Aircraft Engine can be defined as the most vital parts of the propulsion system which converts fuel energy into useful mechanical energy used to lift and propel the aircraft. Almost every aircraft except some hybrid or solar-powered aircraft use some form of the mechanical engine for their propulsion. A variety of aircraft engines are available for different end-use application aircraft including, passenger, cargo, military, and aerospace applications. Air transport for cargo and military application has been on the rise consistently for the past few decades. In order to fulfill the demand, a number of new aircraft are introduced continuously. With a consistently rising demand for all the aforementioned end-user application, the aircraft engines market is also expected to grow in proportion to the demand for aircraft.

With the onset of the COVID-19 pandemic, there has been a significant decline in air travel in 2020. For instance, some of the major airports across the world witnessed a fall of about 90% in terms of the number of people traveling. This has resulted in an unprecedented downturn in the overall airline industry. Thereby, the demand for aircraft engines from the commercial segment is expected to witness a significant decline during the forecast period. However, the demand from military and government applications is expected to remain steady during the forecast period.

Rising fuel prices, strict emission norms, and the need for powerful engines have forced aircraft engine manufacturers to upgrade their existing products. In order to fulfill the aforementioned demands, aircraft engine manufacturers are engaged to design and develop more sophisticated and efficient engines. Aircraft with better fuel injection systems and low noise emission is a result of perpetual technological development in the field of engine design. Manufacturing companies, OEMs, and airline companies are forming alliances and strategic partnerships to develop better and economical engines for different end-use aircraft verticals. In addition, the companies are also striving to acquire contracts from government airline agencies and military organizations to provide aircraft engines. Owing to breath-taking competition between airline companies and continued demand for new aircraft, the overall aircraft engines market is expected to demonstrate a uniform growth throughout the forecast period.

In order to help strategic decision-makers, the report also includes competitive profiling of the leading aircraft engine manufacturing companies, their strategies, market positioning, and key developments. Some of the major players profiled in the report include General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc., United Technologies Corporation, Pratt & Whitney Division, Snecma S.A, Hindustan Aeronautics Limited, United Technologies Corporation, Safran, The Boeing Company, International Aero Engines AG, Engine Alliance LLC, Extron, Inc. and MTU Aero Engines AG.

Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the aircraft engine.
• Market fuelers, market impediments, and their impact on the market growth
• Market inclination insights and key trend analysis for aircraft engines market
• In-depth competitive environment analysis
• Trailing 2-Year market size data (2020 – 2021)

In 2021, the fixed-wing was the dominating segment in terms of revenue in the overall aircraft engines market by wing type. Fixed-wing aircraft generally includes airplanes and gliders with a small capacity. Fixed-wing aircraft are extensively used in commercial aviation as well as for cargo application. In addition, fixed-wing aircraft are also used for fighter planes for defense applications. With a wide variety of end-use applications and consistently growing demand for the aforementioned application, the market for fixed-wing aircraft is expected to dominate the segment throughout the forecast period.

Rotary wing aircraft engine trailed the fixed-wing aircraft market in the base year of 2021. Rotary wing aircraft or helicopters are used for a wide array of applications such as commercial air transport, emergency medical transport, rescue operations, and many other military and defense applications. The growing demand for all the aforementioned applications has promoted rotary-wing aircraft from past decades. Consequently, the demand for engines for rotary aircraft engines is expected to grow consistently in the following years.

In 2021, the turbofan engine dominated the overall aircraft engines market in terms of revenue. The turbofan engines are commonly used for civil and commercial aircraft. Perpetual development in the field of civil aviation and aircraft engines has been observed for the past few years. This has drawn the attention of many major airline companies to invest in advanced turbofan engines. The demand for such engines is rising consistently due to its fuel economy and reliability of the engines. Owing to the aforementioned factors, the market for the turbofan engine is expected to grow throughout the forecast period.

Turboshaft engines trailed the turbofan engine in terms of revenue in the overall aircraft engines market in the base year of 2021. Turboshaft engines are extensively used in helicopters. Consistently rising demands for helicopters for a variety of end-use applications including commercial aviation, medical services, emergency, and rescue operations, and military applications have boosted the demand for the turboshaft engines. The engines are small and economical compared to other aircraft engines. Owing to the features and versatility offered by the helicopters, the market for the turboshaft engine is expected to demonstrate consistent growth in the following years.

Consistently growing trade and passenger transport among different countries has boosted the commercial aviation industry significantly. The blooming aviation industry has generated the demand for new and advanced aircraft. Manufacturers are continuously engaged in the enhancement of current engines for a more economical and comfortable aviation experience. With the perpetual growth of commercial aviation, the market segment is expected to dominate the overall aircraft engines market throughout the forecast period. In 2021, the commercial aircraft engines segment dominated the overall aircraft engines market. However, the commercial segment is expected to witness lower demand due to the travel restrictions resulting from the COVID-19 pandemic during the forecast period.

The military aircraft engine segment trailed the commercial aircraft engine segment in the base year 2021. Military and defense organization across the globe are consistently strengthening their air-force defense system by adding a new and improved version of fighter aircraft and helicopters. Rising terrorist activities and territorial disputes among nations have forced the nation to incorporate state-of-the-art air defense system including fighter aircraft and helicopters. Subsequently, the military aircraft engine segment is expected to grow at a significant rate in the following years. In addition, with curtailed demand from the commercial segment, military and government applications offer key growth opportunities in the aircraft engines market.

In 2021, North America dominated the overall aircraft engines market in terms of revenue as well as in volume. A consistent rise in the aviation industry has been observed in the past few years in North America especially in the U.S. Rising trade activities and passenger transportation has encouraged the growth of the aviation industry. Consequently, the demand for aircraft engines has uplifted significantly. In addition, strengthening the defense capabilities of new and advanced aircraft has also aided the overall aircraft engines market to flourish in this region. North America is expected to dominate the overall aircraft engines market throughout the forecast period from 2023 to 2030.

Europe trailed North America in the overall aircraft engines market in terms of revenue and volume. The heavy concentration of industrial manufacturing and established market has boosted the trade significantly, within and outside of the European region. The use of aircraft for cargo transportation has uplifted the aviation industry in this region. In addition, tourism in this region has also escalated the passenger transport through aircraft. With the growth in the aviation industry, the market for an aircraft engine is also expected to show significant growth in the following years.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Aircraft Engines market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Aircraft Engines market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Aircraft Engines market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Aircraft Engines market?
• Which is the largest regional market for Aircraft Engines market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Aircraft Engines market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Aircraft Engines market worldwide?