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

Global Aircraft Engine Market size was valued at USD 48.4 billion in 2022 and is poised to grow from USD 54.34 billion in 2023 to USD 137.54 billion by 2031, growing at a CAGR of 10.87% during the forecast period (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. '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'

The overall weight of an airplane can be decreased to boost fuel efficiency, which has prompted various manufacturers to create lightweight engines for aircraft. The market is expanding due to the use of lightweight materials like carbon fiber, reinforced plastic, and other composite materials that are both light and strong

The development of lightweight engines is a major area of attention for various engine manufacturers to decrease the overall weight of the aircraft and improve its fuel economy. The first advanced turboprop engine has been created by the GE aviation engine for a commercial airplane with numerous 3D-printed parts. The vehicle's 855 distinct elements were consolidated into 12 parts by designers. This should lessen the weight of the engine, which uses less gasoline to go at the same speed. The product becomes more robust and durable during manufacture. International CFM constructing a cutting-edge LEAP engine for use in The Boeing Company's aircraft the latest fleet of narrow-body aircraft from Airbus. 15 percent less fuel is burned, and Complex 3D printed gasoline nozzles installed on engines cause pollution.

North America dominates the global aircraft engine market, due to the presence of significant players like GE Aviation and Honeywell International Inc. in the region. Additionally, the US government is investing in the performance and efficiency of helicopters and their engines, which is anticipated to support market expansion. Additionally, it is anticipated that the market in North America would be driven by increased defense investments in the purchase of fighter jets, military helicopters, single-engine aircraft, and emergency medical services helicopters.