The turbofan engines market was valued at USD 1.05 billion in 2022, experiencing a 6.3% year-on-year growth. The market is forecasted to expand at a robust Compound Annual Growth Rate (CAGR) of 17.2% from 2022 to 2032, reaching an estimated USD 5.1 billion by the end of the forecast period.
Strong demand is expected to continue in the commercial sector, particularly for wide-body aircraft engines. North America is anticipated to lead the turbofan engines market throughout the assessment period, maintaining its dominant position.
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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.
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 US$ 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
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