Aircraft Engines Market Updates : Projected to Surpass USD 158.46  Billion by 2031

By engine type, the turbojet engines segment is expected to witness the highest growth rate within the forecast period.

WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, May 3, 2024 /EINPresswire.com/ -- The global 𝐀𝐢𝐫𝐜𝐫𝐚𝐟𝐭 𝐄𝐧𝐠𝐢𝐧𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 was valued at $79.10 billion in 2021, and is projected to reach $158.46 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031. Increase in passenger traffic across the globe, rise in infrastructure investment, efforts by regional government to develop indigenous manufacturing capacities, and extensive R&D efforts taken by the global players are the major driving factors for the growth of the global aircraft engines market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/2461

The aircraft engine market holds a great potential over the coming years backed by rise in inflight passengers across the globe, aircraft modernization contracts on commercial as well as military verticals, development of infrastructure related to aviation industry, and R&D practiced by global players to improve fuel efficiency of aircraft engines and reduce overall carbon footprint. The post pandemic situation where individuals across the globe are more inclined toward traveling and returning to their normal routine, aviation industry is experiencing a business surge. The total number of passenger across the globe surged by 65% between January to April 2022, as compared to 2021, followed by increase in airline seat capacity by 32%.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐁𝐚𝐫𝐧𝐞𝐬 𝐆𝐫𝐨𝐮𝐩 𝐈𝐧𝐜, 𝐂𝐅𝐌 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥, 𝐓𝐞𝐱𝐭𝐫𝐨𝐧 𝐈𝐧𝐜, 𝐈𝐇𝐈 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐋𝐲𝐜𝐨𝐦𝐢𝐧𝐠 𝐄𝐧𝐠𝐢𝐧𝐞𝐬, 𝐄𝐧𝐠𝐢𝐧𝐞 𝐀𝐥𝐥𝐢𝐚𝐧𝐜𝐞, 𝐒𝐚𝐟𝐫𝐚𝐧, 𝐑𝐚𝐲𝐭𝐡𝐞𝐨𝐧 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐌𝐈𝐓𝐒𝐔𝐁𝐈𝐒𝐇𝐈 𝐇𝐄𝐀𝐕𝐘 𝐈𝐍𝐃𝐔𝐒𝐓𝐑𝐈𝐄𝐒, 𝐋𝐓𝐃, 𝐑𝐨𝐥𝐥𝐬-𝐑𝐨𝐲𝐜𝐞 𝐩𝐥𝐜, 𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜, 𝐄𝐮𝐫𝐚𝐯𝐢𝐚 𝐄𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠 & 𝐒𝐮𝐩𝐩𝐥𝐲 𝐂𝐨. 𝐋𝐭𝐝., 𝐇𝐨𝐧𝐞𝐲𝐰𝐞𝐥𝐥 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐜., 𝐌𝐓𝐔 𝐀𝐞𝐫𝐨 𝐄𝐧𝐠𝐢𝐧𝐞𝐬 𝐀𝐆

Factors such as increase in passenger traffic across the globe, rise in infrastructure investment, efforts by regional government to develop indigenous manufacturing capacities, and extensive R&D efforts taken by global players to improve operational efficiency of an aircraft engine and reduce overall carbon footprint. The manufacturing and supply chain industry is expected to is expected to play a major role in defining the market consolidation of aircraft engine. With respect to current Russia and Ukraine war, major aircraft engine manufacturers such as Boeing, General Electric, Rolls Royce, and CFM international have withdrawn from the Russian market. These players are actively looking for new raw material suppliers from Africa, Asia-Pacific, or North America regions in effort to reduce their depends from Europe.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/71a6b93974322761ece62206c5c1e315

Integration of new design and manufacturing technologies such as additive manufacturing and laser sintering is anticipated to play a defining role within the forecast timeframe. Adoption of these technologies is expected to is anticipated to significantly reduce the research, development, & testing cost, along with allowing engineers to explore more aggressive and complex designs, which were impossible to manufacture using conventional processes. While research, development, and design seems to be the initial phase of shift in dynamics of aircraft engine market, major industry players have aligned themselves to gain legal approval to integrate additive manufacturing processes. For instance, in March 2022, GE Aviation announced to have been approved to use additive manufacturing technology to develop commercial jet engine components at its Loyang facility in Singapore. The approval is expected to is expected to allow company to explore more application in similar directions while limiting their operational cost.

Based on component, the combustor segment held the highest share in 2021, accounting for more than one-fourths of the global aircraft engines market size, and is expected to continue its leadership status during the forecast period. However, the compressor segment is expected to register the highest CAGR of 8.8% from 2022 to 2031.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

By engine type the aircraft engine, component, end use, and platform. By engine type, it is categorized into piston & turboprop engine, turbojet engine, turboshaft engine, and turbofan engine. Depending upon component, the aircraft engine market share is fragmented into fan, compressor, combustor, turbine, mixer, and nozzle. By end use, it is divided into commercial and military. The platform segment is bifurcated into fixed wing and rotary wing. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on engine type, the turbofan engine segment accounted for the highest share in 2021, holding nearly two-fifths of the global aircraft engines market, and is expected to continue its leadership status during the forecast period. However, the turbojet engine segment is estimated to grow at the highest CAGR of 8.2% during the forecast period.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/2461

Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly one-third of the total market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 8.0% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By engine type, the turbojet engine segment leads the market during the forecast period.

By component, the compressor segment leads the market during the forecast period.

By platform, the fixed wing segment is expected to grow at lucrative growth rate during the forecast period (2022-2031).

By end use, the commercial aviation segment leads the market during the forecast period.

Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Aircraft Manufacturing Market - https://www.globenewswire.com/news-release/2023/04/14/2647226/0/en/Aircraft-Manufacturing-Market-to-Garner-476-4-Billion-by-2031-Allied-Market-Research.html#:~:text=Portland%2C%20OR%2C%20April%2014%2C,5%25%20from%202022%20to%202031.

Aircraft Electrification Market - https://www.globenewswire.com/en/news-release/2023/05/05/2662272/0/en/Aircraft-Electrification-Market-Predicted-to-Reach-21-8-Billion-Globally-by-2032-at-13-5-CAGR-Allied-Market-Research.html

Electric Aircraft Market - https://www.prnewswire.com/news-releases/electric-aircraft-market-size-to-reach-23-5-billion-globally-by-2031-at-10-9-cagr-allied-market-research-301794157.html

Commercial Satellite Imaging Market - https://www.globenewswire.com/en/news-release/2022/07/05/2473695/0/en/Commercial-Satellite-Imaging-Market-to-Surpass-9-2-Billion-by-2031-Allied-Market-Research.html

David Correa
Allied Market Research
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