Aircraft Engine Market Name Size, Share, Growth Analysis, By Type (Turboprop, Turbofan), By Component (Compressor, Turbine), Platform (Fixed wing, Rotary Wing), By Technology and By Region - Industry Forecast 2024-2031

Major firms dominated the commercial aircraft engine market. Collaborations and cooperative development initiatives are taking place in the commercial aircraft engine market to create new technologies for lighter and more fuel-efficient aircraft. Due to the accessibility of inexpensive labor and the expanding aviation industry, international producers of commercial aircraft engines are also making investments in the ecosystems supporting manufacturing in places like Asia-Pacific. Obtaining contracts and orders from aircraft manufacturers for engines and engine MRO services is the key revenue-generation approach used by market participants. For instance, in February 2022, Embraer, Widerøe, and Rolls-Royce entered into a research partnership agreement to conduct a 12-month study and research innovative sustainable technologies for regional planes, focusing on developing a conceptual zero-emissions aircraft.

Top Players in the Aircraft Engine Market

• Safran SA (France)
• General Electric Company (US)
• Rolls Royce (UK)
• Honeywell International Inc (US)
• MTU Aero Engine (Germany)
• Collins Aerospace
• Textron Inc.
• Barnes Group Inc.
• Lycoming Engines
• United Technologies Corporation
• RTX Corporation
• CFM International
• MTU Aero Engines AG
• International Aero Engines AG
• Austro Engine GmbH
• Williams International Co., LLC
• Engine Alliance LLC
• IHI Corporation
• GE Aviation Systems LLC

Aircraft Engine Market Recent Development

• In February 2022, Safran Helicopter Engines signed a Memorandum of Understanding (MoU) with ST Engineering to conduct a study on the use of Sustainable Aviation Fuel (SAF) in helicopter engines. The study aims to assist helicopter operators in switching from conventional fossil fuels to SAF.
• In January 2022, Qatar Airways placed an order for GE9X engines as part of its global launch order of up to 50 Boeing 777-8 Freighters. GE Aviation received a commitment from the airline for 30 GE9X engines and four GE90-115B engines for Boeing 777-8 aircraft (34 aircraft firm order with an additional 16 purchase right options).
• In December 2021 – CFM International, a joint venture of General Electric and Safran Aircraft Engines, was awarded a contract by Saudi Arabian Airlines for CFM International LEAP-1A engines to power its new fleet of 35 Airbus A321neo and 30 Airbus A320neo planes.
• In October 2021 – GE Aviation was awarded a contract worth USD 1.58 billion by the US Air Force to supply F110 engines for the Boeing F-15EX Eagle II. As a result of this decision, GE will be the only propulsion source for the entire planned F-15EX fleet of the US Air Force.