Aircraft Turbofan Engine Market Size

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.