The global jet engine market is driven by factors such as rise in application of turbofan and surge in preference for civil aviation
WILMINGTON, Del., Feb. 1, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Jet Engine Market by Type (Turbofan and Turbojet) and Application (Military Aviation and Civil Aviation): Global Opportunity Analysis and Industry Forecast, 2022–2032″. According to the report, the global jet engine market was valued at $67.0 Billion in 2022, and is projected to reach $140.0 Billion by 2032, registering a CAGR of 7.84% from 2023 to 2032.
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117 – Tables
43 – Charts
321 – Pages
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Prime determinants of growth
The global jet engine market is driven by factors such as increasing operations in commercial aircraft industry, which fuels the demand for jet engines. In addition, the market is influenced by growth in commercial aircraft deliveries. However, high cost of jet engine hampers the market growth to a certain extent. Moreover, unmanned aerial vehicle industry provides lucrative opportunities for market growth.
Jet Engine Industry Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$67.0 billion |
|
Market Size in 2032 |
$140.0 billion |
|
CAGR |
7.84 % |
|
No. of Pages in Report |
274 |
|
Segments covered |
Type, Application, and Region. |
|
Drivers |
Increasing operations in commercial aircraft industry to drive the market growth. Growth in commercial aircraft deliveries |
|
Opportunities |
Unmanned aerial vehicle industry |
|
Restraints |
High cost of jet engine restricting the market growth |
COVID-19 Scenario
The COVID-19 pandemic significantly changed the dynamics of the supply chain, raised demand for e-commerce packaging, and brought attention to health and safety precautions, all of which influence the jet engine market.
Many businesses had to swiftly adjust to the growth in e-commerce by developing packaging that can endure the rigours of shipping and handling.
The pandemic had intensified the attention on sustainable jet engines as people looked for eco-friendly choices.
The turbofan segment to maintain its leadership status throughout the forecast period
By type, the turbofan segment held the highest market share in 2022, accounting for more than half of the global jet engine market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the rapid urbanization and industrialization in the developing countries including India and China drives the growth of this market, primarily fostering the growth of the overhead segment. The rise in efforts to develop indigenous turbofan engines by developing nations in Asia Pacific region to support the segment demand. Properties like ease of maintenance and better fuel efficiency has allowed the turbofan engine to cater a wider market.
Key Developments/Strategies in the Jet Engine Industry:
GE Aviation and NASA forged a July 2021 agreement to pursue net-zero-emissions engines, with GE focusing on a hybrid electric system for aircraft engines, incorporating motors, generators, and power converters.
In Feb 2022, Honeywell secured a contract with Lockheed Martin Skokie-Boeing to power the DEFIANT X helicopter for the U.S. Army, introducing the HTS7500 turboshaft engine, optimizing power-to-weight ratio and overall value for military helicopter turboshaft engines.
In March 2020, IHI Corporation achieved a milestone by developing the first aircraft jet engine with high power density and heat resistance, contributing to reduced CO2 emissions and improved energy management.
Embraer, Widerøe, and Rolls-Royce joined forces in February 2022 for a 12-month research partnership to explore innovative sustainable technologies for regional planes, focusing on conceptualizing a zero-emission aircraft.
Safran Helicopter Engines and ST Engineering signed a Memorandum of Understanding in February 2022 to study the use of Sustainable Aviation Fuel (SAF) in helicopter engines, facilitating the transition from conventional fossil fuels to SAF for helicopter operators.
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The civil aviation segment to maintain its leadership status throughout the forecast period
By application, the civil aviation segment held the highest market share in 2022, accounting for nearly three-fifths of the global jet engine market and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 8.15% from 2023 to 2032, the growing International or domestic travel with respect to commercial operations carried out by individuals is considered under commercial aviation. The civil aviation industry continues to embrace technological advancements.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-fourth of the global jet engine market revenue and is likely to dominate the market during the forecast period. The booming aviation industries in the Asia-Pacific region have fuelled the demand for jet engine. Asia-Pacific is expected to witness highest growth in forecast period owing to increase in aviation demand in the emerging markets of India and China. However, the same region is expected to witness the fastest CAGR of 9.05% from 2023 to 2032.
Report Key Highlights:
This study encompasses over 16 countries in the jet engine market, conducting a comprehensive segment analysis for each country, measuring value ($million) during the projected period of 2022-2032.
The research integrates high-quality data, professional opinions, and independent insights to present a well-rounded perspective on the global market, aiding stakeholders in making informed decisions for ambitious growth targets.
To enhance understanding, the research delves into more than 3,700 product literature, annual reports, industry statements, and comparable materials from major industry participants.
The jet engine market exhibits a slightly fragmented landscape, featuring key players like GE Honda, Safran Group, Rolls-Royce, Honeywell Corporation, Kawasaki, Williams International, MTU Aeroengines, PBS Group, and PRATT & WHITNEY. Monitoring major strategies such as contracts, partnerships, product launches, and other initiatives provides insights into market dynamics.
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Leading Market Players: –
GE Honda
Safran Group
Roll Royce
Honeywell Corporation
Kawasaki
Williams International
MTU Aeroengines
PBS Group
PRATT & WHITNEY
The report provides a detailed analysis of these key players in the global jet engine market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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