How Has The Aircraft Turbofan Engine Market Size Evolved In Recent Years?
The aircraft turbofan engine market has seen considerable growth due to a variety of factors.
•Over the past few years, the aircraft turbofan engine market has seen significant growth. From $3.15 billion in 2024, it is set to expand to $3.36 billion in 2025 with a compound annual growth rate (CAGR) of 6.7%.
Factors contributing to this growth during the historic period include aircraft fleet enlargement, the need for fuel efficiency, environmental guidelines, increase in air travel demand, and the need to replace old engines.
What Is The Projected Growth Of The Aircraft Turbofan Engine Market?
The aircraft turbofan engine market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the aircraft turbofan engine market size is predicted to experience robust growth, escalating to "$4.41 billion by 2029 with a compound annual growth rate (CAGR) of 7.0%.
The expected growth during the forecast period is due to a surge in demand for more eco-friendly aviation, investment in research and development, rising global air traffic, attention towards noise reduction, urban air mobility, and electric aviation. The forecast period also predicts main trends such as engine technology advancements, the prevalence of high-bypass ratio engines, digital transformation, engine health monitoring, sustainable and hybrid-electric aviation, along with retrofitting and engine enhancements.
What Key Factors and Trends are Driving the Growth of the Aircraft Turbofan Engine Market?
The aircraft turbofan engine market is expected to see a surge in growth, propelled by increasing aircraft orders. The growth in air travel demand has led airlines to invest in new aircraft to enlarge their fleets and replace outdated, less fuel-efficient aircraft. This has resulted in higher orders for commercial airliners, thereby stimulating the demand for aircraft engines. For instance, the General Aviation Manufacturers Association, a Belgium-based organization of aircraft manufacturers and related businesses, reported in February 2023 that turboprop aircraft deliveries rose by 10.4% with a total of 582 units in 2022, compared to 2021. Similarly, business aircraft saw a 7.12% increase, with 712 deliveries in 2022, up from 710 in 2021. Aircraft deliveries attained a value of $22.9 billion in 2022, marking nearly a 5.8% increase. Consequently, the upswing of aircraft orders is propelling the growth of the aircraft turbofan engines market.
What are the Market Segments in the Aircraft Turbofan Engine Market?
The aircraft turbofan engine market covered in this report is segmented –
1) By Engine Type: PW4000, GEnx, Trent 1000, F414, GP7000, Other Engines
2) By Aircraft Type: Narrow Body Aircraft, Wide Body Aircraft
3) By Platform: Fixed Wing, Rotary Wing
4) By Application: Military Aviation, Commercial Air Transport, Other Applications
Subsegments:
1) By PW4000: PW4000-94, PW4000-100, PW4000-112
2) By GEnx: GEnx-1B, GEnx-2B
3) By Trent 1000: Trent 1000-A, Trent 1000-C, Trent 1000-TEN
4) By F414: F414-GE-400, F414-GE-400 Enhanced
5) By GP7000: GP7000-PW6100, GP7000-PW6100D
6) By Other Engines: CF6 Series, LEAP Engine, RB211 Series
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What Trends are Shaping the Aircraft Turbofan Engine Market?
The primary vogue that is being witnessed in the aircraft turbofan engine market is product innovation. Major firms in this market are focusing on the creation of novel products to secure their market position. To illustrate, Raghu Vamsi Machine Tools, an Indian aerospace and defense company, debuted the INDRA RV25: 240N, a full-fledged micro turbojet engine that is a significant progression for India's aerospace abilities in October 2024. This leap connects to the Atma Nirbhar Bharat initiative of the country, which aims at bringing about self-sufficiency across various sectors, particularly in defense and aerospace. The engine has been wholly conceived and built in India, exhibiting domestic prowess in engineering and technology.
Who Are the Key Players in the Aircraft Turbofan Engine Market?
Major companies operating in the aircraft turbofan engine market include:
• Pratt & Whitney Canada Corp.
• Rolls-Royce Holdings plc
• CFM International SA
• Safran SA
• GE Aviation
• Honeywell International Inc.
• MTU Aero Engines AG
• Eurojet Turbo GmbH
• United Engine Corporation
• International Aero Engines AG
• Engine Alliance GP
• Aero Engine Corporation of China
• Aviation Industry Corporation of China
• Raytheon Technologies Corporation
• Snecma
• Ishikawajima-Harima Heavy Industries Co. Ltd.
• JSC Aviadvigatel
• NPO Saturn
• Williams International
• Ivchenko-Progress Design Bureau
• Klimov JSC
• Motor Sich JSC
• Austro Engine GmbH
• Hindustan Aeronautics Limited
• Shenyang Liming Aero-Engine (Group) Co. Ltd.
• Kuznetsov Design Bureau
• IHI Corporation
• Avio Aero
What are the Regional Insights into the Aircraft Turbofan Engine Market?
North America was the largest region in the aircraft turbofan engine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global aircraft turbofan engine market report during the forecast period. The regions covered in the aircraft turbofan engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
