Press release
Aircraft Turbofan Engine Global Market Report 2024 - By Trends, Size, Share, Growth And Analysis, Outlook By 2033
Aircraft Turbofan Engine Market
The aircraft turbofan engine market size is expected to see strong growth in the next few years. It will grow to $4.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to demand for more sustainable aviation, research and development investments, global air traffic growth, focus on noise reduction, urban air mobility and electric aviation. Major trends in the forecast period include advancements in engine technology, high-bypass ratio engines dominance, digitalization and engine health monitoring, hybrid-electric and sustainable aviation, retrofitting and engine upgrades.
Market Overview -
An aircraft turbofan engine is a jet engine that powers modern commercial and military aircraft. The turbofan engine is designed to provide high efficiency and low noise compared to earlier jet engine designs.
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Growing Aircraft Orders Propel Expansion In The Aircraft Turbofan Engine Market
Rising aircraft orders are expected to boost the growth of the aircraft turbofan engine market going forward. The demand for air travel is growing, due to which airlines are investing in new aircraft to expand their fleets and replace older, less fuel-efficient planes. This has led to an increase in orders for commercial airliners, which in turn is driving demand for aircraft engines. For instance, according to data by the General Aviation Manufacturers Association, a Belgium-based association of aircraft manufacturers and related enterprises, turboprop aircraft deliveries increased by 10.4%, with 582 units in 2022 as compared to 2021, and that of business aircraft increased by 7.12% to 712 in 2022 from 710 in 2021. Aircraft deliveries were valued at $22.9 billion in 2022, an increase of almost 5.8%. Therefore, rising aircraft is driving the growth of the aircraft turbofan engines market.
Competitive Landscape -
Major companies operating in the aircraft turbofan engine market report are 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, Barnes Group Inc., 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, Aviadvigatel, Avio Aero
Pioneering Advancements In Aircraft Turbofan Engine Technology
Product innovation is the key trend gaining popularity in the aircraft turbofan engine market. Major companies operating in the aircraft turbofan engine market are concentrating on developing innovative products to sustain in the market. For instance, in November 2021, Pratt & Whitney Canada, a Canada-based aircraft engine manufacturer, launched the turboprop PW127XT engine series. The PW127XT engine series is a high-performance turboprop engine designed for regional airliners. The engine features advanced technologies, such as a dual-channel, full-authority digital engine control system, which provides precise control over the engine's performance and reduces pilot workload.
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Key Segments -
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 Appliactions
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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