Market Overview:
Aircraft Turbofan Engine Market Size was valued at USD 2.9 billion in 2022. The Aircraft Turbofan Engine market is projected to grow from USD 3.11315 Billion in 2023 to USD 4.76444 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.35% during the forecast period (2023 - 2030).
A turbofan engine is a type of jet engine which is used extensively for aircraft propulsion. The global Aircraft Turbofan Engine Market is driven by a variety of factors such as increasing investment on advanced technology solutions to achieve fuel efficiency.
On the contrary, the aircraft turbofan engine market forecast can be hampered by high costs of development of the engines, increase in the price of materials such as titanium which raise the overall cost of the engines, and tightened certification process which discourages market entry. Moreover, meeting technological changes and other challenges remain market growth impediments.
With the rise in disposable income of people across the globe along with growing urbanization in various developing regions, global air traffic is increasing at a rapid pace. This has created the need for very large aircraft to meet the demand of growing air passengers. Since it is more feasible and efficient to add capacity to the existing route network than frequency, there has a been heightened demand for advanced aircraft turbofan engines to remediate the problem. Additionally, soaring fuel prices and increased focus on fuel efficiency have pushed the demand for lighter aircraft among aviation companies to leverage their shrinking bottom-lines. Airline companies across the globe are investing in turbofan engines as there is towering need for economization to enhance profitability. Furthermore, growth in a number of aging fleets has induced high need for their replacement which has stimulated the growth of the Aircraft Turbofan Engine Market.
The airline industry is among the fastest growing industries across the globe, however, it generates a number of harmful compounds such as nitrogen dioxides (NOx), volatile organic compounds (VOCs), carbon monoxide (CO), black carbon (BC), and organic carbon (OC) apart from CO2. This has evoked major concern among various regulatory authorities to curb air pollution caused by aircraft. Various regulations have been enacted which are aimed at reducing aircrafts emissions, and such mandates encourage the adoption of aircraft turbofan engine which consequently boosts the growth of the market.
Market Segmentation:
The global Aircraft Turbofan Engine Market has been segmented based on type and application.
By type, the Aircraft Turbofan Engine Market has been segmented into narrowbody, widebody, and others.
By application, the Aircraft Turbofan Engine Market has been segmented into commercial air transport and military aviation.
Key Players:
The aircraft turbofan engine market major players are Pratt Whitney (US), GE Aviation (US), Rolls Royce (UK), CFM International (US), Honeywell International (UK), EuroJet (US), Aviadvigatel (Russia), Safran Aircraft Engines (France), International Aero Engines AG (US), MTU Aero Engines (Germany), Engine Alliance (US).
Regional Analysis:
By region, the Share has been aircraft turbofan engine market segmentation into North America, the Middle East Africa (MEA), Europe, and Asia Pacific (APAC).
North America has secured the pole position in the global Aircraft Turbofan Engine Market. The concentration of major market players in the region, and high demand from the commercial as well as the military aviation industry.
Growing air traffic in the APAC region due to a rise in disposable income, urbanization, and growing middle class demographic has translated high demand in the Aircraft Turbofan Engine Market. The emerging economies of the region are investing heavily on the procurement of turbofan engines to meet the capacity requirements of the burgeoning population. Moreover, the growing demand for fuel-efficient aircraft and a heightened focus on energy efficiency has further boosted the growth of the market in the APAC. Moreover, India and China have initiated the development of various fighter aircraft programs which call for the procurement of Aircraft Turbofan Engine Market.
In Europe, the Aircraft Turbofan Engine Market is driven by emerging regulatory requirements to curtail greenhouse emissions.
Industry Updates
- May 2019- The Airbus A220 aircraft has enhanced its capabilities to meet upcoming market requirements. The new A220 is a combination of state-of-the-art aerodynamics, advanced materials, and Pratt Whitney's latest-generation PW1500G geared turbofan engines; It offers 20% fuel usage reduction as compared to its predecessor.
Related reports:
Commercial Aircraft Gas Turbine Engine Market: Information by Engine Type (Turbojet, Turbofan, Turboprop, and Turboshaft), by Aircraft Type (Fixed-Wing Aircraft and Rotary-Wing Aircraft), by Fit (Line-Fit and Retrofit) and by Region (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America) - Forecast till 2030
Commercial Aircraft Turbine Blades and Vanes Market Research Report: By Engine Type (Fixed-Wing [Turbojet, Turbofan and Turboprop] and Rotary-Wing), Blade Type (Equiaxed Blade, Directionally Solidified Blade and Single Crystal Blade), Material (Steel Nickel Alloys, Titanium Alloys and Others) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2027
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