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Aircraft Turbofan Engine Market size was valued at USD 2.87 billion in 2023 and is expected to reach USD 7.09 billion by 2036, registering around 7.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of aircraft turbofan engine is assessed at USD 3.04 billion.
The key drivers estimated to drive the growth of the market include the technological advancements in the turbofan engine and rising demand for lightweight aircraft along with its high fuel efficiency. The use of lightweight materials such as super alloys and ceramics is widely increased in aircraft engines owing to its several advantages such as lower maintenance cost, increase in the safety and lower weight of the engine. In addition, these lightweight materials results in better high temperature performance of the engine along with the overall impact on the weight of aircraft. Thus, these factors are anticipated to drive the market growth over the forecast period.
Growth Drivers
Rising Aircraft Orders and Demand for Fuel Efficient Engines
The rising environmental awareness is pushing aircraft turbofan engine manufacturers to focus on the efficiency. The focus is mainly on to reduce carbon emissions along with the delivery of high fuel efficiency. Since, the fuel has impact on the overall cost of the aircrafts; increase in efficiency will result in the reduction of maintenance cost. Further, the manufacturers are employing the application of the components in order to come up with different fuel efficient engines to reduce the weight of the engine.
Additionally, increasing passenger traffic along with the profitability for airline operators is driving the growth of the market. This rising traffic results in the shift in aircraft orders all over the globe and for the latest aircrafts the manufacturers are installing next generation turbofan engines with high bypass ratio to reduce fuel consumption along with noise and it further offers active duty service. Hence, these factors are anticipated to drive the growth of the market over the forecast period.
Challenges
Economic Growth Slowdown and Stringent Government Regulations
The tightening of regulatory instructions along with the reductions in carbon emissions is likely to put pressure on the profitability of the aircraft turbofan engine market. Further, surge in the crude oil prices with latest European environment taxes is expected to put more pressure on the profitability. In addition, the economic slowdown along with a lot of uncertainties is impacting the air traffic and aircraft growth. Hence, these factors are predicted to hamper the market growth over the forecast period.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.2% |
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Base Year Market Size (2023) |
USD 2.87 billion |
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Forecast Year Market Size (2036) |
USD 7.09 billion |
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Regional Scope |
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The market by application type is segmented into military aviation, commercial aviation and general aviation, out of which, the commercial aviation segment is anticipated to hold the highest growth on the back of increasing passengers all over the globe propelling the demand for new commercial aircrafts. Moreover, increase in the order book positions with engine manufacturers are focusing on to increase the production rate to meet delivery timelines along with the adoption of next generation aviation turbofan engines. Hence, these factors are estimated to drive the growth of commercial aviation segment over the forecast period.
Our in-depth analysis of the global market includes the following segments:
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By Aircraft Type |
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By Application |
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By Engine Type |
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By End Users |
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On the basis of regional analysis, the aircraft turbofan engine market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for aircraft turbofan engine in North America industry is likely to dominate majority revenue share by 2036, on account of increase in modernization and sustainable investments for the production of latest turbofan engines in coming years. The market in Asia Pacific region is projected to be fastest growing owing to the rising demand for turbofan engines in emerging economies such as India, China and Japan. Further, robust economic growth, rising population along with the improvement in household incomes will drive the growth of the market over the forecast period.
On March 05, 2020: Pratt & Whitney tied up with Air India Engineering Services Ltd (AIESL) for its 4,056-engine model maintenance. The AIESL will maintain the company’s geared turbofan engines in India. This partnership will start with engine upgrade and module exchange capabilities as a support to geared turbofan fleet in India.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
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