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).

The global aircraft engines market is anticipated to grow owing to rising demand for more efficient and comfortable passenger and cargo. Aircraft engines are expected to become more prominent in the military sector's fight against drug trafficking, illegal infiltration, and terrorism, even if demand may be higher in commercial applications. Regarding the commercial sector, aircraft engines could be installed in newly built commercial aircraft at an increasing rate to keep up with the rising number of airline passengers.

The COVID-19 outbreak devastated numerous nations around the globe and had a significant negative impact on the aviation sector. Due to the lack of passenger demand, airlines all over the world experienced a financial crisis and had to reduce capacity at unheard-of rates.

Some airlines totally ceased operations. The majority of airlines cancelled their purchases, which had an immediate impact on the market. Airbus delivered 611 planes in 2019 as compared to 566 in 2019. In 2021, Boeing delivered 302 aircraft, up from 157 in 2019. This market benefits from the growth in aircraft deliveries. Due to the government's limitations being loosened, the market is anticipated to revive by 2031.

There is a rising demand for aircraft engines with improved fuel efficiency, small size, and light weight. The increased demand for air travel has caused airlines to expand their fleet of aircraft. The market is anticipated to grow as a result of this need for new aircraft. In addition, the growing concern over decreasing carbon emissions has taken attention away from the development of new aviation engine types like electric or hybrid engines, which are predicted to drive market expansion.

US Aircraft Engine Market is poised to grow at a sustainable CAGR for the next forecast year.