Global Commercial Aircraft Gas Turbine Engine Market Size 2024, Forecast To 2033
6 Mar, 2024
The commercial aircraft gas turbine engine market size has grown rapidly in recent years. It will grow from $48.97 billion in 2023 to $57.53 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to air travel demand growth, fuel efficiency requirements, globalization and connectivity needs, regulatory emissions standards, airline fleet modernization. The commercial aircraft gas turbine engine market size is expected to see rapid growth in the next few years. It will grow to $104.49 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to continued air travel expansion, stringent environmental regulations, rising demand for wide-body aircraft, technological innovations in engine design, increasing focus on sustainable aviation. Major trends in the forecast period include the application of advanced cooling technologies, focus on noise reduction solutions, integration of artificial intelligence (AI) in engine control, expansion of sustainable aviation fuels (SAF), global shift toward more efficient engine architectures.
Global Commercial Aircraft Gas Turbine Engine Market Key Driver
The increasing demand for a new generation of fuel-efficient airplanes is expected to propel the growth of the commercial aircraft gas turbine engine market in the coming future. Fuel-efficient airplanes refer to airplane engines or airplanes that consume less fuel than comparable engines or airplanes. The increasing demand for a new generation of fuel-efficient airplanes drives the commercial aircraft gas turbine engine market as greater fuel efficiency, ultimately contributing to lower prices and emissions resulting in environmental damage. For instance, in April 2021, according to ThinkPaper published by Eurocontrol, predicted that by 2030, up to 4,286kg of CO2 emissions (25.8%) might be avoided in every flight compared to 2019, out of a total flight CO2 of 16,632 kilograms in the ECAC the region, an enormous advancement towards a perfect green getaway. Furthermore, 10% SAF use by 2030 would result in a CO2 savings of 1,331 kg or 8%. Therefore, increasing demand for a new generation of fuel-efficient airplanes drives the market.
Get A Free Sample Of The Global Commercial Aircraft Gas Turbine Engine Market ReportGlobal Commercial Aircraft Gas Turbine Engine Market Segments
The commercial aircraft gas turbine engine market covered in this report is segmented –
1) By Type: Narrow-Body, Wide-Body, Regional Jet
2) By Propulsion: Electric Based Commercial Aircraft, Special Fuel Based Commercial Aircraft
3) By Technology: Turbofan, Turbojet, Turboprop, Other Technology
4) By Aircraft Type: Light Commercial Aircraft, Heavy Commercial Aircraft, Passenger Based Aircraft, Cargo Based Multi-Model Aircraft
5) By Application: Commercial, Military
By Geography:The regions covered in the commercial aircraft gas turbine engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-pacific was the fastest growing region in the commercial aircraft gas turbine engine market in 2023. The regions covered in the commercial aircraft gas turbine engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Commercial Aircraft Gas Turbine Engine Industry Players
GE Aviation LLC, GKN Aerospace Services Ltd., Honeywell International Inc., MTU Aero Engines AG, Raytheon Technologies Corporation, Rolls-Royce Holdings plc, International Aero Engines AG, Engine Alliance LLC, CFM International Inc., Powerjet Plastic Machinery CO. LTD., Pratt and Whitney Co., Safran S.A., Williams International Co. LLC, EuroJet Turbo GmbH, Textron Inc., Ishikawajima-Harima Heavy Industries Co.Ltd., Siemens Energy Inc., Mitsubishi Heavy Industries Ltd., Ansaldo Energia SpA, MAPNA Group, Caterpillar Inc., UEC NPO Saturn, Rotax Aircraft Engines, Solar Turbines Incorporated, Destinus Energy, MAN Energy Solutions SE, PBS Group, Teledyne Continental Motors, Spirit AeroSystems, Magellan Aerospace
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Commercial Aircraft Gas Turbine Engine Market Overview
The commercial aircraft gas turbine engine is a type of engine with internal combustion that runs aircraft. The engine absorbs reactive energy from fuel and transforms it into mechanical force by using the working fluid's gaseous energy (air) to power the engine and propeller, which in turn moves the airplane.
Commercial Aircraft Gas Turbine Engine Global Market Report 2023 provides data on the global commercial aircraft gas turbine engine market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The commercial aircraft gas turbine engine market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.