Global Aircraft Engine Market- WishTree Insight

Global Aircraft Engine Market by Type (Piston Engine, Turboprop, Turboshaft, Turbofan), by Technology (Hybrid and Conventional), by Platform (Rotary Wing Aircraft, Fixed Wing Aircraft, Unmanned Ariel Vehicles), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Aircraft Engine market was valued at USD 86.9 billion in 2022 and is expected to surpass USD 186.1 billion by 2032, expanding at a CAGR of 8.2 % during the forecast period, 2022–2032. The market's growth is attributed to the advancement of a proficient aircraft engine.

INTRODUCTION

An aircraft engine is a type of propulsion system used to power aircraft. There are different types of aircraft engines, but the most common ones are jet engines and piston engines.

Jet engines work by taking in air, compressing it, and then mixing it with fuel to create a high-temperature combustion process. This generates a high-speed exhaust flow that produces thrust, which propels the aircraft forward. Jet engines are commonly used in commercial airliners, military aircraft, and some business jets.

Piston engines, on the other hand, work by converting fuel into energy through a combustion process that drives a reciprocating motion of pistons. This motion is then converted into rotational motion, which drives the propeller. Piston engines are commonly used in smaller aircraft such as general aviation planes.

Aircraft engines are complex machines that require regular maintenance and inspection to ensure their safe and efficient operation. They are also subject to strict regulations and safety standards to ensure the safety of passengers and crew.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing air passenger traffic is expected to drive the global aircraft engine market.
• High maintenance cost is a restraining factor in the aircraft engine market.
• Integration of 3-D printed parts is expected to create significant opportunities in the market.

Scope of the Report

Market Segment Insights

The turbofan segment is projected to register a considerable CAGR

Based on type, the aircraft engine market is divided into piston engines, turboprops, turboshafts, and turbofans. The turbofan segment is expected to expand rapidly during the forecast period owing to its fuel efficiency which allows it to produce thrust with the same quantity of fuel. However, the turboprop segment is anticipated to hold a vital market share in the coming years.

The conventional segment is expected to expand at a rapid pace

Based on technology, the aircraft engine market is bifurcated into hybrid and conventional. The conventional segment is expected to expand rapidly during the forecast period owing to the demand for defense and commercial aircraft in the aviation sector.

The fixed-wing segment is projected to register a considerable CAGR

On the basis of platform, the aircraft engine market is segregated into rotary-wing aircraft, fixed-wing aircraft, and unmanned ariel vehicles. The fixed-wing segment is projected to register a considerable CAGR during the forecast period.

The Asia Pacific is anticipated to constitute a key market share

In terms of regions, the aircraft engine market is classified as APAC, Europe, North America, and LAMEA. The market of Asia Pacific is expected to constitute a key share of the market during the projected period owing to the strong demand for domestic air travel in emerging economies. However, the market of North America is anticipated to expand at a rapid pace during the forecast period due to the presence of major players.

Competitive Landscape

Key players competing in the Aircraft Engine market are IHI Corp; Honeywell International Inc.; MTU Aero Engines AG; Mitsubishi Heavy Industries Aero Engines Ltd; Textron Inc.; Rostec.

FAQs

How much is the market worth?

The Aircraft Engine market was valued at USD 86.9 billion in 2022 and is expected to surpass USD 186.1 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 8.2%.

What are the key drivers of the market?

The market's growth is attributed to the advancement of a proficient aircraft engine.

What segments are covered in the Aircraft Engine report?

The segments covered in the report are type (piston engine, turboprop, turboshaft, turbofan), technology (hybrid and conventional), by platform (rotary wing aircraft, fixed-wing aircraft, unmanned ariel vehicles).

Mention which region is expected to hold the highest share of the Aircraft Engine market.

The Asia Pacific region is expected to hold the highest share of the Aircraft Engine market.

Mention the key players in the market.

IHI Corp; Honeywell International Inc.; MTU Aero Engines AG; Mitsubishi Heavy Industries Aero Engines Ltd; Textron Inc.; Rostec