Market Size of Aircraft Engines Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 82.96 Billion |
| Market Size (2029) | USD 111.32 Billion |
| CAGR (2024 - 2029) | 6.06 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aircraft Engine Market Analysis
The Aircraft Engines Market size is estimated at USD 82.96 billion in 2024, and is expected to reach USD 111.32 billion by 2029, growing at a CAGR of 6.06% during the forecast period (2024-2029).
The market's growth is also driven by the demand for new-generation engines with low emissions and lower weight, which will likely enhance aircraft fuel efficiency. Due to this trend, companies are investing in research and development of new engine models utilizing the latest technologies, like additive manufacturing and composite technologies.
However, growing concerns over the failure of aircraft engines during operation and delays in deliveries are some of the factors hampering the market's growth.
Aircraft OEMs and engine manufacturers are engaging in extensive integration efforts to enhance performance and extend the range of aircraft. The investments towards the R&D of such technologies are anticipated to bolster the market prospects during the forecast period. The manufacturing cycle of aircraft engine OEMs is expected to undergo rapid transformation due to the increasing use of 3D printing and ceramic matrix composites to construct critical components of an aircraft engine. Furthermore, emerging technologies such as a hybrid-electric jet engine are anticipated to enhance the current business opportunities for the market players.
