The turbofan engines market share is expected to be worth USD 1.05 billion in 2022. The industry increased by 6.3% year on year over the last year. Turbofan Engines sales are expected to grow at a CAGR of 17.2% from 2022 to 2032, reaching a value of USD 5.1 billion by the end of 2032.
Demand for turbofan engines in the commercial segment to remain strong, while demand for turbofan engines in wide-body aircraft to grow at a rapid pace during the assessment period. The turbofan engines market to be dominated by the North American region.
Keys to success for Turbofan Engine Market Growth:
With rapid urbanisation and global passenger traffic, an accelerated and more comfy mode of transportation is obligated. To encounter this demand, the airline business is growing at a rapid pace. A rapid way to transport goods is also required by the burgeoning transportation sector.
The most effectual mode of transportation is air transport. As the airline industry expands, so does the demand for new innovations and fuel-efficient engines. This factor is believed to have a promising potential the turbofan engines market during the forecast period.
Demand for next-generation engines and technological improvements are intensifying in the military sector, which is expected to increase market pressure for turbofan engines over the forecast period.
Pivotal Roadblocks to the Turbofan Engine Market Economic Boom:
Notwithstanding the numerous benefits, turbofan engines have some downfalls, such as inefficiency at very higher elevations and massive increase areas, which are expected to thwart the turbofan engines market growth over the forecast period. When compared to other aircraft engine types, turbofan engines have slightly elevated manufacturing costs.
Key Takeaways:
- The turbofan engines market increased by 6.3% year on year over the last year.
- The APAC turbofan engines market is expected to exceed USD 16 billion by 2032, growing at a 5.3% CAGR over the forecast period.
- Wide-body aircraft are expected to be in high demand in Asia-Pacific markets due to their ability to carry large loads over long distances.
- The commercial segment is expected to be the largest and fastest-growing segment, owing to rising demand for technologically advanced engines to replace conventional engines.
Competitive Landscape:
The turbofan engines market is much consolidated, with a few companies influencing a substantial portion of total output. GE Aviation, a division of General Electric Company, is a major manufacturer of turboprop and jet engines. The company is expected to dominate the global market due to its superior product technology and diverse product portfolio.
Rolls Royce Holdings Plc., Safran SA, CFM International SA, and others are also market leaders. The key strategy implemented by the turbofan engines market’s major players is the introduction and modernization of advanced technology in order to offer a more diverse product portfolio to their customers.
Key Companies Profiled:
- GE Aviation
- Rolls-Royce Plc.
- United Technologies Corporation – Pratt & Whitney Division
- CFM International
- Engine Alliance LLC
- International Aero Engines
- Williams International
- SE Ivchenko-Progress
- United Engine Corporation
- EUROJET Turbo GmbH
- IHI Corporation
- Safran SA
Recent Development:
- Saudi Arabian Airlines has awarded CFM International, a joint venture of General Electric and Safran Aircraft Engines, a contract for CFM International LEAP-1A engines to power its new fleet of 35 Airbus A321neo and 30 Airbus A320neo planes.
- The US Air Force awarded GE Aviation a USD 1.58 billion contract to supply F110 engines for the Boeing F-15EX Eagle II in October 2021. As a result of this decision, GE to be the sole propulsion source for the US Air Force’s entire planned F-15EX fleet.
Key Segments Covered in the Turbofan Engines Industry Survey:
Turbofan Engines Market by Type:
- Wide Body Aircrafts
- Narrow Body Aircrafts
Turbofan Engines Market by End Use:
- Turbofan Engines for Commercial Aircrafts
- Turbofan Engines for Transportation Aircrafts
- Turbofan Engines for Business Jets
- Turbofan Engines for Military Aircrafts
- Turbofan Engines for Transport Aircrafts
- Turbofan Engines for Fighter Jets
Turbofan Engines Market by Region:
- North America Turbofan Engines Market
- Latin America Turbofan Engines Market
- Western Europe Turbofan Engines Market
- Eastern Europe
- APEJ Turbofan Engines Market
- Japan Turbofan Engines Market
- Middle East & Africa Turbofan Engines Market
Access Report Details for More In-Depth Information:
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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