Aircraft Turbofan Engine Market

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Currently accounting for a sizable portion of the market for aircraft engines, the turbofan sub-segment is expected to rule the industry over the coming years. Military and commercial applications for turbofan engines are the most common. In April 2019, China showcased the latest turbofan engine prototypes for its aircraft carrier-based stealth fighters. Chinese officials were negotiating to sell Germany cutting-edge and potent jet engines as of 2019. In military acquisitions in the modern era, transfer of technology (ToT) has become a common element. On this note, Safran has consented to allow India to manufacture SNECMA M88 engines for Rafale Jets.

The turbofan engine segment is anticipated to experience the highest CAGR in the Region between 2020 and 2025 due to rising aircraft orders in the commercial aircraft segment, largely dominated by the turbofan engine segment.

Due to the high volume of deliveries of commercial aircraft occurring ly, which is driving demand for aircraft engines, the commercial aircraft segment currently holds a monopoly on the market. It is anticipated to maintain it during the forecast period. Boeing reported a backlog of 5,136 aircraft at the end of 2021, while Airbus reported a backlog of 7,082 jets. The backlog of aircraft OEMs must be satisfied for the commercial engines segment to grow healthy during the forecast period.

Narrow-body aircraft demand is anticipated to recover faster than wide-body aircraft demand because domestic passenger demand is anticipated to reach pre-pandemic levels earlier than international travelers.

Additionally, the demand for narrow-body aircraft increased due to the Boeing 737 MAX's return to service in 2021. Longer flight distances are made possible by technological advancements in newer generations of passenger aircraft. As airlines look to add such aircraft to their fleets, players are emphasizing improving passenger aircraft's fuel efficiency while extending their range. To introduce zero-emission aircraft by 2035, Airbus and CFM International formed a partnership in February 2022 to develop an aircraft engine that runs on hydrogen. The market is expected to grow as a result of such plans. Thus, driving the Aircraft Turbofan Engine market revenue.

The Global Aircraft Turbofan Engine Market Industry is experiencing a notable shift towards fuel-efficient technologies. Airlines are increasingly prioritizing engines that offer reduced fuel consumption, which is crucial for lowering operational costs. For instance, modern turbofan engines are designed to achieve fuel efficiency improvements of up to 15 percent compared to older models. This trend is driven by rising fuel prices and environmental regulations aimed at reducing carbon emissions. As a result, the market is projected to reach 3.11 USD Billion in 2024, reflecting the industry's commitment to sustainability and operational efficiency.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Aircraft Turbofan Engine market will dominate with USD 1.3282 Billion due to the ever-increasing need for innovative technology in the aviation industry and the growing desire for efficient engines. The turbofan engine market in the area is expected to expand significantly during the projection period. The largest market for turboprop aircraft in North America is the United States, followed by Canada.

Due to an increase in turboprop aircraft orders and deliveries in the commercial, military, and general aviation sectors, the United States is anticipated to grow steadily over the next ten years.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 AIRCRAFT TURBOFAN ENGINE MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe’s Aircraft Turbofan Engine market accounts for the second-largest market share. The increase in trade and passenger transportation has aided in the expansion of the aviation industry. The Aircraft Engines industry has benefited from new and advanced aircraft's increased defensive capability. Further, the German Aircraft Turbofan Engine market held the largest market share, and the U.K. Aircraft Turbofan Engine market was the fastest-growing market in the European Region.

The Asia Pacific Aircraft Turbofan Engine Market is expected to grow at the fastest CAGR from 2023 to 2030. Due to the high demand for domestic air travel in developing economies, the Asia-Pacific region is anticipated to experience the highest growth during the forecast period. Passenger traffic decreased in 2020 due to the pandemic, but domestic passenger traffic in nations like China, India, South Korea, and Australia has gradually increased since the second half of 2020.

To support their plans for route expansion, low-cost airlines in the area are strengthening their fleet with new-generation aircraft due to the faster growth of domestic passenger traffic.

To close the gap between the current and required number of squadrons, the Indian Air Force intends to purchase 450 fighter aircraft by 2035 for use on the country's northern and western frontiers. Such fleet modernization plans will likely generate demand for advanced lightweight and fuel-efficient engines over the coming years. Moreover, the India Aircraft Turbofan Engine market held the largest market share, and the China Aircraft Turbofan Engine market was the fastest-growing market in the North American Region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Aircraft Turbofan Engine market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Aircraft Turbofan Engine industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Aircraft Turbofan Engine industry to benefit clients and increase the market sector. The Aircraft Turbofan Engine industry has recently offered some of the most significant medical advantages. Major players in the Aircraft Turbofan Engine market, including Pratt & Whitney (U.S.), G.E.

Aviation (U.S.), Rolls Royce (U.K.), CFM International (U.S.), Honeywell International (U.K.), EuroJet (U.S.), Aviadvigatel (Russia), Safran Aircraft Engines (France), International Aero Engines AG (U.S.), MTU Aero Engines (Germany), Engine Alliance (U.S.) and others, are attempting to increase market demand by investing in research and development operations.

Pratt & Whitney (U.S.), At Pratt and Whitney, powered flight has changed the world and will continue to do so. It catalyzes advancement and is a tool for ascension. We, therefore, design, manufacture, and maintain the most cutting-edge and unyielding aircraft engines in the world with an explorer's heart and a perfectionist's grit. We do this to help our customers' possibilities become realities. This is our goal, and every day we rise to the challenge. More than simply getting people safely to their destinations is at stake.

Giving care and intelligence to service aircraft engines expertly is only one aspect of what is required. It is about developing and engineering a brand-new, exciting aviation future in which the full potential of human development can be unlocked.

G.E. Aviation (U.S.), In 1917, the United States enlisted in World War I. The U.S. The government sought a company for the newly formed U.S. to create the first "booster" airplane engine. U.S. the aviation industry. This booster, also known as a turbosupercharger, was mounted on a piston engine and used the engine's exhaust gases to power an air compressor, increasing power at higher altitudes.

G.E. initially accepted the challenge, but a different team also asked for the opportunity to create the turbosupercharger. In what was the first military aircraft engine competition held in the U. S. Before the Army requested a test demonstration, both companies tested and developed various designs under cover of wartime secrecy. In the chilly atmosphere of Pikes Peak, 14,000 feet above sea level, G.E. unveiled a 350-horsepower turbosupercharger Liberty aircraft engine and started a company dedicated to advancing aviation technology.

The first turbosupercharger mountaintop test led to G.E.'s first aviation-related government contract and allowed the company to dominate the jet engine market.