft. With aviation responsible for 2.5% of global CO2 emissions, this trend is gaining traction as airlines face pressure to go green. Governments are backing this with funding for sustainable tech, and the rise of urban air mobility, like air taxis, is pushing demand for these engines, making them a game-changer for the industry’s future.
- 3D Printing for Engine Components:
3D printing is shaking up how aircraft engines are made by creating lighter, more efficient parts. This tech, also called additive manufacturing, lets companies like GE Aviation produce complex components, like those in their advanced turboprop engine, with fewer materials and faster production times. It’s a big deal because lighter parts mean better fuel efficiency, which airlines love. The flexibility of 3D printing also speeds up prototyping, cutting costs for manufacturers. As an example, Wipro 3D and Hindustan Aeronautics Limited teamed up in February 2021 to use this tech for engine parts, showing its real-world impact. With more companies adopting 3D printing, it’s revolutionizing production and helping the industry meet demands for cost-effective, eco-friendly engines.
- Sustainable Aviation Fuels (SAFs):
Sustainable aviation fuels are taking off as a way to make flying greener. These fuels, made from renewable sources, work with existing engines and cut emissions significantly. Airlines are jumping on board—flynas, a Saudi low-cost carrier, signed a deal with CFM International in 2021 to use SAFs with its LEAP-1A engines for Airbus A320neo planes. Governments are pushing SAF adoption with policies to meet global net-zero goals, and manufacturers like Rolls-Royce are tweaking engines to handle these fuels better. With passenger traffic growing 35% in 2023, according to IATA, SAFs are a practical solution to balance rising demand with environmental goals, making them a hot trend in the aircraft engine market.
Leading Companies Operating in the Global Aircraft Engine Industry:
- Barnes Group Inc.
- General Electric Company
- Honeywell International Inc.
- IHI Corporation
- Mitsubishi Heavy Industries Ltd.
- MTU Aero Engines AG
- Raytheon Technologies Corporation
- Rolls-Royce Holdings plc
- Safran S.A.
- Textron Inc
Aircraft Engine Market Report Segmentation:
Breakup By Component:
- Fan
- Compressor
- Combustor
- Turbine
- Mixer
- Nozzle
- Others
Turbine exhibits a clear dominance in the market. It is integral to aircraft engine performance, providing the necessary thrust and efficiency for various aircraft types.
Breakup By Engine Type:
- Piston and Turboprop Engine
- Turbojet Engine
- Turboshaft Engine
- Turbofan Engine
Turbofan engine represents the largest segment owing to its high efficiency, reduced noise levels, and lower emissions, making it the preferred choice for commercial airliners and business jets.
Breakup By Platform:
- Fixed Wing
- Rotary Wing
Fixed wing holds the biggest market share as it is the most common type of aircraft in operation, used extensively for passenger and cargo transport.
Breakup By End User:
- Commercial Aviation
- Military Aviation
Commercial aviation accounts for the majority of the market share because of the increase in air travel activities among the masses.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America dominates the market attributed to its robust aerospace manufacturing base, home to major players, along with a strong focus on research that drives innovation and technological advancements in engine design and production.
Research Methodology:
The report employs a comprehensive research methodology, combining primary and secondary data sources to validate findings. It includes market assessments, surveys, expert opinions, and data triangulation techniques to ensure accuracy and reliability.
Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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by sujeet rai on 2025-07-24 05:16:03
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