What is Global Aerospace Engine Market?
The Global Aerospace Engine Market is a vast and dynamic sector that encompasses the production and sales of engines used in aerospace applications. These engines are the powerhouses that propel aircraft, enabling them to fly and perform their designated functions. The market is global in nature, meaning it involves manufacturers, suppliers, and consumers from all around the world. In 2023, the market was valued at a whopping US$ 27370 million, and it's projected to grow even further. By 2030, it's expected to reach a value of US$ 34520 million, representing a compound annual growth rate (CAGR) of 3.3% during the forecast period from 2024 to 2030. The industry is dominated by a few key players, namely GE, Pratt & Whitney, Rolls-Royce, and Safran, who collectively hold about 97% of the market shares.
Jet Engines, Turbine Engines, Others in the Global Aerospace Engine Market:
The Global Aerospace Engine Market is segmented into various types of engines, including jet engines, turbine engines, and others. Jet engines are the most common type of engine used in the aerospace industry. They work by sucking in air at the front, compressing it, combusting it with fuel, and then ejecting it out the back to create thrust. Turbine engines, on the other hand, are a type of rotary engine that extracts energy from a fluid flow and converts it into useful work. Other types of engines used in the aerospace industry include piston engines, rocket engines, and electric engines. Each type of engine has its own unique features, advantages, and disadvantages, and their usage depends on the specific requirements of the aircraft.
Fighter Aircraft, Transport Aircraft, Helicopters in the Global Aerospace Engine Market:
The engines produced in the Global Aerospace Engine Market are used in various types of aircraft, including fighter aircraft, transport aircraft, and helicopters. Fighter aircraft are military aircraft designed primarily for air-to-air combat against other aircraft. They require engines that are powerful, reliable, and capable of high speeds. Transport aircraft, on the other hand, are used to transport cargo or passengers. They require engines that are efficient, reliable, and capable of long-range flight. Helicopters are a type of rotorcraft in which lift and thrust are supplied by rotors. They require engines that are capable of providing vertical lift. The type of engine used in an aircraft greatly influences its performance, capabilities, and operational efficiency.
Global Aerospace Engine Market Outlook:
In 2023, the Global Aerospace Engine Market was valued at a significant US$ 27370 million. The market is expected to grow steadily, reaching a projected value of US$ 34520 million by 2030. This represents a compound annual growth rate (CAGR) of 3.3% during the forecast period from 2024 to 2030. The industry is largely dominated by four major players - GE, Pratt & Whitney, Rolls-Royce, and Safran. Together, these companies hold approximately 97% of the total market shares. This data provides a snapshot of the current state of the Global Aerospace Engine Market and gives an indication of its potential future growth.
| Report Metric | Details |
| Report Name | Aerospace Engine Market |
| Accounted market size in 2023 | US$ 27370 million |
| Forecasted market size in 2030 | US$ 34520 million |
| CAGR | 3.3% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | GE Aviation, Rolls Royce, Pratt & Whitney, Safran Aircraft Engines, Klimov, MTU Aero Engines, ITP |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
