The global aircraft engine market size is anticipated to reach USD 112.10 billion by 2030 and is projected to grow at a CAGR of 9.81% from 2024 to 2030, according to a new report by Grand View Research, Inc. The aviation industry is witnessing a rising demand for environmentally friendly engines as well as fuel-efficient ones. Airlines are actively seeking ways to reduce operational costs while adhering to strict emissions regulations. As a result, there is a strong preference for engines that offer lower carbon emissions per flight hour and improved fuel efficiency. Technological advancements, including lightweight materials and efficient turbine designs, are driving innovation in this sector. In addition, the rising global demand for air travel requires robust and high-performance engines to accommodate the expanding fleets of both commercial aircraft and military aircraft.

Leading engine manufacturers are actively advancing cutting-edge technologies, including geared turbofans and high-bypass ratio turbofans. These innovations not only improve fuel efficiency, but also reduce noise levels, and lower emissions to comply with strict environmental regulations made by organizations like the International Civil Aviation Organization, but also encourage airlines to embrace more sustainable solutions. As a result, manufacturers are introducing environmentally friendly engine designs that offer low operating costs over their lifespan.

Gather more insights about the market drivers, restrains and growth of the  Aircraft Engine Market

Governments worldwide are making substantial investments in next-generation military aircraft featuring cutting-edge engines. These engines are specifically engineered to enhance operational capabilities by improving thrust-to-weight ratios, adapting to diverse mission profiles, and minimizing lifecycle costs. The escalating global security threats have led to increased defense spending, particularly in aircraft and related technologies. Turboshaft engines & Turbofan and play a pivotal role in transport aircraft, military helicopters, and fighter jets, supporting a wide array of operational needs.

Aircraft Engine Market Report Highlights:

Based on engine, the turbofan engines segment led the market with the largest revenue share of 71% in 2023. This growth can be attributed to the rising demand for commercial and military aircraft globally. Turbofan engines are preferred due to their fuel efficiency, reduced noise levels, and effective performance across different flight conditions. Airlines and operators are prioritizing efficient engine maintenance and repair services to enhance operational uptime and minimize expensesBased on aircraft, the commercial aircraft segment led the market with the largest revenue share of 57.62% in 2023. And the military aircraft segment is expected to register at the fastest CAGR from 2024 to 2030Based on point of sale, the aftermarket segment led the market with the largest revenue share of 75.16% in 2023. Factors like increasing global air traffic and the aging of current aircraft fleets drive this growth. To maximize operational uptime and cut costs, airlines and operators are emphasizing efficient engine maintenance and repair servicesNorth America dominated the market with the largest revenue share of 34.97% in 2023, due to fleet expansion, rising air travel demand, and the need for fuel-efficient engines. Technological innovations like lightweight materials and advanced engine designs, such as geared turbofans, have contributed to the region’s market growth

Browse more reports published by Grand View Research.

Cold Chain Telematics Market Size, Share & Trends Analysis By Component (Hardware, Software), By Temperature Range, By Application (Food & Beverages, Pharmaceuticals), By Region, And Segment Forecasts, 2024 - 2030Automotive Blind Spot Detection System Market Size, Share & Trends Analysis Report By Technology, By Vehicle Type (Passenger Cars, Commercial Vehicles), By Propulsion Type, By Region, And Segment Forecasts, 2024 - 2030

List of Key Players in the Aircraft Engine Market

Advanced Atomization Technologies Inc.Enjet AeroEngine AllianceSafran GroupPratt & WhitneyRolls-RoyceMTU Aero Engines AGCFM InternationalGeneral Electric CompanyITP AeroNew Hampshire Ball Bearing (MinebeaMitsumi Aerospace) 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Explore Horizon, the world's most expansive market research database