Market Size of Aircraft Turbine Engine Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 56.83 Billion |
| Market Size (2029) | USD 92.62 Billion |
| CAGR (2024 - 2029) | 10.26 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aircraft Turbine Engine Market Analysis
The Aircraft Turbine Engine Market size is estimated at USD 56.83 billion in 2024, and is expected to reach USD 92.62 billion by 2029, growing at a CAGR of 10.26% during the forecast period (2024-2029).
The demand for aircraft engines is driven primarily by either an increase in the order book of aircraft (business jet, commercial, or military aircraft) or a replacement for the engines for the existing aircraft fleet. Aircraft OEMs and engine manufacturers are engaging in extensive integration efforts to enhance performance and extend the range of aircraft. Investments in the R&D of such technologies are anticipated to bolster the market prospects during the forecast period.
Since modern-day airlines operate on a merged profit model, the profit margins are relatively low. This scenario makes it challenging for operators to procure a new fleet and pay significant cash to complete the transaction. However, due to the emerging dynamics of the aircraft and engine leasing business, airlines have access to the comfort of opting for lease agreements from aircraft financing entities, providing financial relief to airlines and granting them temporary access to increased capacity.
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.
