The global Aircraft Jet Engines market is expected to develop USD 112.61 billion by 2029, at a compound annual increase in price (CAGR) of 10.87% throughout the forecast period.
An aircraft jet engine, air is taken in the by an inlet through compressed by a fan, then mixed with fuel before combustion and then thrown out as a hot gas which pushes the airplane forward.
The increased preference for air travel is the main reason for the growth in the sector. Air travel saves time, is quick and comfortable for the users. It is also used in military sector, handling terrorist activities, drug trafficking and many other things. Meanwhile, the high cost involved in maintenance and restricted options for production have impacted the Aircraft jet engines market. Another factor hampering the market growth is the air pollution initiated by the fumes generated.
Aircraft jet engines are costly, also manufacturing of same is dependent on order received. Hence, Aircraft jet engines market is volatile and market dependent. High demand can overall impact the market and at the same time cause production issues. Manufacturing and maintenance of aircraft jet engine requires precision and skilled laborers. The amount of investment is high which also influences the market.
Aircraft jet engines market is segmented based on Type, Application, Fit and Region. Based on type it is classified as Turbofan, Turboprop, Piston Based, Turboshaft, and Others. Turbofan engine uses mechanical energy generated by the gas turbine to accelerate air. Turbojet is a jet engine that comprises of air inlet, compressor, combustion chamber and a turbine. At the same time, Turbopop comprises of combustor, intake, compressor, propelling nozzle and turbine. Out of these the turbofan segment is expected to be the highest contributor owing to its feature of fuel efficiency and reliability of these engines.
On the basis of application Aircraft jet engines market is divided as Commercial Aviation, Wide body aircraft, Narrow body aircraft, Very large body aircraft, Business Aviation, Regional aircraft, Military Aviation and Recreational Aviation. The commercial application segment is expected to lead the Aircraft jet engines market owing to increased production and delivers by leading aircraft manufacturers. Post commercial application, the military segment is expected to lead the market owing to its policy, of shorter replacement period.
Based on region segmentation is done as North America is leading contributor in Aircraft jet engines market. This is mainly due to increased number of passengers travelling in a year. Leading manufacturers of aircraft jet engines are based in North America and hence the effective cost post production is less. Countries like Russia and U.K. have leading aircraft manufacturers working towards the market growth. In Asia Pacific region, China has developed its own aircraft to lessen the overall market cost due to imports. Middle East and Africa also has increased production capacity, to help create more market opportunities.
Key players in the Aircraft jet engines market are Continental Motors Group, General Electric Co., Rolls-Royce plc, MTU Aero Engines AG, Honeywell International Inc and Barnes Group Inc. and many others.
The various segments of Aircraft jet engines market are,
- Piston Based
- Commercial Aviation
- Wide body aircraft
- Narrow body aircraft
- Very large body aircraft
- Business Aviation
- Regional aircraft
- Military Aviation
- Recreational Aviation
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America